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Ensuring a Successful Business Venture

Create a business that revolves around the customer.

Satisfying the market is key when developing a business plan for your company. A lot of companies will try to “push” what they are offering without considering a customer’s needs. Terrina Rishel, co-founder of ATM Authority uses the restaurant industry as an example in that, “not even the best location or most beautiful ambiance can be successful if the menu is horrible”.  The fate of most business ventures can typically be determined within the first few minutes of a pitch, depending on how focused the idea is towards customers.

Respecting your Clients

Ignoring good feedback can lead to bad trends in your company.  It’s immediately evident that you expect your clients and customers to change their ideas towards your company.  Adapting to your surroundings shows how much you care about your clientele. Leave room for accommodation, if a customer is looking for something to be done that is out of the norm, be ready to satisfy that order, this will also set you apart from the competition.

Avoid consistency in the industry

The first thing new up and comers within any industry tend to do is look at the competition and begin the processes by imitating what has already been done. Now if the industry seems to difficult to break into, it can be a sign of an overcrowded market, in which case “you may want to reconsider the venture”, says Rishel. However, if you are educated enough within the industry, you may be able to find holes that others haven’t yet considered to fill.  Rishel advises: “differentiate yourself by doing due diligence and starting with what is not working, instead of what is working”.

Over indulge in knowledge

Be an expert! The difference in knowing the answer of a question will instill confidence as opposed to having an idea or knowing the bare minimum to get by. If your company is providing a service, be prepared to answer any and all questions your customers may have. Knowing more than what is expected of you shows that you care enough about your customers to really dig deeper on any issue. “Being viewed as an expert and staying top-of-mind with your market is the fastest way to ensure that you are included when a proposal is needed”. – Rishel

Always ensure mutual benefits.

Companies will constantly try selling the “win-win” relationship that is promised  to nearly any new business venture.  Be completely honest and hold yourself to a moral compass that sets you apart from the competition. Putting yourself in your customer's shoes and realizing that it may not benefit them down the road shows a different level of respect.  Consideration in declining a proposal that doesn’t pay off for both parties will show your commitment to your principles and could lead to referrals by customers that look for honesty.

“It’s simple really: Find a customer to make happy – and do it!” - Rishel

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