Stephen Odzer Shares Tips for Building a Successful Business

Stephen Odzer is the CEO of YBT Industries in Cedarhurst, New York. He knows what it takes to start and build a successful business. Starting a business is a huge endeavor and one that people often underestimate. If you are considering starting your own business, Mr. Odzer would love to share some tips with you. These tips will help you better understand what you should do prior to and during the business start-up process to help ensure your business is a success. Read on to learn more about the tips for building a successful business.

Ensure There Is a Need for the Product or Service You Want to Focus On

Stephen Odzer says that one of the first things you need to do when building a successful business is to ensure that there truly is a need for the product or service that you want your business to focus on. While you may think that it is a good idea, not everyone may think it is. Take the time to research your business idea and find out if there is a need for it. You should consider talking to people out of your direct social circle to get direct feedback on whether a business idea is good or not.

On top of considering whether there is a need for the product, you have to consider whether there is a need in your direct community. For example, if there are already five pizza shops in your local neighborhood, there may not be a need to open another pizza shop. You have to ensure that the area you are placing your business in has a need for the business as well and that there is not too much competition.

Consumer Studies Can Help You With Price Points and Viability

Stephen Odzer explains that another important tip for building a successful business is to have consumer studies conducted. Consumer studies often include surveys and focus groups. These studies help to show whether there is a viable need for your product or service, what price point consumers would pay for the product and service, and what changes, if any, they would make to your initial business plan or prototype product. All of this information can help you to see if your business can be profitable and if there are changes that can be made to your product that can help increase its profitability and desirability.

Consumer studies can be invaluable, as you are getting direct feedback from consumers. Also, consumer studies can help you to pinpoint better who your demographic is and who you should be targeting with advertising when your product does launch.

Put Together an Organized Business Plan

Putting together an organized business plan is a must, according to Stephen Odzer. One of the most common mistakes that new business owners make is not putting together an organized business plan. They have a lot of ideas floating around in their head about how their business will be run and operated, but they do not put pen to paper and create a business plan. Having ideas in your head is great, but you can miss a lot at the moment if you do not have a clear plan to follow. You may also overlook key elements of your business. You can find examples of business plans for nearly every industry online. While you do not want to directly copy those plans, taking a look at those plans can give you an idea of the things that you should include in your business plan.

Make Sure You Have the Money You Need to Get Started

Another common mistake that Stephen Odzer has seen with start-up businesses is underestimating how much money is needed to start the business. It is important to understand that businesses are rarely profitable immediately. It takes time to build a clientele and establish a business. As such, you should not expect to pull in a salary immediately. Not only do you need to ensure you can cover the costs of your business when it first starts, but you need to ensure you can cover your own bills and expenses, such as your mortgage, car payments, and food. Great businesses may fail to get off the ground because the owners simply did not have enough money budgeted, and then they have to go back to a traditional job to make ends meet and abandon their business.

Be Ready to Invest Time and Make Sacrifices

Stephen Odzer details that another key tip to building a successful business is to be ready to invest a lot of time in your business and make sacrifices. Starting a business often requires more time than a traditional 40-hour workweek. You need to be prepared to invest a lot of time. Clear your schedule and be ready to work around the clock. Great business owners often say that the start-up phase was exhausting, but the things you do when first starting your business directly impact the success of your business and whether your business thrives or fails.

Start Spreading the Word and Creating Recognition For Your Company

Stephen Odzer explains that once you have a business plan and are preparing to start your business, you should start spreading the word and creating brand recognition for your company. Basically, you want to start advertising as early on as you possibly can. There are many ways to do this, including starting social media pages, attending tradeshows or niche business events, or even old-fashioned face-to-face networking. Spreading the word as early as possible and building brand recognition can help your product when your business is ready to launch the product. It builds anticipation and helps you have a client base established and ready to spend money.

Be Prepared For Set Backs and Failures

The last tip for building a successful business, according to Stephen Odzer, is to be prepared for setbacks and failures. It is very, very rare that a business simply takes off, and the trajectory is a smooth one. Very often, there are many setbacks and even failures. It is important to have thick skin and reasonable expectations. If you anticipate everything going smoothly, a setback can be an instant mood killer. Instead, you need to be prepared for these setbacks and have the mind frame that they are normal. Setbacks and failures should be taken as a learning experience and can help you to grow your business. You may need to make changes, but these setbacks can help you to make the changes that will ultimately be beneficial to your business.

Stephen Odzer wants those who are thinking about starting a business to understand the undertaking that it truly is. Starting a business is not easy, and it requires a lot of hard work, dedication, and money. If you are considering starting a business or you are preparing to start a business, Stephen Odzer wants to help make you as successful as possible. Following the tips that he provided can help you build a strong foundation so that you can grow your business on top and become successful.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes