Veterans Business Resources

a portal for all Veterans and SDV Small Business Owners

4 Basic Elements of Business

Government Contracting and General Business are more closely aligned than one might suspect.  Many of the same elements required to be successful in General Business are also required in Government Contracting.  For example, in each category, one must have; 

1.  Processes

2.  Relationships

3.  Homework/Research

4.  Niche 

Once we finally decide which business we’re going into.  Once we finally establish all the necessary logistics to accommodate and support our business.  Once we have all the financial and structural things in place.  Once we’re finally ready to hang our “Open for Business” sign out front and wait for the customers to beat a path to our business.  We do just that, we execute….we wait, and we wait and we wait and we wait some more, day after day and nobody comes.  The phone doesn’t even ring, nothing, nada, zip, zilch!  What happened?  What went wrong?  We planned everything so well.  We planned everything in great detail.  This is not an entirely unusual scene.  Many people face challenges and obstacles in starting and running a business.  There are many reasons a scenario like the one just described can happen.  This seemingly bad thing happened in this business because the owner’s target market was too broad, his service/product offering was too broad and he did a really terrible job MARKETING.  For those of us new to business there is a great temptation to have too broad a focus, too broad a market.  “I want to do business with everybody I can.”  “I want to target everybody I can possibly service.”  “If I don’t include them, I’ll run out of customers.”  No, not really.  What we want to do is “get rich in a Niche!”  Don’t make the whole watch, just make the spring for the watch.  Find the Niche in your business area, drill down, get specific about what you do or what you offer.  Strive to become the expert, strive to become the go to person for your specific industry.  When you do this, along with other things we’ll describe on the VBR page, you will ultimately realize the dreams you have for your business.        

       

 

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