Here Courtney Darlington has guided the important tips to run a business and its ways through which you can grow your opportunities for success in business.

1. By: Courtney Darlington

2. Introduction
• Starting a successful business will be one of the most difficult,
but potentially most rewarding, things you do. Most people
have had an idea for a business at some point in their lives.
Actually starting one can be challenging.

3. How to Run a Successful Business
Create a business plan
Define your customer
base
Study trends
Research your
competition
Innovation is everything
Determine your profit
margin
Focus on great service
Become a thought leader

4. • In a business plan, you detail every aspect of
your business, from a line-item budget to your
company's plan for obtaining customers and
its marketing.

5. Study Trends
• Do your homework so you
can identify new products or
trends. You don't want to sell
something that already has
waning popularity. Some
trends involve how people
communicate. Steve Jobs at
Apple was a genius at this; he
revolutionized how people
download and listen to music,
for example.

6. Research your Competition
• Don't ignore your competition. Do as much research as you
can about your competition. Don't copy them, but don't be
afraid to learn from them either.

7. • A business must be prepared to not stagnate. You have to be
able to spot trends, and adapt, while still staying true to your
core product. We all can think of companies that went too far
with innovation. Think New Coke. However, Coke Zero was a
product that innovated the traditional brand by embracing
new health trends.

8. Determine your Profit Margin
• To determine your profit
margin, figure out how
much money you earned
per transaction. If the
sale price was $100 and
your profit was $25,
then your profit margin
is 25 percent. You can
use online calculators to
calculate profit margin.

9. Focus on Great Service
• Customer service is crucial to building repeat customers and improving
word of mouth. We all have been at a restaurant where something went
wrong and the manager paid for our drink or meal. Such small gestures
can go a long way.

10. Become a Thought Leader
• Share your expertise with the community and customers. Seek out
positive exposure through traditional media or your own media
platforms. If people see you as an expert, they will be more likely to turn
to you.

11. • Courtney Darlington is a successful business man who
provides the essential tips of business planning
through which you can improve quality, access new
market opportunities, and differentiate themselves
from competitors.