You have what it takes! Tips of starting a successful small business.

• Author: Ribeiro, Ana G.
• Position: SMALL BUSINESS

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What is the hallmark of a solid, successful business? Longevity. With small businesses having a limited success rate and most predicted to fold within the first three years of launching, it seems there is a dim outlook for those who want to venture out into such a risky endeavor.

However, there are many small businesses around the nation that succeed and go on to produce great profits and sustainable growth.

What makes these businesses stand out in the herd? What is the "key" that unlocks the success of these businesses?

It all starts with an idea, that spark of ingenuity that gets the mind racing. Most business owners have in common an initial idea that will either fill a need or help consumers make their lives easier. Whatever that spark may be, for entrepreneurs, it ignites the beginnings of a small business. Whether or not the idea turns into a successful business depends on many variables ranging from maintaining accurate finances to providing excellent customer service. Offering quality services and products is essential to any company, but that is just one part of the equation.

FRESH TACOS ANSWERED A GROWING NEED

And Taco Loco of Anchorage is one that found its niche and has grown like wildfire. Taco Loco Products Inc. is a family owned and operated company that started in 1966 as a manufacturer of Mexican food and to provide a fresh, locally produced product.

According to Anabel Galindo, owner of Taco Loco, there were only two food manufacturers on a retail level in Alaska. Taco Loco became the third when her family realized there was a small Hispanic population in Anchorage and no ethnic foods such as corn or flour tortillas available at supermarkets to meet their needs. The demand for fresh tortillas was born.

The company started production and made it a priority to ship the products to markets within 24 hours. Freshness was a need that Taco Loco would provide.

A niche is a small space or sector in business, a concentrated market that is often overlooked by a large business. For a small business, if it discovers the appropriate niche for its target market, success is a cinch because it will provide the service or product that the consumers will welcome and buy. For Taco Loco, its main focus was on locally made products that are not only the freshest on the market, but also healthy because there are little or no preservatives, Galindo said.

Taco Loco serves all of Alaska on a wholesale/retail level with...