Creating a successful business is more tasking than working in a government owned enterprise, because it requires a lot more effort towards commitment, dedication, hard work and creativity.
So many people have business ideas but think they must have complete capital to start up a business, and this makes their ideas die off. While some do not carry out adequate research before starting a business and therefore crashes down at the long run.
There is a saying that “if you do what others have not done you’ll be nobody but you and if you do what others have done you’ll become number 2; that is to say, for you to make a successful business, you must be willing to take well placed risks, go where others have not gone and do what others have not done. This makes you original and you’ll surely become number 1.
There are few steps to becoming a successful business person especially when starting up a business.
Read also: Starting a Business in 2018
IDENTIFY PEOPLE’S NEED
For you to start a business that will last long enough to give you prominence, you must first of all identify people’s need. This is so tactful as it requires a lot of research and alertness because it will help you in choosing a business that will move faster.
People are so much interested in their needs being met than their wants, especially those in the minority because a good number of the population falls in this category. While the few elites who have enough already will just satisfy their wants. The question is, “What do the common man need? What are those things they can’t do without?
START A FRESH BUSINESS
For you to go far in your business, you have to start up a business that is fresh, one that nobody has ventured into, this will make you to be one step ahead of other business men/ women.
This can be done when you must have identified people’s needs, you look for ones that has not yet being solved and find possible ways of solving them. This part requires a lot more of creativity and time.
Most business men/ women who have made it so far did what others have not done and they gained prominence. Once you start a fresh business, remember it will take time to flourish and once it flourishes, you can do other known businesses and produce other products using your brand and your business will grow higher.
One good thing about starting a virgin business is that you won’t have to face competitions because you are the only one doing that kind of business and when others would wake up to imitate you or create similar brands, you must have gained prominence already. Take for instance products like Peak milk which now have other substitutes, it is still recognized nationwide for its history.
You don’t need to have the whole capital to start up a business, and you don’t need to start it big. It takes a gradual process to start a business that is successful. Take a leap of faith and you’ll see yourself doing great things. First of all, draw out your business plan and ask yourself, who am I producing for? What do I tend to achieve?
If it is a business that requires supplying, start from your circle of friends, your community, church, school and neighborhood- these depends on the kind of business you are doing. Strive to maintain these friendships and from them you gain recommendations.
Remember ” You can never practice faith from comfort zones”.
CREATE A UNIQUE OR BEST SELLING STRATEGY
The business you do depends on the strategy you need to employ to reach your target audience. Find out ways to make your product get to the final consumers. The rate of online business has grown so fast that it makes buying and selling stress free especially to those who don’t have time to go to the mall and get the products they want. Way billing and personal selling creates an easy platform for business.
Therefore, you are required to create a unique selling platform for your business.
MAINTAIN YOUR QUALITY
For your business to grow, you need to maintain a standard quality. When the economy rises up, maintain the quality and increase the price- never reduce the quality to maintain the price. By so doing, you will maintain brand loyalty.
DO A CONSTANT ASSESSMENT
To know how people, feel about your product. This is a form of public relations practice. You don’t relax and assume everyone like your product.
Identify your competitors, find out what they are doing and the strategies they are using. Monitor your supplies- if it goes down, then something is wrong and you need to work on it to rejuvenate it by advertisement and motivation forms such as giving incentives (buy one get one free).
If it goes up, it means you are doing a good job. But never you relax because things are moving well, renowned companies still advertise even when their businesses are flourishing- This will be a constant reminder about your products in the minds of your target audience.
If it is at the same level as at when you started- you need to put in more effort and creativity to move your business. Here, you re-strategize.
MIND YOUR EXPENDITURES
Never allow your expenses to be higher than your profit. This is a sure way of bringing your business down. Be very calculative in your expenditures and never make useless or unnecessary expenses.
SAVE! SAVE!! SAVE!!!
Some people feel so excited when they start making more profit than expected that they lavish their profits, forgetting that tomorrow’s sales might not be as high as today’s.
Make sure your capital is intact and ensure you master the art of savings. When your savings increases to an extent, you can think of investing them wisely to yield more income.
STICK TO YOUR BUSINESS
Most people have the habit of changing businesses because they think the one they are doing is not working out. They venture into clothing today and after 3 months they change to building materials and it goes on and on.
Get it now! You need time to stabilize in a particular business you are doing. Sometimes, it may take 5 years or more and to some 2 to 3 years. You are not a fraudster or ritualist expecting to start today and blow tomorrow. It is a gradual process.
Great business men/ women who have a lasting and successful business started small, stood the test of time and gradually grew. But the problem most of us have is that we only see the glory instead of the story.
Moving or trying one business after another will not make you successful. All you need to do is find out ways where your business is not going well and try to improve.
Above all, put your business in the hands of God because it is only by the grace of God that we can do extraordinary things.
I believe these few points will go a long way in making you get started!