Did you wake up and say I want to start a business? Or say to yourself, I am a great cook, let me start cooking and start cooking. Let me tell you now the probabilities of you not succeeding without proper preparations are very high.
Don’t get me wrong, don’t dampen your need to start a new business, all we want is to teach you to take a step back, pump the brakes and look left and right.
With technology advancing by the day and people who have taken time to study, research, and plan starting companies, jumping in the deep end can be a recipe for disaster. But we are here to assist with some tips and tricks to help guide your business journey.
Take a self-assessment: Before taking a leap into this new venture answer the following:
- What’s your idea?
- Is your idea original?
- What problem does it solve?
- Who is your target audience?
- How will you make money with your product or service?
- How much are your target clients willing to pay for your products?
- If your clients won’t pay for your products or services, do you have an alternative business model?
- How will your product or service be delivered to market?
Once you’ve answered these questions, you can begin to build a business plan and start pitching for seed money. Following the self-assessment, you are now partially prepared to own a business, but not there yet. You would need to further arm yourself with all the skills required to build a successful business.
There is no doubt that the internet and by extension technology is here to stay, and in 2022 now more than ever you will have to tap into these to grow a successful business. There are certain abilities a person needs to persevere in the venture of starting a new business such as data analysis skills, leadership skills, critical thinking, effective communication skill, emotional intelligence amongst others. These can also be developed while establishing the business but a lack of them can deter the growth projections.
As you go on this journey to success and expand your business, here are a few tips that will upscale your business.
i) Take Calculated Risks
Calculated risks are encouraged but after heavy research has gone in. Businesses are full of risk, understand the risk. For instance, the pandemic created a problem and a new business opportunity, but it also was risky. What if the need for nose masks or sanitisers seize to exist after putting in cash?
ii) Employ the right people
Happy employees lead to happy customers, which leads to more profits. – Vaughn Aust, EVP of Integrated Solutions, MarketStar. Your people are your first ambassadors, they will promote the company better than anyone else. You cannot achieve business growth without people who are committed to the company’s success.
iii) Create a to-do list
Research apps that can help you keep track of your daily/weekly/monthly task. This way you can hold yourself and your team accountable.
iv) Take Stock regularly
Constantly take stock, stock of what is working, what could be better, what you need to let go of. Ask yourself the tough questions, what are we doing wrong? What could be better? How would it better your customers? Once you identify the answers, your ideas and solutions can directly correlate to areas where growth is needed.
v) Maintain detailed and accurate accounts
Keep a detailed account of your income and expenses, knowing this helps you project.
vi) Be Creative
A memorable company is a creative one, the ability to stand out in the field of zebras as a zebra changes the game.
vii) Research the competition
Keep an eye out for what they are doing, learn from them and surpass them. Monitoring the competition will keep you on top of industry trends and best practices.
viii) Invest in good customer service reps
Customer service is the key to retaining customers.
As you aim to grow a successful business let the words of Irina Georgieva, co-founder and CEO, Enterprise League influence your next steps. “Test, measure, learn. It is the best way to understand what works best for your company and invest in the right area to get more efficient and achieve business growth.”