9 Tips for building a successful business
1. Think about the problem you want to solve.
Start a business that will solve problems in a specific field, situation, place or anywhere – it must solve problems that are affecting our societies. Well not only solve but make change, contribute, empower, etc. Before starting,you should ask yourself:
- Why do you want to be an entrepreneur
- what is your inspiration,
- what is the change or difference you want to make through your work?
Before you start a company, first conduct pilot or test of what you want to do. Research about the target market, competitors, Dos and Dont’s, study people who are in that business – their behavior, next moves.
Ask around if people would like this if you were to offer it or just buy few things and start moving. This will be your sample test. Based on this draw your results, analyse your audience, their emotions and actions and from this, you can then start formalising things. If the results were positive. If they were negative think twice about your idea or use different approach.
3. It’s not about money
Don’t start a business because you need money, don’t start a business because you don’t have work, don’t start a business because you have run out of options, don’t start a business because you want to be your own boss
Start a business because you have seen a gap, problem or need for your services, products or whatever that will be offering/doing. Your main reason should be solving a problem in your society or for a group of people.
4. Business plan
Now, a big part – formalize everything in your business: You should have
- A business plan, operational plan,
- marketing plan,
- sells plan,
- A well-designed website,
- social media accounts for your business,
- business email
Be serious about marketing, be professional in all the spaces you appear on.
5. Never stop learning
Whether it’s through mentors, coaches, workshops, books, networking events… there are endless opportunities for growth.
6. It takes time
There is no quick-fix when it comes to growing a business – it requires patience, understanding, and consistency. Use every opportunity and challenge as a chance to learn and grow from your experiences.
7. Build your support network
- Join entrepreneurship groups/forum, attend business events and workshops, meet people, expand your network.
- Seek out mentors and learn from experienced entrepreneurs who have succeeded in the industry you work in.
- Have a role model but don’t copy everything from him/her. Invent your own stuff. Be unique.
8. Keep Track of everything
You should Keep track of everything that is happening in the company, save all slips, don’t use company funds for useless things, don’t manage everything alone that’s where bad decisions come from, consult if need be. Analyze everything: performance of your staff, financials, the progress of the company, embrace failure and learn from it, never forget to consider feedback from your clients. Consistency is key.