Starting a successful business takes three (3) things: Creativity,A good idea and The right kind of capital
The business strategies, are not constrained to a single industry, so whether you are an app developer or building a high speed elevator these fundamentals should apply.It is also imperative to note that in addition to possessing the necessary tools for growth, patience and persistence are key virtues you must possess-if you must achieve success and growth in business.
For newbies in particular, the process of starting a new business can be very draining. In view of this, it's my pleasure to map out strategies for business that will keep you driven, determined and well-guided.
Here, are a few strategies to building a business:
(1) Idea Creation:
Create a business idea that has a strong proof of viability. Critically consider your idea in view of competitors, target market, marketing strategies, capital and your company's goal.
Having this plan gives you a mental picture of what you want your business to be like. With this idea in mind, you can woo potential investors or even partners!
NB: Have greatminds critique/vet your idea. However, you call the shots.
(2) Develop a business plan:
A business plan is the blue print for running your business. It details the workings of your company
Your business plan should comprise your:
-Target market
-Marketing strategy
-Company's goals and objectives
According to the US small business Administration:
The two main parts of your business plan need to include an executive summary and a description of your company(your brand it's unique selling preposition), a comprehensive market analysis(ie target market and competitors), a company structure(leadership structure) and a market and sales strategy.
(3) Outline your capital:
It is of essence to stipulate what resources you need for the smooth operation of your business.
Regardless of how small your business is, you are under obligation to provide or produce quality service/products.
One of the mistakes most new business owners make is the provision or production of poor services/products with the hope of improving when business gets better.
First impression matters!
(4) Advertising(Brand Awareness):
The place of creating awareness for a product or service, can never be over-stated in a business.The use of proper channels of advertising will most likely influence your business growth.
The understanding of Marketing Strategies, would help in brand awareness.
**Marketing Strategy, refers to what to say, how to say and whom to say to in order to make more sales.
The Social Media has changed the face of advertisement for the better. Facebook, twitter, snapchat, instagram and their lot, serve as easy and cost effective ways to reach to several millions of Potential customers and even investors.
(5) Enlist the service of an accountant:
Many new companies run into problems with their financesdue to their inability to keep track of their finances.
It is relatively easier to do without an accountant in the early days of business, but as the business grows, so does the finances, hence the need for an accountant
(6) Set Goals:
Setting goals(long and short-term goals) will keep you driven and thoroughly motivated in not-so-good moments. Setting achievable goals will keep your business on the right trajectory.
In conclusion, business will always have it's "highs" and "lows". As much as possible, try to celebrate little your successes and try to be pessimistic when you have lows.
