How To Run A Successful Business
Welcome once again to Newslineng, in this post I wrote on how to start a business, how to package the business and also stay consistent in the market.
Before we dive into the main discussion, let’s shed some light on the most frequently asked question aspiring entrepreneurs ask before starting a business.
Most aspiring entrepreneurs tend to ask the importance of business registration and if they should ever bother registering their businesses. My answer to this question is this, you need to register your businesses if you want your business to be great, be recognised and have corporation and also execute bigger contracts.
There’s this sense and feeling of ownership you get over your business when it’s registered, it gives you this satisfaction and pride and it also opens your business to better opportunities and offers. For example, you would be able to create a business account which is meant only for registered businesses and from there, you can get easy access to business loans.
But if you are just starting up a business and have no much money on you, you need don’t have to register your business, that’s just to save cost, but once you find your feet in the business, you then need to register your business immediately.
Success In Your Business
To be successful in your business, the most important thing you need to work on is your business plan, this is where most business owners fail even before they’ve started. Your business plan plays a very vital role in the success of your business. You literally won’t be successful in business if you don’t have a business plan, and I strongly believe that 95% of failed business are due to poor or no business plan.
When creating a business plan, you need to ask and answer some vital questions such as
- What problem does my business solve?
- What issue does it fix?
- How do I reach my target audience/customers
- How will I become different from my competitors? etc.
From knowing the problem your business would solve , you can now move to targeting your Audiences. You need to know whom your customers should be and how to get your products to reach them from there, you will understand how to package your business and stay consistent.
Moving to the next question which is How to be different from your competitors. You need to know what your competitors are doing at any giving time to enable you know the next step to take. This survey would make you know when you need to reduce your price or whatever you need to do to get your package done differently.
If you can answer these questions perfectly, then you are ready to start a business. You have to stay organised, consistent and completely different in any given time. Opening up a business is not as hard as we think and it’s also not as easy as we make it look. The ideas and imagination are just the easiest things about it.
Your Business plan happens to be the engine room of your business, not having it is like having a car without a fuel in it. You are just going to sit there all day doing nothing because the fuel is needed for the car to move, that’s exactly what a business plan is to a business.
The next big step in running a successful business is Record Keeping. You need to keep record of whatever you are doing, and stay organised. There are so many reasons for rhis, examples are for future reference guide, to keep check of profit and loss, for tax purposes and so on.
Staying Consistent And Building Your Brand
Everything is a business. You can make out a business from almost everything. A friend of mine after running a successful business decided to write on how to run a successful business, he wrote down the crucial techniques which made his business successful and guess what..!! His book is one of the best selling series on Amazon and many book stores. Anything you can exchange for money is business, you just have to learn how to make it look good enough for people to buy.
Brand Building : Social media has made it so easy for us to build our business whether registered or not. You only have to learn how to build your contents on popular social media platforms such as Facebook, Instagram, and twitter, you can also decide to create a business website which is also a good idea and way of Brand building.
It’s essential for a business owner to have his brands on major social media platforms, it helps build customer base locally, internationally and otherwise. It also helps create an interactive platform between a business owner and customers.
Having your brands on social media platforms also creates easy to reach access to you, not every customer would love to call you to order for your goods or services, most prefer chats and that can be achieved through commenting on your social media posts or direct messaging.
Every business owner or aspiring business owners needs to learn all this vital points discussed in this posts to enable him/her run a successful business.