How to build a successful business

148_1when people want to become owners of the most successful business ventures, the most common question that comes to mind  is how to start and  maintain that business sustainability.Here is what separate those  who succeed from those who fail to

A BUSINESS PLAN

This fundamental document is one of those must have when starting up a business. It will help you stay on  track , get a rough estimate  of budgets which  in turn prevent  overstating or understating of  the same and act as a benchmark and also acts as a source of funding in that, it’s a requirement by most lending institutions to check if your business has prospect. therefore you need a well prepared business plan for you to succeed

  SUCCESSFUL ENTREPRENEURS TAKE LEAD

if you want you and your business to head for the right direction you you-must be prepared to take charge of all the activity in that business you must show guidelines to both your employees and you self,

SEEK TO FILL A GAP

One of the biggest reason that business get a grip in the market is by seeking to offer a solution to a certain problem  take for example Donald Trump, he fills a gap in the real estate,   Mack Zurkerburg saw  the need for people to communicate and connect,if you can fill a gap, you will be on your way to success

MARKET RESEARCH   

Study show that 95% of all start-ups fail within the first 5 years of establishment and among those  90% fail due to lack of proper market research .Market research entails; market segmentation,the competitor, industry trends and not forgetting the  swot analysis of the business, a well  analyzed market research will not only you giving an overview of the environment you will be going into but also give you the  picture of your competitive advantage over your potential competition

 GET THE RIGHT  PEOPLE TO WORK FOR YOU

When people are starting up a business they often feel they can do some stuff all by themselves or ask a friend or a family relative to join in the business which is not bad if they are qualified  but if otherwise this could prove  costly and too risky for you business derailing it’s growth hence cutting the profit. hire qualified people!

ENGAGE YOUR EMPLOYEES 

Once you have established your business and hired the right workforce the next step is to make them feel like  a part of that business. encourage ideas sharing, let them be part of the decision making  and don’t fail to listen to them this will make them feel appreciated increasing their productivity ,however know where to draw the line as this may be misused by some notorious employee s

CONNECT

social media has become an integral part of  our lives and as well as business  try to build new and many connection as you can and  you will find your customer base increasing  greatly scaling your profit margin,connecting can always help you get the bigger picture which is not easy when you don’t do it yourself let those people who have been in the game give you  a tip or two

 

 

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