Business is bound to mint money for you if you plan correctly and are ready to take the risk. Every successful business entrepreneur, who has now become famous and rich, has a unique story behind his accomplishments. Whatever the story may have been, hard work, creativity, technology, planning and organization are a few common tools,
Business is bound to mint money for you if you plan correctly and are ready to take the risk. Every successful business entrepreneur, who has now become famous and rich, has a unique story behind his accomplishments. Whatever the story may have been, hard work, creativity, technology, planning and organization are a few common tools, which they have all used during their respective journeys. If you are wondering what you really need to do to make a business enterprise work, read on to get a few practical tips.
1. Plan well before starting
Do your homework. Choose the right work in which you can use your talent. Talk to other entrepreneurs who have made their mark and take benefit of their experiences. If you are a beginner, plan well in advance about the financial burden, which you are going to face initially. Search for the right customers and plan your marketing according to the particular mass that you are focusing. Planning helps to have a distant vision that can only be reached only when you execute all of them perfectly. Nevertheless, you must also be flexible enough to bring about changes to the plan as situation demands.
2. Start with a small capital
If you already have a distant vision, dive in. But start off with a smaller investment. Remember, you are treading on an unchartered territory. Unlike a 9-5 job, you might not have a regular income, at least initially. There is always a risk of losing money in business, though your profits can pick up any time even after suffering major losses. Once you have established a steady inflow of money in your business and people start noticing you, you can take larger steps towards higher investments. Alternatively, you can get a startup business loan to give you a boost in cash as well.
3. Devote time to organize the details
All details, especially financial details, about the business from day 1 should be recorded in an organized manner. This helps in analyzing, say after 6 months or annually, about the flaws of your system. You can identify the areas that need more concentration. For example, if you organize your documents according to the monthly sales, at the end of 12 months it just takes a glance to identify the slack period. If you feel you really don’t have the time to organize such things, or you could do better, hire help for such jobs.
4. Be unconventional
‘The Tipping Point’ by Malcolm Gladwell is one of the must read business books, which inspires to take that unconventional path. Many of us dream of doing something different, but do not want to take the risk. Statistics tell us that unconventional ideas work better and faster for entrepreneurs. Just identify your area of expertise and research in advance how your talent might sell. If customers find something new which fulfills their requirement, they immediately embrace it.
5. Build on customer relationships
In a small business set up, it is all about relationships. Clients are your business. You can build good rapport in your targeted community when your praise spreads by word of mouth. One happy and satisfied customer will send in two more. So, focus largely on pleasing your clients. Try to do your extra bit, even if that means putting in more working hours to complete the ‘urgent’ order. Small gestures go a long way in preserving your clients, especially when you are facing tough competition. So, think about building a strong resonance with your clientele.
6. Be consistent on quality work
Numbers will automatically start multiplying once you have established your brand name in the market by providing good quality products and services consistently. Take that much work in which you can maintain your quality. If you want to take up more, amplify your resources first. Hire employees amongst whom you can delegate work. Do not compromise on quality. In business, you are destined to face ups and downs, so do not lose on your promise of delivering good quality services and be consistent. Clients always look for a good quality, fast service, extra perks and of course, budget friendly products.
7. Be prepared to face competition
Competition is essential for a healthy business. You might think you are the best in your domain till you see your competitor’s product, which might have an edge over your product. Be a learner and try to positively identify where you are lacking and why your competitor is pushing ahead. Work on those points, which seem to be pulling you back. Move ahead with a realistic view and work on strategies to make your business better. Marketing skills might be lacking, or the product might have become clichéd, or the service may be calling for an up gradation. Whatever it is, work out a solution. Every business survives only when it faces a tough and healthy competition.
Entrepreneurship is full of challenges and rewards. It is foolish to think that you will start minting money as soon as you start off your own business. It requires a lot of perseverance, hard work, sacrifices with family time, work related emotional stress and more work! There are no fixed working hours, no salaries to get at the end of each month, but it can definitely make you wealthy as it has made the others. Success in business can be achieved by staying focused and not losing our vision in the long run.