Building a successful business takes a lot of time and effort. You must have heard the saying that “ninety percent of startups fail within the first 5 years”. It can take up to 10 years to build a successful brand. However, there you few thing you need to do before starting a business and when the right foundation, tools and strategies are in place, building a successful business becomes easier.
Many people are in business because want to be their own boss. They want to answer CEO, they want to be in charge. But in actuality being an entrepreneur is more than that, entrepreneurship is about finding and solving a problem.
On this post I want share with you some tips to help you launch and grow a successful business.
Identify a problem that need solution
Look for problem people are facing and solve it. Look for problem that nobody has seen or considered and get it fixed. Just like the ship, car and aircraft were invented to ease the difficulties of moving human and goods from place to another, you can look for look for difficulty people are facing in their day to day activities and solve it.
The other option would be to provide a better and easier ways of solving a problem. Before E-Mail, it takes many days to send and receive letters, but today, we can send and receive in seconds.
Focus on a niche.
This is where many startups get it wrong. Don’t try to do many things at same time. You don’t want to be jack of all, master of none. Focus few things that bring more value. Specializing on a particular thing helps you focus more on serving your customers better.
Many startup founders just want to be the like the big brands in a year. It took Jeff Bezos many years of hard work and persistence to build Amazon to what it is today. In fact, it takes up to 10 years to build a successful business.
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Research your market and industry
You need to do thorough research about the market you want to enter. You will need to ask yourself “what is the possibility that I will succeed in this line business”. Research your competitors, there operations & strategies and think of how you can it do better and win more customers.
One thing to have a great product, but if nobody is interested in the product, you are only going to waste your time, energy and resources. Remember, buyers are not interested in product’s features; they are only interested in the value your products will add to their lives and business.
Validate your business idea
The purpose of business to serve people for an exchange of money, recognition and fame. Any business idea that doesn’t guarantee any this is not worth pursuing.
Before starting any business venture, it is very important you validate if the products/services idea will be scalable or not – to avoid spending time and resources building what nobody is interested in.
There is nothing more frustrating than after spending all your time and resources building a product or service, only to realize that people don’t need the product or service. Validating a business idea will help you understand if the problem you want to solve is worth solving or not.
The surest way to validate your business idea is to identify your potential customers, then go talk to them about the problem you want to solve, if they are interested, you have a business. If customers are not ready to pay for your product or service, you don’t have a business.
Here are 3 ways to validate your business idea.
- Identify your customers.
Understanding who your customers are will help you define your brand’s voice, tone, design and culture
- Check if people can afford it.
Ensure that your products are unique and that your target customers can afford it. You don’t want to sell products customers can’t afford.
- Start small and focus.
The dream of every business is to be a global brand. But business takes time to grow. It takes about 5-10 to build a successful business. Enjoy the process, but don’t loose focus. Start with one thing at a time.
Building a brand requires huge amount of time, energy and resources, but if the right steps are taken, it becomes easier. This may not an exhaustive list, but with these few steps your business should up and running. Thank you for reading through, please don’t forget to sign-up for our newsletter to be first to receive my latest post. Thanks