Building a successful business takes a lot of time, effort and resources. 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. To beat this odd, there are you few thing you must do before starting a business and when the right foundation, tools and strategies are in place, building a successful business becomes easy.
Many people are in business today because they want to be their own boss. They want to answer CEO, they want to be at the helm of affair. But in actuality entrepreneurship is about finding a problem and developing product or service to solve the 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 problems people are facing and solve it. Look for problem that nobody has seen or considered and solve. Ships, cars and aircraft were invented to ease the difficulties of moving human and goods from place to another
The other option would be to provide a better or easier solution to 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 too many things at the same time. You don’t want to be jack of all and master of none. Focus few things that bring more value to people life and your business. Specializing on a particular thing helps you focus more on serving the serving the right customers.
Many startup founders just want to be the like the big brands over night. 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.
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, their operations & strategies and think of how you can it do better and win more customers.
You don’t just build/ launch products because you want to. Is 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 a products will add to their lives and business.
Validate your business idea
The purpose of business to serve people in 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. This will save from wasting 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 they are not ready to pay for your product or service. But if they are not interest and willing to pay for the product or service, you 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