12/07/2020
5 Tips for Starting and Sustaining a Business
Starting a business could be very rewarding and it is a dream of many people but statistics showed that 20% of businesses do not go beyond the first year, 45% businesses fold up at the end of 5 years, and only 10% survive after ten years of existence. Following these five tips could sustain your business for many years.
1. Solve Problems: People have always been in need of solution to problems. For instance, you buy phone because you want to solve the problem of communication and socialization. In our society, there are many problems to solve from basic needs to human luxury.
2. Huge Market: There must be enormous people craving for the solution that your business is providing. Without good market, your business endeavour may not yield profits. If you must choose business line or niche, choose what people are actually hungry for. Don’t just pick business for the moment or it is trendy but because it is good and it will last.
3. SMART Business Plan: it has been said that proper planning prevents poor performance. Your entrepreneurship endeavour needs a great plan that is SMART i.e. Specific, Measurable, Attainable, Relevant and Time bound.
4. Feed Customers’ Wants: Many businesses are only providing products and services that meet peoples’ basic needs. What do I mean? A lot of businesses that people go into is only to make people survive. Like selling food, clothes, setting up barbing shop and the rest like that. Those ones are good but if you are careful enough to observe, you will discover that most thriving businesses are not meant for keeping customers’ body and soul alive. Thriving businesses are actually providing comfort and luxuries.
5. Interest and Strength: it is easier for you to give your attention and focus to whatsoever you are really interested in and focus makes success journey easier. In most cases, channelling your interest in the direction of your strength makes you stand out. Many people are passionate about football but not all are good at playing football so the best they can do is to be an analysts or supporters’ club.
In conclusion, business endeavour is meant for generating profits, following these tips could change your business to profit generating machine. I wish you all the best in your business.