Building a Biz

What goes into building a successful business? That must be one of the biggest searches on google when someone is trying to build a startup. Honestly, it is one of the questions I get most of the time.

I think as a start, we need to define success.

Let’s go on and google it.

So an accomplishment of an aim or purpose. But that has not answered the question of how to build a successful business, but now we have “an aim or purpose”.

Success comes in many shapes and forms, not just being able to turn a profit or having moments where you can “flex” to your friends and family with the words “I am a business owner”. As much as you may define that as success, perhaps it is not the success that you are looking for.

When you are building a business, yes, one of the key factors that show success is profit, but how do you get there? Why don’t we talk about what you need to do to get to building a successful business?

Step 1; Get organized

Have you put together a business plan? A business plan is a very important tool for any entrepreneur. A strong business plan not only helps entrepreneurs focus on the particular procedures required for their company ideas to succeed but also assists them in meeting both short-term and long-term goals.

Are you using any organizing tools? Some of the tools that we like are;

• Asana
• Slack
• G-Suite

Maybe just start with a simple to-do list to define your tasks for the day

Step 2; How is your record keeping?

This way, you’ll know where your company is financially and what potential problems you could face. Knowing this offers you time to devise solutions to overcome such obstacles.

Where are you storing your records? Some businesses do a combination of cloud storage and physical storage. Creating backups is the best way to make sure that

Step 3; What is your competition doing?

The best place to learn about something is to see someone else doing it. This goes the same way for competition. Have a look and see what someone else in your industry is doing, see where their gaps are and where you can plug in. If you are in a product-based industry, just do a broad search of the product, find your competition, check out their reviews, see what customers are complaining about, and try and plug those holes up.

Step 4; What are the risks and rewards?

A brilliant question to ask is “what is the downside?”. You must think about the risks and whether they are truly worth it in the long run. You also must think about the potential rewards of starting up in the first place. Asking yourself these questions will help you be smart about the timing of your business. A perfect example was when everyone was importing masks during COVID-19. The people who pioneered the venture were successful, can you say the same about those who came in much later?

Step 5; Are you creative enough?

Creativity is a very broad subject, but you must be creative in the sense that you can make improvements to your business and make it stand out from the competition. You also need to be creative enough to find a new stream of revenue for your business

Step 6; Keep your focus

The old saying “Rome wasn’t built in a day” applies here. Simply opening a business does not mean that you will start racking in money. As with everything, it will take some time before you see your returns, keep your eye on the prize and you will be okay. You also need to know when you are not going to see any profit from the business, at this point, it would be wise to look to see if there are any issues

Step 7; Get ready to make sacrifices

The journey to starting up is a long one and it needs a lot of hard work. A lot of the time, you will spend more time building your business than you would with your family or friends all to be more successful. You might have long nights, no weekends, or no vacation days. You may have to work twice as hard to keep up with someone who is working for someone. There is nothing wrong with full-time employment, and some business owners underestimate the true cost of the sacrifices that are required to start and maintain a profitable business.

Step 8; Offer a great service

Many businesses forget that great customer service is a marketing strategy on its own, you want your customers to feel like they matter, engage with them, talk to them, and hear their concerns. They will be more inclined to tell other people about your business simply on how you treated them. In today’s hyper-competitive business world, the degree of service provided by a company typically distinguishes between successful and failed enterprises. This is where the adage “undersell and overdeliver” comes into play, and astute business owners should take note.

Step 9; Be consistent

Consistency is essential for making money in business. You must keep doing what is necessary to be successful day in and day out. This will establish long-term favorable habits that will assist you in making money in the long run.

In conclusion, businesses will expand at their own pace, which is often beyond the control of the business owner or employees. However, some characteristics of running lean may help a firm develop rapidly, such as focusing on a narrow product line, scaling up rather than scaling down and giving some form of evident advantage over rivals. Business success is tough to evaluate, but if it means creating profits for stakeholders, startups can be a great method to do so. The top startups have a scalable product or service. The startup can pivot rapidly, comprehend the market and its financial status, and is ready to seize opportunities as they arise.