It is easier to create a business than it is to sustain it. It takes one major step to set up a business, but way too many major steps to help it thrive.
Becoming an entrepreneur goes beyond having access to adequate resources. There is passion, tenacity, perseverance to solve problems, and grow a business regardless of prevailing conditions.
As an aspiring, or already existing entrepreneur, there are so many things you can do to grow your business, and help it to thrive which we will discuss below.
1. Focus on solving real problems for your customers.
Why should your customers patronize you? What aspects of their lives are you improving with your business? What exactly do customers find remarkable about your product, and services that distinguishes it from others?
You have to highlight the needs of your customers which your business is catering to, and how you are solving this problem. Leverage on the solutions you provide, and build on it because it is the strength of your business.
2. Have significant online and offline presence.
For your business to survive, people must know it exists. Running a business is not just about opening a store. You have to build a presence online and offline, and let people know what you offer. Advancements in technology has made it much easier to create, and market a business from anywhere in the world. Marketing is the backbone of a business, and how well you market your business determines if such a business will survive. Be very intentional about marketing. You achieve this by specifically defining the customers you cater to which could be based on gender, location, demography, spending habits, age etc. Having well defined targets will make marketing easier.
3. Be Customer-centric
Entrepreneurs exist to address the needs of society. By implication this means that you must always prioritize your customers in all situations. Be empathetic. Put yourself in the shoes of the customers you cater to if you really want to satisfy them. The golden rule of giving out what you would love to receive is a worthy philosophy to adopt. This will make your customers loyal, and ensure referrals.
4. Deliver on your promises
Always ensure you live up to your business description. While marketing your business, an impression is created in the mind of your customers. You must endeavour to always live up to this impression created, and not disappoint your customers. Be consistent in the quality of service you provide, and don’t compromise. Loyalty is built because customers find a business reliable in terms of quality service, and customer relation. Be sure to maintain this integrity and credibility always.
5. Work tirelessly on profitable business partnerships.
Building profitable business partnerships is an integral aspect of entrepreneurship. You must nurture this as a skill; to find partners that can help your business grow. Go out there to speak directly with people, and businesses that need the product and services you offer. Discuss discounts, and other promotional incentives that can attract customers. Seek out companies and individuals, and try to convince them on investing into your business. Remember that there is more to learn from failed attempts than zero attempts.
One formula that never fails in business is courage and self believe. Believe in your vision and the business you have created, and be encouraged that no matter the prevailing circumstance, you will thrive.
Entrepreneurs do not keep holidays as the life of an entrepreneur is about solving problems daily. Everyday comes with its trouble, and you must learn to deal with it accordingly. Also be dynamic. Create custom made solutions to every new problem.
As originally reported in (https://news.abs-cbn.com/amp/business/08/21/22/business-mentor-making-a-business-thrive-amid-challenges)