Have you identify your niche business and you are all set to take on the world and invest in your dream? Then you are on the way to being financially free, the next thing you need to understand is the proven recipes for successful business. Many entrepreneurs today have the dream of going into business, steadily grow their business into multiple streams of income and eventually be financially free in life but little do they know that business terrain is, at most time, rough with plenty of unpleasant surprises.
Many would be entrepreneurs decided to play it safe and hold on to their job because they are afraid of failure as there is no genuine assurance that your business venture will succeed. In fact, statistics shows that 95% of small business fail within their first five years of operation. It is a known fact that your cake won’t rise without all the necessary ingredients in it. That is why i am going to expose you to 7 proven recipes for successful business which will help keep you on the right track as a start up entrepreneur. So here are the recipes:
Offer value added products or services as a business package
In every successful business, one thing is common to them all, they are all offering product or services and not just any product or services but the value added ones. The products or services you offer are the most important element and essence of your business. The successful entrepreneurs in America, Nigeria and the rest of the world don’t just start business for the sake of it. They try to master the products and services they are offering to the world and ensure that such products or services are adding values to the society. If your product and service is not adding value to the society nor fulfilling any one’s need, it is only a matter of time before someone sense that and it will be the end of your business. So, my advice to you, as a start up entrepreneur, is to make sure that you study the void in society and use it to identify your niche business.
Create sound business plan
Going into business without sound business plan is like trying to bake a cake without the right ingredients, we all know a mess that could cause. Good business plan is common to all successful business and yours shouldn’t be different.
The common problem of small business is that the first two years are often characterized with the struggle of finding customers, generating enough sales and building brand loyalty. All these could be overwhelming unless you have a sound strategy and map out your directions from the onset. Your business plan as a startup entrepreneur doesn’t need to be so formal but it it must be simple, accurate and useful in guiding you through to your goal of establishing the business in the first place. Once you have established your business plan, it is important that you stick with it as much as possible. If you don’t have one already, you can get a sound sample/template that you can modify on the business plan we have here.
Develop client pool / customer base for your successful business
This particular ingredient works hand in hand with the first one above. If you truly study the voids in the society like i explain above and develop products or services to fill them, then it will be easier for you to identify base as they are the people whose need you are trying to fulfill in the first place. Now, having identified your customers, what are you waiting for, go get them. This particular recipe is necessary for your business success as it allows you to cater for their unique need and afford you the opportunity to double or triple your cash inflows through add-on services.
Have a strong web presence and social media account
Success of your business depends largely on your clients’ perception and their ability to reach you in time. This is where having a strong web presence comes in, important of website as one of the proven recipes for successful business cannot be over emphasized as it provides you avenue to create a lasting first impression in the mind of your clients. Social media accounts on the other hand allowed you to interact with your existing and would be customers. Here your chances are unlimited. You can generate sales, change your customers’ impression about your service, and prove your brand popularity. In fact, you can turn your social media account into a mini e-commerce hub.
Your website should be the one that is professionally designed, SEO optimized and mobile friendly. Most importantly, your website must provide salient information to the customers which may in turn generate viable sales or sales lead that you can convert later. Like Forbes Magazine rightly noted; No Website Means Losing Business, being in business need this essential recipe to be truly successful and not having it will definitely not help your business.
Have effective customer service to guaranty a successful bsuiness
Making your customer feel like they are king (which of course they are) is an important recipe for a successful business. Word of mouth from the time immemorial is one of the best and most effective marketing strategy that can guaranty your sale and only effective customer service will get those words out. Once your customers are satisfied with the way they are treated in your business, you can be sure that they will not only come back but will definitely bring others. One of the best way to do this is to answer every query a customer could have as soon as possible and promptly assist them when having difficulty about your product or services even if it mean you’ll have to refer them elsewhere.
Make your business plan a compass
Like i sad earlier, your business plan must be simple, accurate and useful in guiding you through to your goal of establishing the business. Therefore, your business plan must be the compass to which you must refer every now and then in order to evaluate your current performance against your forecast. This ingredient is necessary for the success of your business because , business environment is ever dynamic especially as you progress in your venture and gain a better understanding of the terrain. This is why your business plan must not be rigid but flexible.
Every investors and of course your bank will want to know how in the grip of your business you are in the early days of your business and one of the tools of evaluation they will use is your business plan, so will you will be in better stance if you forge ahead in your business using your business plan as a guide post.
Have a strong desire and determination
You must have heard this a number of time. The important thing is how strong is your resolve to success in that venture. Most start up entrepreneurs are often disappointed when they discover the several working forces which mostly are not friendly for starters like criticism, fierce competition and fund restrains. Owning business is a serious task as everything that affects the business also affects you as an entrepreneur. How strong your passion is will determine how far you will go in business especially when the dark days business crept in.
In any successful business, these essential recipes are always found. So to be part of the few 5% whose business are successful within the first five years of operation, you just have to adopt these recipes in your business, not in order though.