On a daily basis, several startups in Nigeria and across the globe shut down for various reasons.
Running your business can ultimately take over your life. If you’re not careful, it can have adverse effects on your family, friends and even your health. You will likely neglect all these!
One important point to note is that business success is more about the grit and determination of the business owner and their team than the technology or idea involved in the business.
For many years, business success rules trace back to the business owners and these rules are still applicable today.
Although technology has improved in recent times, the vision, passion and determination of the business owner continue to play a substantial role in the success of the business.
After studying all the pros and cons associated with running your own business, there are four golden rules that I believe we all need to follow:
Rule 1: Research Your Target Market Thoroughly
Regardless of the nature of your business venture, your management expertise and so on, your company will not reach its optimum unless you have customers.
Your product or service must meet the demands of your target market for them to keep coming back to you.
These days, for you to achieve any meaningful business success, the purpose of your business has to focus on providing a solution to the real problems faced by your target audience.
Knowing and clearly defining your target audience will help you create more efficient and practical solutions to satisfy them.
Rule 2: Plan for Attracting Future Investors
The measure of your success is sometimes based on the potential of your business to attract investors. So ask yourself:
Will anyone like to invest in my business in the next five years? If so, why? Answers to these questions are vital in helping you attract future investors.
Moreover, most times, investors will usually invest in a business that the owner has a track record of being a visionary, being passionate about whatever venture they embark on and their determination to see it through.
Rule 3: Have Sufficient Start-up Capital
Your initial set up cost will be for your premises, equipment and working capital. It is common knowledge that most businesses fail in the first three to five years because they’ve run out of working capital.
It’s either you have sufficient capital, or you learn to be thrifty. Cut down on unnecessary expenses whenever possible.
Rule 4: Take Qualified Advice
There are various skills needed for running and managing a business, and you can’t possibly know it all. So take advice from your colleagues, trade magazines, and so on.
Moreso when you are considering placing your business online you need the help of a qualified digital marketer.Running your own business can ultimately take over your life, and if you’re not careful, it can have adverse effects on your family, friends and even your health. Click To Tweet
Rule 5: Your Team (Bonus Rule)
Success is not a one-person show! As a business owner or entrepreneur, you need to surround yourself with a team of talented staff who are ready to go the extra mile in satisfying the needs of your customers.
At the hiring stage, you must select candidates that are ready to go to extra lengths and put extra effort to satisfy the customer.
Your team must love doing phenomenal work and churning out excellent products. They need to be able to adapt to adverse situations.
As a business owner, you must also be willing to recognise and reward your team when they perform well. This willingness motivates them to do more.
These are the basic rules for business success. They are the basic principles and fundamental rules behind successful businesses over the years.
Running a successful startup business is not easy. Hopefully, these tips will set you off on the right track.
If you are serious about establishing a professional online presence, then you must consider engaging the services of a qualified digital marketer.
Digital marketing is a fundamentally easy practice, yet the numerous always-changing nuances and more excellent points take years to master.
These constant innovations are the reasons why some businesses that try to cut corners by taking a DIY (do-it-yourself) approach in digital marketing and social media marketing often don’t do well. They don’t seek advice from a qualified digital marketer.
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Last Updated: January 2019