It has been discovered that most new businesses fail in the first five years of operation and this has been attributed so many reason and hidden growth factors.
In a country like Nigeria and all other underdeveloped nation of the world, the failure of most businesses has been attributed to Lack of startup fund and Building loyal customers
The above-mentioned factors are very true but in actual facts are not serious factors that can pull a business or a start-up to the ground.
In this article, I am going to be debunking facts that can help you build your newly established business.
Why You Should Start your own Business.
Before we get into deep details, Just to motivate you a bit, here are a few reasons why you should consider starting your business if you have not actually thought of starting one.
1. You Control Your Own Destiny
Owning a business saves you from having to work for anyone else. “One reason to own a small business is the ability to direct the culture of your company and in turn own your own destiny.
When you’re in the driver’s seat, you are making the decisions on how best to steer your company into the future.
This might be overwhelming for some and one must know when and how best to delegate.
However, when you are able to make your own decisions about how best to operate day-to-day, this leads to creating a culture, a brand and an organization which can unlock doors for your generation and lead you to unlimited wealth.
2. You Choose the People You Work With
When you work for someone else, you rarely get to choose whom you work with.
If you don’t like your co-workers you’d better start sending our resumes.
That’s not the case when you own your own business since you get to make the decisions about who to hire and fire.
You also get the freedom to choose people who are of very good values to your business growth.
3. You Can Challenge Yourself
As an entrepreneur, you can bet that each day will be filled with new opportunities to challenge yourself, be creative and learn something new.
The great thing about owning a small business is you rarely experience the same day twice.
4. You Can Follow Your Passion
Many entrepreneurs say the long hours they invest in growing their business doesn’t feel like work because they’re actually having fun in what they’re doing. And this is a major ingredient for the success of any business.
5. You get to take all the profit home.
One of the benefits you get from starting your business is the fact that you get to take all the profit home, though it sounds very easy, in the long run, a lot of hard work should be ready to be put in place.
As the owner of a business, you have no business having to decide who control the finances of your business because that sole responsibility falls on you.
How To Grow a Small Business.
Do you intend starting a new business? Are you afraid of starting small? here are very few guidelines to keep you going
1. Get to know your customers.
The first step to growing a small business is to get to know your customers. There’s a popular saying in business that states,
customers are always right.
Getting to know and understand your customers can have a huge say in the success of your business.
You can only develop products and services that would make a huge impact if only you understand your customers well.
You should also make it a point of duty to seek their opinions always to be able to improve your existing product and outshine competitors.
2. Offer great customer service.
Now that your business already has few customers, the next step would be to offer great customer service.
Have you ever wondered why top brands like Samsung still stays in the market and have no competition? the answer lies in great customer service.
While I was working as a customer agent at Samsung Nigeria a few years ago, I usually wondered what kept the customers rushing to our office to purchase new items and to maintain the old one, and one of the answers I got from their engineers is the effectiveness of their customer service.
There’s so many customer service support offered after purchasing a product from Samsung than any other brand.
There are so many brands of smartphones out there, even when the Apple IOS pose as a major competitor, Samsung still stands out when it comes to choosing a brand and the reason lies in the fact that Samsung offers a better customer service support, I don’t know how Apple operates in the United States but right here in Africa and other parts of the world, I think Samsung has it all.
Woking on after purchase and follow up can do your business a lot of good, make sure your business has a clear strategy on customer follow up and support.
3. Nurture existing customers.
There are so many competitors to your existing business and they are all out for your customers, you should make sure your existing customers become loyal to your brand.
Creating loyal customers can be very hard and time-consuming because just before you launched your business, they already had an existing brand in their face, and one strategy that works very well os by offering discounts and coupons, also make sure that your delivery and services are top-notch.
4. Leverage on other marketing opportunities.
Every new business should learn to explore as many marketing opportunities as possible, this can help them gain more loyal customers.
This blog covers the digital aspect of marketing and this is more reason I recommend every business owner to make sure they carefully immerse themselves in the articles on this blog.
There are so many marketing opportunities out there and very few of them includes Email marketing, Search engine optimization and the use of social media.
Here are very few articles I recommend you read to help you get started.
- How To Grow Your Email Marketing List In 2021
- How To Grow Your Business On Facebook In 2021
- How To Grow Your Business On Instagram In 2021
- Learn How To Do SEO The Right Way In 2021
5. Give back to your community.
Most businesses are just particular about making money and this is one major causes of their failures, you must ensure your business exists for more than just making money.
People want to feel emotionally connected to the companies with whom they do business. Make sure that your business supports a cause and make it part of your companies mission
Reasons Why So Many Businesses Fail
It has been discovered that So many business owners were incredible at what they did before starting out in their businesses. For example, The hairstylist who opens a salon, The web designer who designs a website for clients and the mechanic that opens their own shop.
At this level you have very few going on in your life. Making reference to Robert Kiyosaki’s Cashflow quadrant below.
Making reference to the image above, we see that the above-mentioned individuals are in the self-employment quadrant, meaning they are employees in their own profession, no real difference between the native employee and you being self-employed because they are placed in the same quadrant. Moving to the business owner and investment quadrant.
This post is here to guide you through three major tips to figuring out what might be blocking your business from success.
1. Poor or No Feedback Medium.
Feedback’s are information about reactions to a product, a person’s performance of a task, etc. which is used as a basis for improvement.
- Feedback’s can be in form of complaints.
- custom form or box or feedback
The first tip in figuring out why your business isn’t taking off is figuring out what’s missing and one way to know this is by creating effective feedback medium.
When your business lacks adequate or no feedback, it is a sure sign that your customers are going somewhere else to get the kind of service they need and your business is slowly dying and may come down crashing all of a sudden.
In conclusion, The best approach to Generate customers feedback are listed below.
- Create a custom online form attached to your website.
- Create a feedback box in your office for complaints.
- Use Polls.
- Monitor Social Channels.
- Call your customers regularly.
- Provide live chat support.
- Create an online community
This forces you to break everything down to the most basic form and for you to see exactly what roles you are and are not filling in your business. You’ll be amazed at how quickly the holes start to appear.
2. Inadequate or No Systems.
Systems allow you to perform and schedule various business task effectively. Systems can be in various forms and some of them are.
- System for leads generation.
- Systems for sales and delivery
- Payment collection.
Most new business owners just piece together tasks as they come up throughout the day, week, month, year. And this works in the beginning, for the most part.
Then your business starts to grow and you still don’t have any clear process or system in place to make sure your operation is running smoothly and this becomes a huge drain on energy and resources because nothing is repeatable or scalable.
One of the most important aspects of building a business is to make sure you have essential systems in place that is required.
3. Technician Or Entrepreneur where do you belong?
This last tip is an important mindset shift you have to make to succeed in business. You must shift from being a technician to being an entrepreneur and business owner.
Being an excellent technician means you have mastered very specific skills needed to succeed in your industry – so,
- A hairstylist is skilled as a hairstylist
- A mechanic is skilled as a mechanic.
- A chiropractor is skilled as a chiropractor.
This is wonderful and helped you rise to the top of your field and be successful. So it feels natural that you would be skilled as a business owner in that same industry, right? The problem is that you have not intentionally changed your mindset to step into your new role as an entrepreneur.
Some of your technical skills might translate to building a successful business, and your knowledge of the industry can give you an upper hand, but you must dedicate time, resources, and energy to building skills and knowledge as an entrepreneur and for you to successfully do this you need a shift of mindset.
Growing a small business can be a very stressful task and most times you don’t usually see the end from the beginning but it is up to you to take up the challenge.
Here is an article I recommend you read just in case you find the problem with competition.
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