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How to Build a Successful Business

13th February 2020

Many dream of running and owning their own successful business. Some may aim to have one that provides job satisfaction and enough money to provide for their family; others dream of global recognition and being able to make a difference and their mark.

 

There are a number of rules an entrepreneur or business owner should follow in order to successfully meet their goals. Here are some of those that you might want to consider adding to your to-do list as you start on the path of successful business ownership.

 

Evaluate why you want a business

 

Ask yourself why you want to start a business. This will help to guide you with what kind of business you want to begin. Then when you have your reason, ask yourself about what type of business you should start, and if you have what’s required to do this.

 

These questions can include what skills and expertise you have, what your passion is, how much you can afford, and what lifestyle you want to lead. You should be honest with your answers, so you can create a foundation for what you do in the future.

 

Do your research

 

Look around to see if anyone else is already doing what you want to do - and if not, why. Research into who your potential rivals and partners are within your market.

 

However, there are some mistakes you should avoid when carrying out this task. This includes making sure you don’t use only secondary research or just online resources, and surveying only people who you know.

 

Build your team

 

As you scale your business, you will need to assign responsibilities to other people. Whether you need someone who is an employee, a partner or freelancer, follow these three tips to find someone who is a good fit:

 

●     Clearly state your goals

●     Follow hiring protocols (eg screening, having the correct paperwork)

●     Have a strong company culture - respect and empower your employees through different channels, such as mentorship and training

 

You can also assess your employees’ engagement levels by periodically asking them to complete a survey about how they feel. You can use surveys provided by brands such as Inpulse.com to find out how happy your team is, and what you can do to improve your company culture.

 

Build up a reserve of money and energy

 

This is great advice, and is essential in the case of bad luck and mistakes. Doing so can be very difficult to do if you’re just starting out, as you won’t have a lot of money just sitting around, but you should run as lean as you can, and not waste your money or energy. Always be prepared for mishaps and unforeseen circumstances bad luck, so make sure that you have some capital and energy reserved in place.

 

Don’t compromise on the big things

 

Never compromise where you feel uncomfortable and unwilling to do so, these should include areas involving purpose, vision, and core values and product. It is important, however, to be flexible in the value propositions, products and services you build.

Posted by Mark at 6:29pm

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