7 Secrets of Every Successful Business
Starting a new business is one of the most challenging experiences you will ever have. But the results of your struggle and hard word help you shine the brightest when you weather the storm. This hope is what keeps you going. But many new entrepreneurs give up because they can’t make the right decisions at the right time.
A business opportunity can either make or break you. Your idea can be either unique and appealing enough to attract customers or it can be poor and unacceptable, leading the customers to settle with your competitors. Although figuring the key aspects of business is not tough with all the programs and online material available.
People still tend to stay unaware of the importance of critical basic building blocks that result in their business being inferior to their competitor’s, uncertainty of the future, exhaustion of investment and leaves them frustrated and hopeless without a clue of what went wrong and why things ended up like they are now.
Fortunately, it’s not at all mysterious to figure out what basic challenges and overlooked abilities are there, that play the most important role in gradually expanding your business from a small organization to a big business enterprise, right from the first day itself.
So today we are going to share with you 7 most vital aspects, on which your whole business’s fate is determined.
- The Feasibility of your Idea
Can you go around providing a $500 mobile phone for just $100 dollars to gain more customers? Can you invest thousands of dollars to make a chair out of gold and actually sell it to many customers to make subsequent profit? No, it’s just not gonna work out. These are some examples of business ideas that are just not feasible.
Even though you would want to go the extra mile to attract customers, there are limits. You can’t do something at the risk of losing money or wasting your time and skills in making something that the customers just don’t want. You cannot go back to do something that has already been done the same way.
You can surprise the market with an excellent and unique idea. Although a unique idea is expected to gain more recognition and profit. Still it’s also possible to use someone else’s idea and improve it to make it more efficient and more affordable to your general target customers. There are many examples of this as you can see that there are many organizations providing the same services but in different ways.
Anthony Robbins, an american author said “Every problem is a gift. Without problems we would not grow”. If your idea provides a solution to a problem which is affordable to your target audience of if it helps them to tackle an obstacle or do something in a better and more efficient way. Then your idea has great potential to be a successful business in future.
2. The Reality in Real life
You may have an amazing idea. People might want to buy it as well but if your idea doesn’t meet the criteria of being implemented and launched. Your idea can not be provided to the public and there’s no business when the public is not involved.
An idea that provides opportunity to others. An idea that addresses a real world problem. Resolves it or provides a better alternative. An idea that makes someone’s life easier than before. An idea that helps the community or helps your business grow without affecting the current needs, is an idea worth struggling for.
The reality of your business idea may depend on various factors. Starting with income. The idea should have the potential to earn you a considerable amount of income. It should reflect on your goals and make you feel that you’ve achieved something. It should also keep you motivated to keep going and keep improving it as much as you can.
3. The Golden Rule of “Who not How”
All the new entrepreneurs focus all their energy on how to do the right thing. They use all their critical thinking to figure out how things work and how to make appropriate changes with time. This overshadows the importance of “Who”. They start doing business without having the exact idea of who can perfectly do the required tasks.
Consider yourself as a developer who wants to design a website. You alone have the skills to make an amazing website but that’s not the only thing that your website needs. A specialised content writer, who can provide you the content to be added on the site. A graphics designer to make interesting visuals to captivate customers. An experienced tester to test the functionality and bug status of your website.
SELL PRODUCTS OR SERVICES ONLINE IN 2021
You’ll be able to incorporate all the information provided by your team and make the perfect website but without them you’re just a developer. You need to see the bigger picture and understand the need all this manpower if you want to end up with a amazing website. Luckly, in this modern era, you have access to the internet and now it’s not at all difficult to find the right person for the right job.
Great ideas and possible new projects are neglected just because the right person was busy doing the wrong work. Michael Jordan said that “Talent wins games and intelligence wins championships”. Knowing your team so well and intelligently assigning the right tasks to the right person will significantly increase their chances of completion.
4. The Cautious Use of Budget
You do business with your money, to earn more money and money is the only thing that businesses revolve around. You need a fair amount of budget to do all the business related tasks. Be it advertising, hiring, paying or selling. All these functions require a strong understanding of money matters and exchange.
Invested capital is the most critical aspect of business. Starting a new business does not mean that everyone has a million dollars to invest. The average budget of small business startups can be just around a few thousand dollars. Much smaller or local businesses may have even less. So you cannot afford to waste your money at any step to disturb your whole business settlement.
You cannot build a new car manufacturing company with $50,000 in your pocket. And taking loans with that much amount in hand is a far greater risk to be even considered as a possible solution. Understanding if your idea is within the reach of your available funds. If you recognize the possibilities and use your money wisely, it will help you to stay out of the crowd of miserably failed business ideas.
Your budget can even be a motivational tool to give you the optimism that you need. The budget should be flexible, correctly represented and but should address the needs of each and every department of your business enterprise. Understanding these points and implementing them in your budget will give you a better idea of what you are actually working with.
5. The Art of Hiring Wisely
With so much talent in this world, Building the perfect team to make your business move up in the world can be a lot trickier than you imagine. Every organization longs for employees that can work efficiently with little to no repeating instructions. A candidate who is self motivated and understands his/her position in the workplace is more likely to be a better choice than someone who needs to be spoon-fed regularly.
Poor hiring decisions can lead to conflicts in the workplace and the wrong candidates picked up will not be able to live upto the expectations of your organizations and will not be able to provide the quality of work you expect them to. On the top of that they will also demotivate your existing work force and cause imbalance to your organization.
A good hiring can bring new and amazing aptitude to your manpower and can help you get rid of any conflict in the workplace as more industry ready individuals will be working with you and having a remarkable team will keep you motivated to make things happen for yourself, for them and for the organization.
6. The Integrity of the Implementation
You’ve got the idea, your idea is realistic, it addresses a real world problem, you know who can do the job, you have the budget to make it happen, you’ve gathered the perfect team to get things started. You’ve got it all but still somehow you lacked something and you’ve lost opportunity and you’ve lost everything you invested in your idea.
An american author, Seth Godin stated that “There’s no shortage of remarkable ideas, what’s missing is the will to execute them.” and it can be precisely pointed out that you lack some of the most important skills, teamwork and leadership if you fail after reaching this stage.
Great leadership is the ability to make a group of individuals work together to achieve a common goal. Paired with teamwork it can ensure perfect execution of your idea so that it can live upto the expectations and at the same time provide you the business opportunity you intended in the first place.
Many problems will arise as you move forward step by step to execute your ideas and effective leadership and teamwork will give you the conflict resolution ability that will guarantee smooth execution at every step and make your idea come out to the public just like you imagine it to be.
7. Advertisements that Leave an Impact
Advertisements are the only source you have of interacting with your potential clients. You can leave a long lasting impression by building trust with your services and products but before that, you need to attract customers to actually check out your services. You need to fascinate the audience while providing enough information to make them interested in your offer.
Sales pages, catalogs, brochures, magazines, articles, emails, digital marketing campaigns, sales letters and everything that you can use to attract an audience is a form of advertisement. If done right, it can increase your reach and drastically improve your sales but if done without proper background check it can just be another money wasting section of your enterprise.
Will Rogers, an american actor said “Even if you are on the right track, you’ll get run over if you just sit there.” This is what might happen with you if you ignore the importance of advertising. Catchy campaign slogans, captivating freebies, detailed brochures, appealing emails and attractive social media posts have major potential to get you more and more audience providing you even more business opportunity.
These things are the pillars for your business to stay on and these pillars should be strong enough to keep your business going places. If people get to know about your business on various platforms like TV, Social Media, Newspapers, Magazines and they get to know what you are offering and how good it is from their friends and family, you are already on the right track.
CONCLUSION
If you pay close attention to all these factors. You’ll notice that all these are interdependent. If you single out any one of these away then your business will be at a higher risk of failure. Proper understanding of business ideas, their reality, who can do it, using your budget wisely, hiring the right team, implementing effectively and advertising loudly will ensure success in the long term.
