8 tips on how to start a business and succeed

Person looking at illustrated idea wall

Having a business idea and starting a business is complicated. There is so much to consider, from a great idea to register a company. Starting a business requires analytical thinking, purposeful organization, and detailed record keeping.

From our experience at Smart Servicing Centre, you need to be flexible and have good planning and organizational skills to succeed in business. Many people start a business thinking that they will turn on their computer or open their doors and start making money to find that making money in a business is more challenging than they thought. You can avoid this in your business by taking your time and planning all the steps necessary for success.

The following eight tips can help you be successful in your business.

1. Motivation

When it comes to starting a business, motivation is a crucial factor; if you are passionate and motivated, you will have a higher chance of success. Often, the only difference between an entrepreneur who starts a successful business and an entrepreneur who fails is motivation.

2. Good business ideas

Having a business idea is relatively easy, but having a good business idea is difficult. Keep in mind that listening to successful entrepreneurs is the best way to learn and become familiar with successful business stories. They have invaluable knowledge of what works. Now is the time to start brainstorming; it is usually a long and slow process, but be patient, and it will come to life.

3. Come up with a better solution

Look for areas where solutions are already available, but you can outperform existing businesses, whether in efficiency, innovation, or cost.

4. Innovate in a traditional slow market

Try to find out the business or industry area that has not seen much innovation over the past 10 to 20 years? This is often the case with non-technological industries that are slow to progress. These industries often have considerable opportunities to disrupt new technologies, innovations, systems, and methods.

Try to think ahead; what will the world be like in 5 or 10 years? Thinking about the future will allow you to think about new markets and niches that may open up due to innovations and new technologies. You do not need to have the most original idea to start a brilliant business. You need to do it better than anyone else!

5. Find out your target market 

Is there a market for the company, product, or service, and is it large enough to support your goals? You also need to consider the competitive landscape and know who your main competitors are. Analyse your strengths and weaknesses, as well as market opportunities and threats.

6. Understand your potential customers

 It would be best if you had a clear idea of who your potential customers are. Understanding customers is the key to giving them good service. To give good customer care, you must deliver what you promise. However, great customer care involves getting to know your customers so well that you can anticipate their needs and exceed their expectations.

7. Have a meaningful marketing and sales plan 

Having a good understanding of how you would reach your potential customers and increase your market share is essential for success. Specifically, understand what sales and marketing activities and channels you will need to undertake and how.

8. Always start small

Remember that all great things have a small start. Most new businesses will start with a small team or begin to develop one very quickly. Therefore, companies and entrepreneurs must learn early on recruiting and managing their team effectively while creating a great corporate culture and as leaders.

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Written by Smart Servicing Centre

 


Do you have an idea for a business or start up? You can visit Henley Centre for Entrepreneurship – Business Idea and Start-Up Clinic

Permanent link to this article: http://blogs.reading.ac.uk/careers/how-to-start-a-business-and-succeed/

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