10 Valuable Tips on Starting a Successful Business

Written by Michelle Anama Abari

Michelle is a content writer that loves writing as much as she loves reading. Her writing talks on issues relating to business and finance and other issues beyond finances where she aims to give knowledge on how to achieve one's personal best. When she's not writing, her favourite past time is reading and seeking adventures.

March 29, 2022

The feeling that the challenge of starting a successful business is too big is a primary obstacle many entrepreneurs see blocking their road to financial independence. Part of the reason why businesses fail these days is that most entrepreneurs do not know the tips for growing a successful business.

I don’t have my business to my name, but I have learned new skills, generated networks, and other essential things that accompanied my growth in business. These lessons made me affiliate to some businesses and I can say that I have worked with entrepreneurs who saw it fit to help give tips on growing a successful business and most are successful, so why not take their advice?

Starting a business feels more manageable to entrepreneurs when you follow a straightforward, step-by-step process. Here are valuable tips on growing a successful business.

Valuable Tips on Starting a Successful Business

1. Don’t Make Money Your Main Goal

Don’t get me wrong, money is a goal in every business, but it should not be the golden goal in a business because if it is, you stand to lose everything, even your startup capital.

There are a lot of Ponzi schemes on the internet that most people have fallen and still fall into, including me. Before I started writing and selling cars, I got scammed through this invest little and get a million naira within 2 days. I mean, anyone reading this would know it is not possible, but because I put money first, I lost all my money. The sad part is that young entrepreneurs fall into scams like this. All the content that claims to help you make money is just another deep hole dug by a creator who is looking to use you as bait.

After I got scammed, the first lesson I learned was that to make money, you need to provide value to a business or person. You can use YouTube to learn new skills instead of watching quick money cash.

The point here is, to grow a successful business, you should not make money the main goal, all businesses lose money every time, just brace yourself for the loss and also the profits.

2. Make a Plan and Set Goals

Goals are the fuel that keeps your ambitions running. Without goals and plans, it is like you are on a journey to an unknown destination without a map. Goals and plans are maps especially when it comes to business, for good guidance and direction.

If there is one thing most successful entrepreneurs have mastered in growing a successful business, it is how to set goals and then follow through on achieving those goals until they have reached their destination. A business plan is a road map every entrepreneur needs, to get the desired goal.

 If you are looking for a way to grow a successful business, then have a plan, work towards achieving it, and set goals towards your success.

3. Get Your First Customer

The mistakes most young entrepreneurs do is that they target hard customers and also offer free services. I mean, you can’t offer free services when you don’t even have anything to back it up with. I for one have tried targeting hard customers, especially celebrities on social media to buy cars and I will tell you, they will NEVER answer you. Go for customers who are on your level and want to buy your product.

Your first customer should be businesses or individuals who intensively have the problem you are solving. They are ready to pay and work with startups. You can start your journey by creating a social media account on Instagram for instance, that way you would be pitching your business to investors, and customers by posting about solving your problem. By doing this, you can also get your target audience.

4. Fuel Your Vision with Perseverance

A scene in the famous series, Game Of Throne, where Stannis Baratheon was being advised about the lack of wisdom in starting a battle in the snow. He responded…

“We march to victory or we march to defeat, but we go forward, only forward”.

Sometimes, when things get tough on your path as an entrepreneur, you have to commit yourself to move forward, regardless of the discomfort and fear surrounding the next steps. By doing this as an entrepreneur, you are also growing your business!

5. Understand the Rewards and Risks

Most young entrepreneurs just start up their businesses with the sole aim of getting rich on time and living their best life without taking into account risks and rewards. I mean nothing comes easy without making sacrifices to get the desired goal. These are small business tips entrepreneurs looking to grow a successful business should follow.

The key to being successful is taking calculated risks, to help your business grow.

6. Be Dedicated

I have this friend of mine who has a business in the automobile industry, he sells and buys most brands of cars and also imports and exports cars. He is a car guy and he is doing exceptionally well if I do say so myself. He told me, on his journey as an entrepreneur, what helped him were 4 main virtues which are: Dedication, Discipline, Applicable Wisdom, and a Strong Mindset knowing that whatever you put your mind to will yield positive results.

Just knowing about this, you get to see that motivation alone does not always get you where you want to be as an entrepreneur, most times its dedication, discipline, applicable wisdom, and a strong mindset that gets you far as an entrepreneur and also helps you grow a successful business.

7. Be Consistent

Consistency is a key component to making money in business. You have to keep doing what is necessary to be successful day in and day out. This creates long-term positive habits.

Consistency is a very strong virtue and value that every entrepreneur needs to grow a successful business. If you want to get good at something, you have to keep doing the best thing to yield good results. I mean, no successful entrepreneur will tell you they had it easy on their journey to success. You have to be consistent, make new habits and just keep going no matter what for you to grow a successful business.

8. By Creating Your Brand Personality

Most of my friends usually tell me that they can’t compete with large-scale businesses that have gone far or even successful businesses. I just go ahead to tell them that they can compete with large-scale enterprises by just being themselves.

What I have learned with customers is that they want people and businesses they can connect with on all levels in business. Your values, authenticity, and vision are what separate you from other businesses. Build your brand name by putting more “you” into your business. Just be yourself!

9. Put Your Employees First

A lot of young entrepreneurs don’t know how to work as a team and this causes their business to crash on time. If you can’t handle your teammates, then how do you expect to treat your customers? If you treat your employees with disrespect then be rest assured they will run your business to the ground.

You have to learn to work with the people under you, to gain their trust, you have to learn to take criticisms as a lesson to learn and areas to amend rather than insults. Also, you have to be flexible with your employees and your business, that is being humble and calculated. Doing this will help your business grow successfully.

10. Be Good at What You Do

As we grow up in life, we have to know what we are good at and where we fit in, if you don’t fit in, then you have to find your path.

The same thing applies to growing a successful business. A tip for growing a successful business is finding your path, by looking for your niche, you will be solving problems and growing a successful business. Looking at successful entrepreneurs, you will find that there are all doing what they are good at and are excelling in it, for instance, Elon Musk in the automobile industry, Bill Gates in the technology industry, Michael Jordan in the footwear industry, amongst others. These were people who found their niche and used it to solve problems.

Conclusion

Entrepreneurship is not easy in its light, but there are ways to grow a successful business. You have to be consistent in whatever you are doing to be on top.

Entrepreneurs need to know that starting and maintaining a business is not as easy as most people paint it to be, you have to be strong both mentally and emotionally to handle whatever is thrown at you during your journey to being a successful entrepreneur.

But the best thing to know is that once you have gotten an understanding of tips for growing a business, everything else becomes easy to handle.

FAQs

What are the tips to grow a successful business?

Some tips on growing a successful business are, getting organized, being creative, staying focused, and providing great service.

What skills do you need to be successful in business?

Some entrepreneurial skills are, good leadership, financial management, networking, problem-solving, and time management.

Why is growth relevant to the success of a business?

It is crucial for the long-term survival of a business because it helps to acquire assets, attract new talent, and fund investments. It also drives business performance and profit.

How can I make my business grow?

You can make your business grow by knowing your competitors, identifying new opportunities, managing time, and solving problems.

How can i promote my business?

You can promote your business by, using social media, paying for advertisement, creating engaging content, getting involved in an online community.

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