10 Valuable Tips on Starting a Successful Business

10 Valuable Tips on Starting a Successful Business

by | Mar 29, 2022 | Business & Finance

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.

Step-By-Step Guide to Writing a Business Plan

Step-By-Step Guide to Writing a Business Plan

by | Oct 17, 2021 | Business & Finance

Doing business anywhere can be tough. But it doesn’t have to be. When you have a business plan in Nigeria, your venture can be much easier than you think. A business plan is an invaluable tool that guides your business and prepares you for future risk. This article will show you how to write a good business plan in Nigeria.

What Is a Business Plan?

A business plan, as the name implies, is a plan for a business (usually a new business) in a written document that gives a sketch, describes, and draws in detail how the business will achieve, reach, execute and accomplish its goals. It is a writing conveying information that outlines the operational and financial aims of a business. It is safe to call it “the business strategy” or “road map”. There are specific step by step guides for writing a good business plan. 

Aside from the common mistake that most entrepreneurs make in their business, quite a number of businesses have started and crashed down because of a poorly written business plan or the lack of one. Having a good business plan in Nigeria will serve as a guide through every stage of your business from starting to managing and even dealing with your profits. A business plan can also be used to help you get loans from banks and get people to invest in your business. Likewise, securing grants for your business.

I know how confusing it might seem, and that’s why I’ll be sharing with you 9 easy steps to guide you in writing a business plan in Nigeria:

1. Executive Summary

Here is an important part of your business plan because this is the first part that the reader encounters. It should contain everything about your business including your mission, your objectives, business background, and keys to success. While you must cover everything on this page, be sure to keep it straight to the point. 

2. Business Description Summary

In this section, you should state the nature of your business, who your target audience is, and what gives your business an advantage against the others. Be sure to define the services you offer clearly and the problems you hope to solve. Perhaps, you want to run a business of dried fruits, under this section, you’d state that you hope to solve the problem of fruit spoilage when large purchases have been made or for a long time. 

This is an essential part of writing your business plan in Nigeria. It will give whoever is reading your plan a true insight into what you’re doing and if they should invest or give you a loan. If you have a location where your business is located, it should be mentioned here too. Your business description should contain all of your strengths and should be appealing to whoever reads it. 

3. Product and Service Summary

You cannot write a business plan in Nigeria without in-depth details of the things your business is about.

What sort of products are you producing? What are the services you offer? Are those the only products and services you will offer? Do you intend to add more? Where do you get your raw materials from? How much does it cost you to get a full batch of production? How much profit return does your product bring back? 

These are the questions the product and service summary section answer. 

4. Market Analysis Summary 

Before writing this, you will need to conduct a SWOT analysis. SWOT stands for Strength, Weakness, Opportunity, and Threats. This analysis will show you what other businesses are doing, what is the trend and theme related to your business, what’s its position and value in the large-scale market. It’ll help you understand who your competitors are, their strengths, what do successful competitors do? How it works. 

After knowing all of that, you should include it in your plan and also, plan strategies on how you can do it better than they did. This is really an essential step in writing a business plan in this country.

5. Management Summary

Here, details of how the business or company is being run, about yourself, and partners you might have (if you are not running it alone) should be noted. How many shares do you have and how much percentage do your partners have? 

In addition, include the team that runs the business and highlight their expertise and abilities. It’s safe to mention notable staff, their roles, and talents also. You should also include your plans of getting more people in the team as your business expands if you have any. 

6. Strategy and Implementation Summary 

In this aspect, it should contain details about how you intend to interact with your target audience – your customers. You should include your brand message, planned advertisements, and promotions that will attract people to your brand. 

Furthermore, sales representatives and marketing agents, as well as methods of marketing and outreach, should be included with the strengths. In addition, it should include the advantages your business has over others and how you intend to use that to your sales advantage. 

This is a crucial part of your business plan in Nigeria. It plays an important role in convincing your investors that investing will not make them suffer losses. 

7. Financial Summary

Here is also an important part of your plan and should include accurate and up-to-date details of your finances. You should include cash flow statements, assets, debts if you have any. More so, the financial state of your business should also be up to date at the time of writing the plan. 

You should also include how your finances are being managed, how revenue is being generated. Again, you should include who is in charge of finances, how accurate your financial predictions have been, and if you have been able to reach the goals you set out. 

At a glance, your readers should be able to tell if your business is in a healthy cash position or not. If your business is just starting, be sure to include the present relevant details and avoid including false or twisted information. 

8. Funding Request

There might not be a need to include this if you do not intend to ask for a loan or grant. This should contain how much you need and details on how the funds acquired would be spent. Additionally, if you are getting a loan, indicate your payment plan and if it is an investment, state the benefits that the investor would gain from their investment in your business. 

You should make sure that the details you provide are accurate and detailed to clear every doubt your reader might have. 

9. Appendix

Lastly, this should contain other information you may want to add including legal documents, contracts, etc. 

Conclusion

Now, with your understanding on how to write a business plan in Nigeria, be sure to be straight to the point and honest with every detail you provide. If you’re still confused, you can head over to a site called bplan. There you can get different samples to practice with. 

For people who have so much on their hands or can’t just find time to write a business plan themselves, just visit Mediahooch. They handle writing business and every or anything regarding branding and marketing, can be professionally executed by them.

You should also check out tips for new business owners, this will greatly help your business.

Good luck!