- 3rd February 2017
- Posted by: Nigel Azzopardi
- Category: Business Success, Startups
How to build a successful business?
Every business owner wants to improve or grow their business. If you speak to any business owner and ask them how they would like to see their business in 6 – 12 months, of course, they are going to say: “I would like to be generating more income thus having more profits”. But how do you create a successful business that keeps growing and expanding?
For every successful business to be able to make it through the noise of today’s market, they need to have their foundations built strongly. This will protect it from any shockwaves that come their way. Building a business is a process that keeps repeating itself. If you understand it right and put these 5 secrets in the right order you will build a great successful business.
Solving a problem
The first secret to any business is solving a customer’s problem or need. If you look at any business, you will find that every business solves someone’s need or problem. What do I mean by this?
Let’s look at a restaurant. What does a restaurant do? It provides for you the service to be able to go there, order food while enjoying the company of your partner or family. It is creating comfort and a great service for you not having to cook, stay relaxed sitting down and not clearing up after yourself. And the good thing about it is we as human beings have to eat every day so there is a huge demand for food because it is our source of energy.
Another example would be a marketing expert. You can go to a marketing expert for a lot of things but let’s say you want to generate more traffic to your website. You have a problem to solve and thus go to a service provider (in this case a marketing expert) that will satisfy your needs (expert will help you generate more traffic to your website).
This is what every business is built on. If you don’t have a product or service that satisfy people’s needs you are not going to do business. So first thing in mind if you are starting a business is to ask yourself: “How can I solve people’s needs with this idea I have?”
Putting your idea in the market
The second secret is that once you have a solution for a problem, to put it out there for people to know about your product or service. This is called marketing. There are many ways how you can do marketing. Some of them are network marketing, online marketing, affiliate marketing, word of mouth marketing, B2B marketing and many more.
As businessdictionary.com defines marketing:
“The management process through which goods and services move from concept to the customer. It includes the coordination of four elements called the 4 P’s or marketing:
1. Identification, selection and development of product
2. Determination of its price
3. Selection of a distribution channel to reach the customer’s place, and
4. Development and implementation of a promotional strategy.”
Once you go through the first two step successfully then you face the sales process. This is where you have some prospective clients through the marketing you did and turn them into paying clients. This is how every business generates income. The selling process is an important step for a successful business.
You need to be able to engage with your prospect, build rapport and persuade them that your product or service is the right fit for them. Then if the client accepts your claim, will purchase what you have to offer. Breaking it down in a simple form will look like this:
1. This is what I have to offer (your product or service)
2. This is what it will do for you (how it will meet your customer’s need)
3. This is what I want you to do (an irresistible offer and a call to action)
So this is the sales process explained in an easy way. Excited for the next step?
Deliver what you Promise
4th Secret => It is important to deliver what you promise in order for you to start building trust with the customer. Building trust with a client will start getting you great reviews and referrals that eventually some of them will end up buying your products. Word of mouth is one of the strongest ways to build credibility for your product. So make sure to stand by what you are offering and also giving out some sort of guarantee. This will ensure that if there is some kind of misunderstanding with a client, you will make things right or otherwise give them the money back.
By having a guarantee you are going to increase your sales because you will put the risk on your side. Some clients might have had a bad experience in the past, so by putting the guarantee and explain clearly to them, that unless it solves their needs they will get every penny back, you are more likely to attract customers. It will show you are genuine.
Generate enough Profit
The last and 5th secret is to make sure you generate enough profit. This is to make sure you keep the momentum and the process going. Unless you make enough profit you will not be able to sustain yourself and your business. And your idea will come to an end. You need to focus on the things that are going to generate revenue in your business.
Ask yourself “What area of my business do I need to focus on that is going to make the biggest difference and generate the most revenue?”
You need to find out this because if you focus on the wrong things (not wrong as such but as to a minor contribute) you will find your business going backwards rather than forwards. This step is really important at the beginning. Find out what is going to create your first income and focus mainly on that and once you accomplish that, you can focus on the minor things.
So remember if you’re a start-up: “Where should I focus first in order to start generating income?” and if you are in business already “Which area of the business I need to focus in order to grow and expand my business?”
If starting up a new business make sure you follow this easy process. And you will see yourself setting up a successful business. If you are already in business make sure to practice these steps every day in your business. They look easy and they are not secrets because if you look into any successfully running business you are going to find these 5 steps in one form or another.
Keeping these 5 steps in mind for you and your team will help you maintain and create a successful business.
How does a successful business look like to you? Feel free to write and share your opinion in the comments box below. 🙂
Like what you’ve read? Feel free to share on Twitter, Facebook, Linkedin or any social media platform by using the super-easy share buttons down below.!