The entrepreneurial success comes to those who dare to live out their dream. No matter how big the challenges and obstacles maybe. It is the passion that keep them going.
The successful entrepreneurs are those who are proactive thinkers with passion to make a change by chatting their own path.
Here are 10 ways to a small business successful which would overcome challenges & obstacles that causes failure. Hence, take one step at a time.
Step 1: Do Your Feasibility Study.
This is where you validate the idea through feasibility/ Marketing Research. For a small business to be successful, it must solve a problem or offer something the market need.
Step 2: Do Your Business Plan
Then, you need a blueprint that will guide your business from the start-up to business growth. This is a must-have for all new businesses.
Step 3: Do Your Business Finances
Starting a small business doesn’t have to require a lot of money. It would involved some initial cost and the ability to cover ongoing expenses before you are turning in profits.
The startup costs are licenses, permits, equipments, legal fees, insurance, branding, market research, inventory, trademarking, property rental Also, running expenses for at least 12 months e.g rent, utilities, Marketing, advertising, production, supplies, transport, salaries, your own salary, etc.
Step 4: Do Your Business Structure
The type of your business will determine the structure, for example, a sole proprietorship, a partnership, a limited liability company or a corporation.
You may consult a financial adviser to ensure you are making the right choice for your business because it has impact on the business name, liability, filing of taxes, raising finance e.t.c
Whatever structure that you choose can be re-evaluated as the business grows and needs changes.
Step 5: Do Your Business Name Registration
The business name is an important part, touching every aspect of your business. Get it registered with the Corporate Affairs Commission,(CAC).
Step 6: Do Your Licenses and Permits
There are some business that needs the above before starting operations. Ensure you get it done to avoid litigations and double payments. The paperwork is a part of the process when you start your own business.
Step 7: Do Your Accounting System Template.
The use of the template/ procedure is an effective way to run a business efficiently with systems in place. The most important systems for a business is an accounting system.
The accounting system is necessary to create and manage your cash flows, budget, set prices, debtors, creditors and file taxes. Do it by yourself or an accountant to take care of the paperwork.
Step 8: Do Get Your Business Location
The place of business location is important for the operation of your business whether to start from home, shared or private office space in town or to outsource the marketing.
The business location is an important decision because location is business. With a good location success rate is higher. Also, the type of business undertaking and overall operai of what you will be doing matters alot.
Step 9: Do Your Hiring Team
The hiring of your team and support staff is needful. Make sure you outline the positions you need to fill and the job responsibilities of each position.
However, If you are outsourcing work to independent contractors, get contractor agreement for the job.
In addition, as a small business owner, you will need a team of mentors, small business owner in the field, and your family that will serves as your resource for advice, motivation and reassurance when the road gets rough.
Step 10: Do Your Business Promotions
Now that your business is up and running, you have to attracts clients and customers for patronage. This is where you will start your aggressive marketing by exploring all marketing strategies.
The promotions and advertisement you give to your business has no limit but should fit into your budget.
Having completed these start-up activities which are the business strategic structure. Be alert and keep in mind that success doesn’t happen overnight.
As an entrepreneurs, you need to be a proactive thinkers with open mind to explore your inner intuition.
Successful entrepreneurs think outside the box, this critical role help in shaping the future of their country’s economy.
All the best. Cheers.