Have you ever considered being an entrepreneur? I’m sure some of us have contemplated quitting our corporate jobs to start our own business. Being your own boss and doing what you like sounds like a dream come true. What’s more, the world’s top 1% are mostly entrepreneurs who have started their own businesses. This could be your chance to become a billionaire yourself. If you are feeling inspired, remember this: Anyone can start a business, but making it successful is an entirely different story. You need to have the grit, the guts and more importantly, a strong team to back you up. As an entrepreneur myself, it took me some trial and error before I was able to reap the benefits of my hard work. Find out how to make your business successful with the right tools.
Formulate A Business Plan
Never underestimate the power of goal-setting and planning. Your business plan is like a GPS, it keeps track of your milestones and lets you know how much further you should go to achieve your goals. Without it, you would be lost and aimless. Remember to plan it with numbers and a timeline so that you are clear of the end goal. (if you are unsure, use SMART to plan!) Take this opportunity to also conduct market and competitor analysis to determine the strengths and weaknesses of your company. The more informed you are, the better your decisions will be. Business plans are dynamic, so don’t be afraid to revise your plans and set new goals.
Create A Positive Company Culture
What if your company has a fun and encouraging workplace culture with amazing welfare benefits? An understanding boss, fun colleagues and a pantry filled with snacks. Sounds like your ideal workplace? A good company is defined by their culture and a good culture attracts and retains the best talents. Take Google or Amazon for example, contented staff translates to better job performance. Now, you don’t have to give your staff all the benefits that Google has, but take small steps. Ensure that your workplace is empowering with ample learning opportunities. Inculcate a culture of inclusiveness and teamwork to strengthen your employee’s bond to the company and treat your employees with respect.
Keep Your Customers Happy
Have you ever experienced such poor customer service that you vowed never to step foot into that store again? That’s right, research has shown that customers are unlikely to return after a poor service experience. In the age of social media, customer service really makes or breaks the company. All it takes is one bad customer review to tarnish the reputation of your company. So keep your service standards high and ensure that your staff are well-trained to provide excellent customer service. Most of us would beg to differ, but the customer is always right.
Build Your Online Presence
I’m sure all of us have extensively researched a product before purchasing it. We’ve probably read hundreds of customer reviews and compared prices across various online shopping platforms before making the purchase. With the change in purchasing habits, it is important to build an online presence for your company. It helps to get the word out and make your company visible to customers. Social media and online directories are now a must-have as it makes it easy for you to reach out and connect with customers. Spend some money on Google and Facebook advertisements to appeal to a wider audience. The more reputable you are, the more likely you will gain your customers’ trust.
Widen Your Marketing Efforts
If you don’t want to break the bank to promote your company, utilize your connections and be innovative! Ask your friends and family to spread the word. Chances are, people are more likely to trust word of mouth recommendations than a Google review. When you meet new clients, don’t be afraid to promote your company. Even if they might not be interested, they could share potential contacts that can help your company grow. If you are an introvert, create engaging content to keep your customers interested. Go beyond a transactional relationship and show your customers that you can value-add to their lives.
Work On Branding
Have you ever wondered why Apple is more successful than Samsung or HuaWei? Subconsciously, we know that Samsung or HuaWei phones have better specs than an IPhone, yet why do we choose an IPhone? It’s because of their brand! Powerful branding goes beyond having standardized collaterals and logos. Your brand represents your ethos, your beliefs and the customer experience, so tie it to emotions, lifestyle and a community. A strong branding helps you stand out from the crowd and makes it easy for people to recognize your brand.
Hire The Right People
Did you know that more than 80% of recruiters surveyed in a study agreed that cultural fit is one of the most important recruitment factors? Many of them chose to pass on candidates who were not aligned with their companies’ cultures even though they were qualified for the job. With the right employees, you can focus on running your business without having to worry about the quality of the work or waste time training employees who won’t stick around. Yes, it is difficult to find the right talents since first impressions might not always be right, but do take some time to find employees who share the same company values and culture.
According to Forbes, there were 2,095 billionaires in 2020 worldwide. This is double the amount of billionaires 10 years ago. Are you brave enough to make the switch and be like one of them? It is not easy being an entrepreneur but I can tell you that the journey will be rewarding.