Building a business means being in a state of constant learning and adapting. According to 2021 data from the U.S. Bureau of Labor Statistics (BLS), about 20 percent of startups fail within the first two years of starting a business, 45 percent fail within the first five years, and about 65 percent fail in the first 10 years. Only 25 percent of the new businesses survive the 15-year mark.
And to your surprise, startup failure rates seem to be almost same across all industries.
If you are also planning to start a new business in 2023 and wish to be among that 25%, pay attention to these 5 tips to build a successful business.
1. Show Determination
Determination is the key to building a successful business. Starting a business requires a lot more than just an actionable idea. To have a smooth and successful business today, you should not only have good planning skills, but you must also have patience and determination to see the business settle and then flourish, in as much time as it takes.
The reason most people fail as an entrepreneur is that they give up quite soon, and even if they don’t give up, they keep switching from one project to another. Most people start a business thinking they will execute a business plan and start making money, only to figure out that making money is the toughest part of starting a business.
The bottom line is, to build a business successfully, you must show determination and persistence. Besides, you should also be flexible to mold yourself and your business plan according to the situation.
2. Be Passionate
Having a passion about something that has an existing need as well is the key to building a successful business, be it setting up a boutique bakery or providing marketing services to existing businesses. When you indulge into a business, parts of which appeal to you and, ideally, you have some existing knowledge or skills about it that you can benefit from when setting up the business.
Having passion for your business doesn’t necessarily mean it should be on your nerves all day and night. Running a business that you are passionate about also does not mean that would not get tired of it quickly. Rather it means starting a business that excites, interests, and motivates you.
This point relates more to what type of business you should start. Focus on what excites you and pair it with a strong business plan to establish an enduring and famous brand.
3. Know Your Market
Once you have decided your niche, know your competition, because only after knowing your competitors well you can put your brand in a prominent position in the market.
You may find research about your competitors overwhelming but do it. Only after studying your competitors closely, you will be able to understand the market. And also, there is a high chance that in market research, you may find something that you could incorporate in your business strategy to make more money.
Analyzing competition varies from market to market. If you are establishing a restaurant, simply dining at your competitor’s restaurant, and having conversation with other customers would give you enough information. However, if you are planning to venture into a more technical industry, such as opening a chemical company, you would most likely require professional help to do market research.
4. Provide Value to Customers
In today’s highly competitive business environment, success of a business depends mainly on the level of service it provides. Businesses that overlook the importance of providing great customer service start losing clientele very soon, regardless of how successful they have been in the past.
The biggest challenge faced by even the most set businesses is retaining customers. And you can only retain them by providing quality customer care. When you provide value to your customers, there is a higher chance that they would become happy, returning customers. The “undersell and overdeliver” theory applies perfectly to this situation, and successful entrepreneurs would be wise to follow it.
Also, use your social media profiles to interact directly with your clients, take their feedback in real time and act promptly to any negative feedback that you receive.
5. Don’t Limit Yourself
Last but not the least, do not limit yourself, in terms of goals and targets as well as the products/skills you sell and the projects you take on. Never tell yourself you can’t do this. You can go as far as your mind allows you. When setting your business goals, remember that the sky is limit!
Also, do not put all your energies in establishing the business alone and neglect your personal growth. Evaluate yourself daily. Have dedicated time each day to learn, unlearn, evolve, and strengthen yourself in both mindset and strategy. Mindset and personal growth practices are equally important and helpful in building the business of your dreams.
Also, entrepreneurial process is ever evolving. You would always keep facing challenges and how you handle these challenges defines how successful you are in terms of building a business. Remember determination and persistence are your main weapons when it comes to dealing with these challenges. Persistence will help you continue progressing in your projects and achieving the desired goals, while determination will help you overcome any obstacles that you face on the way.
Bottom Line
Whatever type of business you are planning to start, using these five tips can help you be successful in your venture. Take your time and plan out all necessary steps you need to build a successful business.
Even if you have an established business, always stay on a lookout for improving your business and providing value to your customers. You can avoid this in your business ventures by taking your time and planning out all the necessary steps you need to achieve success.
Also, never shy away from seeking professional help or learning from your peers. To run a successful business, it is also crucial that you stay flexible and open to adopting and implementing new ideas to your business. If you are looking to start your own business in Dubai then Expand Corporate Services can help you. Contact us today.
