Many business owner or entrepreneurs have undoubtedly good ideas but jump into the market without knowing what it takes to truly succeed in the market place. Here are some few tips to help you grow your business and to act as a solution to struggling businesses.
- Before you develop your product or services do proper research: Everybody’s idea looks great in His/hers own eyes. Developing your product/service on assumption is one of the greatest mistakes that any entrepreneur can make. For the fact the same service/product is selling in another region in the globe is not a guarantee that it would sell where you are. Selling sweat shirts in place that have low temperature all-round the year is surely going to sell but selling sweat shirts in a place with high temperature round the year is a total was of time and resources. Study your market.
- Study your customers/target market: A wrong diagnosis would lead to a wrong prescription. If you do not know what your customers need, you cannot produce what they need. Study the needs and wants of your customers. Never work on assumption.
- Do you have the required requirement to start: In some professions or trade there are some basic requirement you must possess before joining the team of traders. Study your market to know what is required.
- Study your competitors: Before jumping into that great idea of yours, check, who has done something similar to what I am about to do? What where the mistakes/errors committed? What where the obstacles encountered? What can I do differently?
- Develop a Business Plan: Starting a business without a business plan is like playing football without a goal post. Develop a short and long term plan for your business. With this you can monitor you progress level. Its serves as your progress bar.
Henry Afekuana @afekuanahenry
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