Running a profitable business is not an easy job. There are many factors that you need to consider while starting a business on your own, however small or big the business maybe. There are more failure stories than success in the market these days that we hear.
This blog is aimed at giving you some pro-tips on how to successfully run a profitable business. We explain ten pointers that will leverage your small time business idea into a money making aspect in your life.
Quality over Quantity
Not compromising on the quality over the work you do is the biggest favor you will do to yourself.
You need to understand ‘how much is too much? for your business to complete a project in time. If you take in more and deliver less, your brand value is sure to experience a dip.
Pro-tip – when you consider a project, take your time and evaluate every aspect that could help you add quality and reach completion faster. Set a favorable timeline that works for both parties. Never miss a deadline; and if you do, make sure you have a considerable reason.
Targeting incorrect set of audiences
Knowing the right audiences will help you reach the right people at the right time.
Let’s say you have a cleaning and renovation business. If you go to an area where there are plenty of apartments and look for businesses there, you might not get as many customers as you would, when compared to a residential area.
If the apartment is fairly new and people are moving in, you may then consider getting a contract on cleaning the place to make it more adaptable.
Therefore, knowing the right audiences is as important as the business itself. Incorrect set of audiences will not bring any businesses where you can profit. They also wouldn’t backfire to let you know that they aren’t interested in the product or service either.
This step is very important when you consider raking in more customers and increasing sell.
When you are catering to a customer / client, communication is the number one dictating factor to break or make a deal.
Communication is in everything you do. Emails, messages, phone calls, meetings, are all modes in which you can effectively communicate.
Your willingness to do good work, will depend on the way you communicate or respond to a query that your client or customer may have.
Communication, in other words builds trust; and initial steps in businesses are based on trust alone!
Efficiency of your product
There is always a pain problem that everyone is trying to solve. If you are reading this blog, then it likely that you are aware of one such problem, and you have identified this to be one of those opportunities of making money.
That being said, one needs to know the way – the product you are trying to build or the process you are trying to put together – works!
It should be efficient, – that is, capable of solving the pain point in the easiest manner, reduced manual work, easy to relate with, minimum recurrence, easily reusable and such other factors.
Business plan is penning down on paper the visions and plans you see working for your business idea. A lot of thought goes into writing a business plan. Just knowing it verbally or remembering it won’t cut it off. Being able to reproduce the same thing on paper is as important as well.
For more information on how to build your business and what you need to know about it is outlined here Building Blocks before you start your own Business
Differential business plans
We have heard the phrase, “Early bird catches the worm.” The part where ‘being there first and doing it first will propel you towards victory’ is very real and exists in the market as your competition.
Competition can be tough. It can get hard sometimes with the pressure mounting all the time on the dynamics of numerous things taking place in the market.
What can one do to stay ahead when three contenders are offering the same thing in the exact same manner? – is turning out to be one of the most sought-after unanswered question.
In such cases, offering something that your competitors aren’t or doing it better than anyone else will give you the cutting edge on acquiring prospects and other clientele.
For pro-tips, please do take a look at this amazing article on 7 ways to tackle your competition
One needs to know how to allocate money to buy resources or use capitals to leverage whatever they have.
Also, quite a bit to understand how finances can unfold to either serve as an asset or trigger back to bite you.
Keep majority control
While projecting yourself to the investor, making sure that you convey the message that you would like to retain the executive control is important.
When you lose majority share, you lose the freedom to innovate and build on the ideas that you have envisioned for your small-time business.
Long term vision
The decisions you take today will affect you tomorrow. It is important to articulate what you intend to achieve with your executive team. They will help you analyze a decision in hand; what you don’t see, will be looked over by them. This way you will have most ground covered.
Networking in the right way will allow you to also manage your finances well. You will be able to relate to your cash flows in a better way when you plan long term.
Marketing is one field that fuels every step along the process. It majorly plays a significant role when it comes to selling things. A good marketing strategy will help you manage the product or the service in the most efficient way.
A management funnel that represents a selling aspect is always made up of 4 processes. Awareness, Engagement, Evaluation, Purchase-in that order. More details on it where we explain this in depth is here Marketing Funnel For Small Business Ideas
These tips will help you monetize your business ideas better. Businesses can get tricky along the way. You would be needing a team with similar visions and goals and moreover resources to start your venture. Viewham can help you with that. We, at Viewham have a whole bunch of ideas you can use to get yourself started with.