Every entrepreneur’s dream is to have a successful business that is solid and financially sustainable, and the sooner the better. But the scenario in Brazil is very different: research shows that 30% of small businesses close their doors within 5 years.
And the main reasons are: lack of planning, market knowledge and an entrepreneurial mindset.
Therefore, in this article, you will learn the main points for having a successful, profitable business that is in line with your entrepreneurial profile.
1. Know yourself
Self-knowledge is an important step towards having a sustainable business in the medium and long term. This means that your company is an extension telemarketing data of your values, goals and talents, so knowing yourself is the gateway to knowing your business.
In a practical way, it is based on its purpose:
- What do I do?
- Why do I do it?
- How do I do it?
- Who do I do it for?
- What services or products do I deliver?
- What problems do I solve?
- What pains, needs and desires can I satisfy?
See how simple it is, but not easy? Can you explain your business idea in a few words? If you can’t, it will also be difficult to win customers.
So use these questions to reflect on your Unique Value Proposition because they will help you move to the next step.
2. Develop a simple business plan (Canvas)
With the above questions answered, it’s time to successful business structure your business plan, also known as the Canvas model.
The Canvas is nothing more than a visual “map” of the crucial parts that make up your business.
This is where you will make visible your main activity, potential partners, communication channels, your audience profile, costs, revenue, services or products, etc.
If you don’t have one yet, reflect on the questions in topic 1 and then try to put on paper what will sustain your business in the medium and long term.
3. Know your market
Along with the business plan, market research is essential for making good decisions. This will allow you to better understand your business, who your competitors are and your target audience (persona, ideal customer, etc.).
One of the most important points of this market study is being able to understand the mobile app marketing ideas to promote profiles of the successful business customers that are ideal for you to reach with your service or product.
Remember that your business is not for yourself, it is for an audience that has a demand that is not fully met.
And only by really knowing the potential consumer of your service or product will you be able to define more precise marketing strategies, such as store location, advertisements, social networks, events, etc.
4. Let go of perfection
It’s a tendency to want everything to start out perfectly, to spend years thinking about and preparing your product for a good experience, to wait to have your website before starting, or to reach your ideal customer right away.
But the truth is that you fax database build a business through daily learning and contact with people.
All growth strategies (that work) for companies are based on testing and process optimization.
Start small, test and validate your business idea.
See the next item to find out how!
5. Don’t wait until you have everything ready to start (MVP)
I have heard from many clients that they were “thinking about getting everything ready to start off on the right foot”.
Planning and market recognition help with this goal, but waiting to have everything ready to start is not the best way to put a business on the market.
First, because you spend months or years doing something that may not work in practice.
Second, because every service or product is subject to adjustments. Therefore, it is necessary to receive feedback, identify flaws quickly and learn from mistakes before implementing a project on a large scale.
To do the first test of your idea, create a prototype with the resources you currently have (this method is also known as MVP – Minimum Viable Product) and test it with a few people to see if it really is a good solution to a problem.
6. Love the problem more than the solution
Sometimes we fall in love with our ideas and dreams, and we get carried away by an attachment to our solution.
As entrepreneurs, we need to stay focused on the problems we can solve, knowing that the solution can change. Consult other people and see if you are seeing a market opportunity or just your dreams.
To do this, focus less on your own perceptions and more on the problems of your target audience. Your solution will only be truly good if it solves problems, reduces costs, boosts results or streamlines the customer’s day-to-day life.
7. Learn to be a good manager
Entrepreneurship is about learning by doing. But we cannot ignore the fact that to have a successful business, we need to study the market, management and marketing so that the chances of success increase.
There are countless free courses on entrepreneurship that help with daily challenges.
Consult Sebrae and other online platforms or if you need guidance on business growth click here.
8. Invest in strategic marketing for your moment
More than being on all channels and posting every day on social media, you need to understand your business model, your audience and the current moment to use growth strategies that are appropriate to your needs.
Strategic marketing is the kind that helps you be seen by potential customers, provides greater security to make decisions based on data and does not just think about the short term.
9. Have a 360 view of your business
Every entrepreneur needs to know their business and digital strategies. Even if you delegate the activities, it is essential to know them in order to understand what to ask from the supplier, what results to expect and whether it is time to implement a certain strategy.
Instead, you will become a hostage to suggestions and will always be vulnerable to miraculous strategies that promise quick results.
And, it is not repetitive to remember that delegating does not mean leaving it in someone’s hands. It means staying involved and being close. It is your business and your purpose!
10. Turn customers into fans
In addition to refining your idea, testing your business model and mastering your marketing, to be truly successful in your business you need to turn customers into fans.
In addition to generating revenue, recommending and speaking well of your work, such clients are also good sources of innovation for your business.
They help you understand their everyday problems and empathize with them to understand what they really want.
Even with all the existing strategies, the best marketing is still providing a good service and delivering a good product, in a way that exceeds customer expectations.
The WOW effect and customer experience need to be present at all points of contact with your brand and not just at the time of sale!