3 Simple Steps To Start Building a Successful Business

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Every day people leave their 9 to 5 jobs in an effort to start their own businesses, to finally feel free, financially stable and achieve more than they have by affording themselves the opportunity to “be their own boss”. However, 7 out of 10 people who have tried to build a business have failed. Often, reasons why businesses fail are quite simple. Things like lack of management, financial or economic knowledge, being afraid to take risks or not taking any risks at all, following your competitor’s every step and becoming invisible…the list is long. The good news is there are 3 simple steps to start building a successful business:


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Let’s look at some simple yet very effective steps you can use to maximise your chances of building a successful business. 

1. Know your audience

Every company does research of their target market, and usually, they use statistics or surveys to gather information and profile their target customer. What you need to do is to imagine that you are your client.

  • What do you want?
  • What do you expect?
  • What problems is your company going to solve for me?

Do a survey, research, get in touch with people, but really drill into what they need. 

Do you hate it when you have to wait in a queue for half an hour before you get any customer support? Your clients hate that too.

Rams provide home loans and they have a brilliant website that is very helpful for someone who is completely new to the world of property and loans. Their website is full of useful information, you can calculate your savings, loans and even find videos from home buyers. This is a good example of a company knowing their audience and providing trusted information that helps their target customer solve their problems. 

Recommended reading: How To Do a Market Segmentation Strategy For Your Startup

2. Show your clients that they are important by giving something free yet useful

What can your business give your target customers that is free to them and useful, something that shows them what they could get from your company? 

Free gym passes or giving a free personal training session are a good example whereby gyms get you to try out the service, and if you enjoying the experience there is a greater chance of you actually signing up and continuing to use the gym or trainer.

Another example is Lendi, a home loan specialist and broker, and amongst its many services, it offers a free property report, that you are not obliged to use, you can just simply find out how much your house is worth or if you were planning to buy a new house, you can evaluate its real price and various other details relating to the property. 

Recommended reading: Tips to Go Above and Beyond With Customer Service

3. Choose your marketing channels wisely

Where is your target consumer or customer online? What channels do they use? 

A lot of new businesses make the mistake of trying to reach clients in every possible way. Focus on a couple of platforms and spread the word step by step, follow your capabilities and don’t overreach. Imagine if a business that you don’t know is trying to reach you via phone, via email, via Facebook etc. It is going to be super annoying and you will probably end up blocking them on every channel.

If you choose only a couple of channels and you use them in moderation, the results will be way better. Keeping the information relevant and useful on these channels is another key to successful engagement with your clients/customers. A good example is Canstar, they use different social channels to target different audiences and they don't overdo the contacts either. 

These 3 simple steps are core elements to build a successful business. And remember, that the best way to succeed long-term is to keep your clients happy so they will keep using your product/services as well as tell lots of other potential customers how much they like your brand.

Over to you now. Have you implemented these 3 simple steps? Tell us in the comments below. 

 

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Tuesday, 16 July 2019
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