8 tips for Starting and Retaining a business
Updated: Jun 24, 2020
Planning to start a new business? I remember when I wanted to start my business LHNet Ordering Services, there was a myriad of emotions running through me, ranging from fear to excitement and everything else in between. I started wondering if it was a much-needed service, whether or not I would get customers, was I equipped to handle any hiccups. What am I doing? If this sounds familiar to you, it is what we often do, self-sabotage, suddenly seeing problems to everything solution. However, the one thing that gave me confidence and forced me to push through any limiting belief I conjured up was knowing that I really enjoyed doing it and did it well. I loved the fact that I was in a position to help persons solve their problems, seeing their joy when they receive their products. Fast forward to 15 years later, where I am still enjoying providing this service and grateful for celebrating such a milestone as in school; we learned that on average, businesses only survive up to five years.
Owning a business can be a rewarding and pleasing venture. Below I have shared some tips on starting and retaining a business based on what I have learned over the years. I hope you would find them useful.
1. Love what you do! – When thinking about starting a business, look at pursuing a passion, something you enjoy doing, or a hobby. Get in tune with your talents to see which one you can tap into and how you can turn that into a cash machine. Do not let making money be your number one goal but instead be focused on helping others, enriching their lives through your product or service, you would then be committed to always finding ways to improve and satisfy. 2. Identify a problem – Identify what challenges the populace is faced with and how it can be solved. Customers would be looking for solutions. How can you fix their problem? 3. Conduct a market survey – Conduct surveys of how your service or product can benefit the market. It can give great insight into how your business will be received. Persons may also offer valuable advice on how to improve on it. Discuss and brainstorm ideas with a small trusted team where you would welcome honest feedback. 4. Improve your skillset – Conduct a self-assessment to identify areas where you would need improvement and seek out training tailored to these skill set. One such training can be – Good customer service skills. This type of training can go a long way in attracting new customers and having repeat customers. Implement what you have learnt, go above and beyond their expectations. 5. Market your business – Promote! Promote! Promote and do not stop. Stay consistent as even when you are not getting the traction you hope for, people are still watching and would come to you when they are ready. Have faith and continue to provide information on how your product or service would improve their livelihood.
6. Seek out reviews – Check-in on customers to see how the product or service is working for them. Go above and beyond if they have highlighted an issue. Ask customers for their reviews so you can be informed of how to improve your business, thereby retaining them and attracting new customers. The customer is King. 7. Network and support other businesses – Be a people person, get out there and make connections with other business persons; you just may learn a thing or two on how you can improve on your business. You may even find there is an opportunity to collaborate. I am a big proponent of supporting others, especially in positive ventures. Remember, we are all in this together investing in the wellbeing of our community and its future, so offer support however you can. Persons would appreciate this and, in turn, support and promote you. 8. Evolve – Stay current with new market trends which you can implement and always be on the lookout for ways you can expand your business for longevity! Now that you have the information to get started, what are you waiting for? Get started. Own it! If you enjoy reading my blogs, I have now written a book titled ‘Own It! A Practical Guide to Achieving the Life You Want’. It is now available for pre-order on Amazon in e-book format and is due to release on June 23rd, both paperback and e-book. Follow my Instagram and Facebook for more information.