Crucial Factors for Successful Business Venture

by Neptune Dash 21:38:00 0 comments

Starting up a business brings some significant changes in the business owner’s life: changes like

1.    permanent financial freedom ( not waiting for month end salary)

2.     Flexibility of schedules (they are free to fix their personal schedule since they are in charge unlike employees).

3.     satisfaction of making one’s life fulfilled- irrespective of making the business grow into a mammoth structure or just keep doing what you like to do and earn your living (they have freedom for physical social networking especially with clients and business men).

Along with the excitement of setting up new ventures comes the challenge of wearing too many hats- strategic planning, marketing, sales, customer support, production, accounting and financing. Even if the business is small the tasks are huge. Whatever might be the field, the main factors of a successful venture remains the same-

1.    A good idea,

2.    An effective marketing plan that is not hugely expensive,

3.    Efficient operation.

A good idea

A proper and viable business idea is crucial for the success of any venture. Firstly an Entrepreneur must be passionate about the area of work, it will be almost impossible for a negligent business person to have a viable idea. Secondly the Entrepreneur must have enough knowledge, talent and experience to stick on. Finally, he or she must be able to choose a business that’ll yield small and steady income without heavy investment or a business idea that is affordable and attractive to certain demographics. This will eventually support his or her family. Beyond satisfying self and family, any idea that will benefit other people no matter how little it is will make one an Extraordinary Entrepreneur. Your idea determines if you are a world class or a small scale Entrepreneur.

Promotion

There are various strategies for marketing your products or services, one basic tool among these strategies would be distributing business cards. This can be designed by self using different business card templates but it would be wiser to spend some money and let a professional do it. With as little as N3000 will get you 500 cards depending on the quality and colourfulness, colour cards are a bit more expensive. The next step is to build a website or setup a Facebook fan page, a Twitter account or any other local social media site e.g. Nairaland. This will allow your prospective customers view the information 24 hrs 365 days (in need of any of this services click here). Around N6000 is the cost for web hosting with domain name per year (this is dependent on the amount of space needed and the traffic you expect to reach). Another N4000 more would get you two to three simple web pages. If the internet prospects look good, then spend about N5000 on pay-per-click (PPC) online ads. Spending this on PPC will bring you more customers and also generate revenue. It is so funny that small businesses in this part of the world think spending on advertisement is a waste of money; it is good to know that you cannot experience expansion and growth in your business without advertising.

Operation efficiency

If there is one thing that takes away all the time of small business owners, it is running the business. So much time is spent on marketing, sales, and production among others.

Many do not have time or knowledge on strategizing the expansion of the business, no wonder many of these businesses remain a small venture or even get wiped out if there’s a drastic change in the market.

The truth is that Operation efficiency is required even more in smaller ventures than in established firms. There are various ways for improving operation efficiency for any business, these includes:

1) Streamlining business process,

2) Utilizing productivity software,

3) Outsourcing

Something like- hiring an accountant for tax returns and bookkeeping, a collection agency for debt collection etc should be done.  It is necessary for business owners to form the habit of always spending time in expanding their business instead of wasting it on other things that others can do at very little cost.