If you have started your business this year, you have a long, tough and fulfilling journey ahead of you. Here are five tips you need to apply as a first time entrepreneur
By now you have identified a gap that you aim to make a profit from, drafted a business plan, and probably hired your first employees. You also know how hectic it is getting things done right from the word go, from registering your company to attracting your customers. No matter how challenging things may be, it’s possible to run a successful business. Here is how:
Keep your customers happy: Customers are the reason businesses thrive. Make sure you know what your customers need and exceed their expectations. Build a loyalty programme that will retain regular customers and a marketing strategy that will attract new ones.
Cash is queen: Invest in knowing an accounting system that will help you track your finances, especially if you don’t have a financial background. Experts advise that financial mismanagement tops the list of the reasons businesses close. If you can afford, hire a bookkeeper that will help keep your finances in order.
Network: Networking with experts and like-minded people will help you learn as much as you can about the business field, especially if you are a first-time entrepreneur. If you can, get a mentor that will guide, advise and refer you in your new venture. Never stop learning and building relationships, especially at industry events.
It’s time to get social: Social media is by far one of the most powerful and even affordable platforms you can use to connect and engage with your customers. Build a social media presence, strategise on the content you want your audience to remember you for and start engaging.
Take time out: Resting is an important health element that hardworking people take for granted until it catches up with you. You are not a machine, and even those need servicing to function properly. You cannot function properly when you are tired. Do your best and take things easy.
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Image source: @sineadcrowe