10 tips to develop a successful small business

10 tips to develop a successful small business

Business Development

Paras Singh

Paras Singh

30 Mar 2017, 10:36 — 5 min read

How do you get your small business growing? It takes strategic thinking, an extensive business plan and a lot of efforts to make a small business a great success. However, if you're dedicated to making your business a big hit within a short time, you can do so by taking these little steps.

Here are 10 important tips to help you develop a successful small business:

1. Make sure people want your product or service

Just because you have something to offer doesn't mean people need it. Be sure that you’re developing and offering a unique product or service that people find useful. If there's an existing demand in the market for your product, you won't have to run after the customers to sell it. Do a thorough market research, speak with your friends, family as well as your target audience, and figure out what’s available in the market and what's not.

2. Stick to your idea with confidence

Once you find the need for your unique product or service, stick to your concept. There are some weird ideas which have turned into successful businesses today, for instance, look at ‘Chaayos’. Who would have thought that selling a Chai (Tea) could be such a profitable business one day? What matters is believing in your business model and bringing your idea to life with detailed business planning.

3. Bring some action

Only planning won't help your small business in becoming a success, focus on execution! Once you have developed a fool-proof business plan, taking action will bring out results. Don't spend all your time in planning; you should have enough time to give shape to your ideas too.

4. Do you believe in overnight success? It's a myth

If you believe in the concept of 'overnight success', you might be daydreaming! If your concept is unique, your products and services are in demand, you have a sound business plan in hand, and you're trying persistently; success will come eventually. However, expecting it to happen overnight is a bit unrealistic.

5. Develop a user-friendly website and/or e-commerce store

In today’s digital world, you can't do without an extensive website and/or an e-commerce store. Creating an attractive SEO-friendly website or online store isn't rocket science. If you're naïve in this field, hire a web designer or get your website or online store developed by e-commerce experts. Make sure your website and online store are optimised for mobile access too. A mobile app would be great!

Create your e-commerce store for free with LINKER.store.

6. Don't go solo

For a small business owner, there is so much to do (especially in the beginning), and going solo or multitasking isn't a great choice in the long run. As an entrepreneur, you have to handle managerial and decision-making tasks, and can't afford to spend all your time in managing each small aspect of the business. Have faith in your team and allocate some tasks to them as per their skills and interests.

7. Don't forget your customers

Engage with your customers and get them engaged with your business, products and services constantly; because they are a part of your business ecosystem. Regular communication isn't difficult in today's digital era when you have social networks such as Facebook, GlobalLinker, WhatsApp, email and other digital/ offline platforms at your service.

8. Take financial help if needed

There will be times when you will need financial assistance to keep your business running and growing. This is when fintech lending platforms come to your aid. A young business needs constant cash flow for meeting its various needs such as buying inventory, new equipment, expansion, upgradation, etc. If you lack funding at the right time, your small business may suffer.

9. Hire the best talent and focus on retaining them

Skilled and talented staff is critical to every business. Hire the best resources and trust them with their capabilities. For a small business, especially in the beginning, making a hiring mistake is a strict no-no. Once you build a talented team, don't let them go easily.

10. Be optimistic

Things can go wrong at times! A positive mindset and perseverance are what you need to keep you and your business going during such situations. It's just a temporary phase that shall pass sooner or later. Keep your faith and self-belief high, no matter what - stay optimistic!

With these tips, every entrepreneur can take their small business to stellar heights.

 

Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker.

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