Financial Resource

Building a successful business from scratch has always been the dream of every entrepreneur. Smart entrepreneurs will always pay for any knowledge, professional advice or innovative tip that will be beneficial to the process of building a successful business from scratch.

So what does it take to build a successful business from scratch? Well, it takes much but most of them are so minor that you tend to over look them without realizing that little things make big differences.

Below are 7 strong steps to building a successful business from scratch:

1.   Be a person of integrity:

I listed this first because building a successful business from scratch starts from you the entrepreneur. You can never build a successful business without integrity. Integrity is supreme. Integrity is vital when dealing with customers, financial institutions, suppliers, employees and investors.

Now what happens if you are a person of integrity? Investors will trust you with their money, accessing credit facilities from suppliers will be easier and your customer’s will remain loyal to your business.

2.    Surround yourself with smart, positive people. Look for people who will push you up, not pull you down. Associating with positive people will really to help develop your business.

Sometimes in business, things might not turn out the way you expect or you might be experiencing difficult times. When you are surrounded with positive people, a word of advice or encouragement from them might just be the magic you need.

But if you associate with negative thinkers or pessimists, all they can say to you is “the earlier you quit the better” or “quit now, you have tried your best” or “i have tried it before, it failed.”

A familiar case study is that of Henry Ford, founder of Ford Motor Company. When he was trying to bring into reality his idea of a gasoline engine, he failed a couple of times. But he was encouraged by Thomas Edison, founder of General Electric and the end point was that he later succeeded. The aspiring part of it is that Thomas Edison also failed 10,000 times before his light bulb became a reality. Both men later went on to build successful businesses, that is the power of associating with positive people.

3.   Take care of your customers and they will in turn pledge their loyalty to your business. Customers talk a lot, a happy and satisfied customer will surely tell one or two friends about your business.

4.   Be swift to align your business with the ever changing technology and trend. Your ability to adapt swiftly with change in customer’s need, industrial change and trend will be a competitive advantage for your business. Bill Gates anticipated the customer’s need for easy to use software; he gave it to them and became a billionaire.

5.   In your quest to find new customers, always remember that your first impression on the customer is not enough, you must strive for sustained impression. Don’t just impress the customer on the first visit; make every visit a surprise package.

6.   Are you building a brand for your business?

This is really a question you must answer. If you are not building a brand, it means you are not building customer’s loyalty. Then ultimately, you are not building a business. To build a brand, you will have to develop a Unique Selling Proposition. You can call it a promise to your customer, a promise that will differentiate you from your competitors. And if you eventually make that promise, strive to deliver it. Lack of reliability can kill your business so always deliver; it will do you good in the long run.

7.   Assemble A Strategic Team For Your Business:

This is the most important key to building a successful business from scratch. You can never achieve greatness alone. Check the life of successful entrepreneurs; they all have a team made up of accountants, attorneys, legal advisers, tax strategists, investment analysts, personal coach, mentors and so on. You can’t do it all alone, a team is crucial to your success.

In the course of teaching entrepreneurship and business building, i observed that whenever i raised the issue on the importance of assembling a business team, the reply i usually get from small business owners is “how can i afford it?

Well, since i have been asked this severally, i decided to search for a solution to the problem of “how can i afford it.” and this is what i came up with. I decided to create an avenue, a website to be precise, where small business owners with the problem of “i can’t afford it” can access to get first class business development tips and strategies from my Strategic Business Team. They can also use the avenue to interact with other entrepreneurs and business owners.

At this juncture, i rest my pen. Till i come your way again, remain blessed.

Tags: Building, business, From, Scratch, Steps, Strong, Successful, web