The Steps to Success in Business, the Frustrations, and the Rewards

Step 1: Identify your niche

Many business owners think if they can supply several services then they will undoubtedly be successful. More services require more income and the application of more resources. This is not ideal for a startup; the best way is to identify a niche. Within your target market, identify that product or service that you can best supply and that will be best received.

Step 2: Know your product/service value

You definitely want your product to be the best seller on the market but underselling your product is where you undermine its value. Being able to define your product’s value is important to your success. You must bear in mind that this is what the customer will know of your product forever, and it will be the determination of purchase and what people will say about your product. This is your opportunity to create your product’s value identity.

Step 3: Get the most out of your resources

Your resources are a big part of what goes into getting your business known and getting products on and off the shelves. Ensure that what you put into your products is at the standard you require for your target market. Ensure that your suppliers maintain their standards in order not to devalue your products. Be sure to utilize the most lucrative avenues available for getting your products or services known and sold.

Step 4: Take advantage of networking opportunities

Networking not only gives you the advantage for acquiring more or better resources; it also gives you access to opportunities expand your customer base. Taking advantage of tradeshows, conferences and other events give you the opportunity to sift out new customers who are already interested in your service genre. Hosting your own event on the other hand, gives you the opportunity to gain the patronage of persons in your market area who would otherwise not be interested in your services.

Step 5: Think beyond the short term

Where do you see your business in the next 5 years? Set goals, and plan an annual positioning strategy in order to achieve your goal. Hitting your annual milestone will propel you into hitting your ultimate goal. Simply put, ‘you are planning to fail if you fail to plan’.

Everything is hard before it is easy. Business is not an easy world to penetrate in, but given the right mindset and drive, there is no doubt that one will be able to gain profit and return of investment. Here at Nahi Gazal, our board and management team’s aim is to push aspiring entrepreneurs to strengthen their corporate structure, capitalize on unique business ventures, and to create strong capital returns. Get past the frustrations and challenges. In time, you will reap the rewards of your labor.