How Small Businesses Succeed?
Steve Jobs wanted to start a little computer company in his garage and was dropped out of college to do so. Mark Zuckerberg, a student of Harvard, launched the first iteration of Facebook from his dorm room.
The fact that every successful entrepreneur’s route to destination looks a bit different, there are universal tactics that can help drive everyone with small ventures on the right track. Here are some of the significant ways to follow when you start your own small business.
The Big Idea
It doesn’t matter how small or big your imagination is, the idea must be a game-changer. The ugly truth is, overnight ideas never work. You have to give it some time, some thinking, and some planning. Look at it for a long run, you can’t just push everything you thought last night lying on your bed.
So, have a pretty good idea of what you’re getting into before you implement it. Keeping in mind that it is not a 9-to-5 occupation. You have to work both hard and smart. Keep on learning new things. Nearly half of new businesses liquidate during the first five years, often because the owners don’t focus much on time, expense, and uncertainty involved.
Your first day should not be the day you inaugurated. Sometimes starting small is part of a bigger plan – you can be a home chef before you become a caterer, or a food truck seller before becoming a restaurateur. It’s better to line up customers before you open doors for them. Personally, I would recommend that if you can work on your business while you still have your job, that’s the best way to go.
This One Should be on Top
Different plans require different investments. Some may require millions while others may not require even a penny. The important thing here is, You must have an accurate idea of what you are doing and what it takes.
The more the better, line up as many funds as you can. “Things take longer and cost more than anticipated.” is one of Rhonda’s Rules. The first few years of business are usually challenging, you’ll likely face low revenue and high outlays. Cleaning up your credit before you launch can help when in need so you’ll have some credit capacity available on time.
Small businesses pay a lot of attention to increasing the customer base and not think about retaining them. The firm advice here is, keep your customers. You will get increasing footfall eventually when the word goes out. Do not cut off with your current clients; stay connected with them by communicating issues, offering discounts, loyalty cards, and so on. Keep your bread and butter fresh and retain your customers if you want to hold on to your business.
Be Friends With Technology
Usually, small businesses try to make their work harder themselves. They always go for the longer route knowing it can waste their time. They run away from technology as if it were a poisonous snake. But, why?
You should know that the same Whatsapp once used to be very difficult for everyone, but now it’s part of our lives. Similarly, we need to make use of friendly technology around us. Once you get a hold of it, technology can do wonders for your business. Just give it a try because there’s a lot to explore.
Let’s take an example of the Udhaar app for small businesses. Udhaar is an application for both personal and commercial use and helps you manage credit (Udhaar) with customers and suppliers.
Udhaar app is an online ledger (like an online khata or journal) to record your outstanding debt, and send auto-reminders to customers to fasten Udhaar collection. It’s an easy, safe, and reliable app with amazing features like reporting, multi-language support, data backup, offline mode, and many, many more.