Running a new business is not an easy task to do. It is a journey with many ups and downs. As an entrepreneur, there are various challenges to face to run a business successfully. Having enough capital to begin doing proper market research before entering the industry and promoting your business to reach the masses are some of the challenges you have to go through.
Charles Field Marsham is a successful businessman and an entrepreneur. He has built several businesses and has over 25 years of experience. If you are planning to run a business and want to be successful, the following are the major steps you must consider following:
- Have a Clear Idea
If you are going to start a business, you should be aware of what goods or services you will sell. You have to plan your idea, begin with market research of your product and look at what price the existing companies are selling that product—plan on how you can sell your product better. Once you have constructed the idea, you are ready to start the business. It is not an overnight task, and it may take months of proper planning and hard work. Charles Field Marsham is now a great business leader because of his ability to set clear goals and plan everything ahead of time.
- Marketize your Business
You have invested and started your business; now what? You need to make people aware of your product and how it will benefit them. This is called marketing. Attractive advertising and discounts are a few ways you can increase your audience. According to a study, 14% of small businesses fail because of poor marketing skills. You do not need to be one of them, right?
- Create an Efficient Customer Service Team
Customers are an important intangible asset of a business. If you are not serving your customers right, your business cannot reach heights of success. Build and train a strong and efficient team that is only dedicated to serving your customers, responding quickly to their queries, and resolving any issue they are facing related to your business. According to statistics, 56% of people worldwide have stopped continuing business with a company due to the poor customer service experience.
- Set your Profitability Targets
While running a business, you have to make profits that can be re-invested in the future for the growth of the business. Figure out how much money different departments of your business need to achieve success. You must also review the pricing structure of your business. See if your business is making maximum sales at this price or whether the number of sales can improve if you change the price. The more the sales are, the higher the profits.
Starting a business is easy but making it successful is tough. It requires time, effort, smart work, and commitment. When you are an entrepreneur, you have to bear the loss and profits and make decisions that are beneficial for the success of your business. By following the above-given steps, you can successfully run a business as these are some major areas you need to work on while you are leading a business.