According to Garyvee, the road to Entrepreneurship is simple but not easy. It means that process steps are easy, but it needs a lot of sacrifices, hard work, commitment, hustle, and mindset. No one wants the death of their business because every person starts the business for success and growth.
60% of entrepreneurs give up on their business in the first year of a startup because they don’t know to grow or overcome unplanned obstacles. It doesn’t mean that business success is a difficult job.
Yes, it’s not easy to come into the business with new ideas or products, and expecting that overnight you will take margin in the industry. But, if you start the business with the right study and structure then there are 99% chances that your business will grow.
In this post, I am going to share the five essential elements for a successful business start-up and growth. Just considering these elements, before starting a business, will not only stop you from making mistakes but also will help you in taking the business in the direction of success and growth.
5 Key Elements of a successful business;
Idea/ Products/ service
To create a great business you have to build the products and services that are valuable for your consumer. They give value and solutions to their problems and gives them satisfaction.
If your product and service are not changing your customer’s life or not giving them a feeling of being special then soon your product and service will be out of the market. Customer satisfaction is the most important thing in any business’s success and growth. Apple, Microsoft, Amazon, etc are the best example of customer satisfaction based businesses.
Ideas or visions are easy to come but creating real practical and do-able planning or strategy for your business needs special skills and experience. Without the right and focus planning soon you will find yourself in the middle of nowhere.
Your planning should be based on your ground realities and facts. You will create planning about cost of creation, product creation, delivery, marketing cots, profit margin, getting the cash, bad debts, natural disaster. All this planning should be done in advance and there should be plan B if one does not work as planned.
Marketing is creating awareness about your products and services. You have to persuade and convince the market and customers why they should buy your products. You have to show them their inspiring life after consuming your product and service.
In marketing, keep the customer in focus, not your product. Tell your customers why they need your product and service. You have to create the desire and need in their minds for your brand.
Selling for profit
Profit is the most important part of any business. If you are not making a profit or selling for profit then you are in the wrong business. Without money, you can’t create more products and so you are lost.
Profit should not be the main purpose and focus of any business, but it must be the top priority of the business. No business can survive without cash or profit.
Investing Profit into Research, Development and Growth
We need to make a profit in business is not to take money into pockets but to research and develop our service. Add more values and benefits for the customers.
Without change and development, the future of your business will be at risk. We have to work for the unseen future from now. To create a great future brand and market demand you have to spend at least 10% on development and new ideas.
I hope this post will help you in taking your business from start-up to profit. Learn here more about business and entrepreneurship.