When deciding to open a business, the main goal is success.What you need to understand, there are a number of factors that determine thesuccess of a business. This factor can determine or support your business tosucceed or not.
Each industry or business sector certainly has differentchallenges. Likewise with the factors that can determine the success of runninga business. However, you can still anticipate a number of general things sothat the business you are currently running will run smoothly, especially fornovice business people.
There are many factors that determine the success of yourbusiness (Photo: 123rf)
Running a business is not only about capital money, there isalso a mentality and attitude in dealing with something. Therefore, if you wantto run your own business, you need to understand the ten determining factorsfor the success of a business.
When you become an entrepreneur, whether small or large, youneed sufficient basic knowledge about the world of entrepreneurship.
When you create a business or open your own business, everyday you will be faced with numbers related to business profits. This means, youneed to have basic knowledge about the business world, such as managing income,expenses, and marketing strategies.
If you want to be not a business but don't have enoughknowledge about the business world, you can invite friends who understand moreto work together.
Even though it seems trivial, trading is not something easy.You need to make careful planning because this is a factor for the success of abusiness. Think carefully about the business you want to run, for example,opening a heavy food, snack or unique decoration business.
During the process of making a business plan, you can use the5 W (what, why, who, when, where) and 1 H (how) formulas. What to sell, whysell the product, who is the target market, where to sell it (online oroffline) and how to market it.
Good business planning can make you understand more about theinitial targets and goals of building your own business or with friends andfamily.
Building a business is not without risk, especially if youdecide to quit your job and focus on a new business. Therefore, this point is afactor for business success because you need to prepare yourself for badpossibilities while doing business.
For example, you are going to open a snack or snack business,understand that there will be a risk of spoiled cooking ingredients when theydon't sell well.
There will be many worst possibilities when running abusiness, starting from products that don't sell well, to more advancedcompetitors. It is at times like that that your mentality is tested, so youmust be able to take risks and take action so that the business can succeed.
Every step you take will definitely find challenges thatsometimes make your guts shrink. In fact, if you look from the other side, youcan find opportunities from the obstacles that are in front of you.
When taking advantage of opportunities, make sure you are inthe same direction as the business you are running. For example, sales aredeclining, then a friend offers to promote via social media.
You can take advantage of this as an opportunity, even ifyour friend is not a well-known influencer with many followers.
Proper promotion also determines the success of a business(Photo: 123rf)
When running a business, you need the right promotion tomatch the target market, so this is a factor for the success of a business.
Promotion is an important channel for marketing the businessproducts you are running. If you want to reach a wider market, you can takeadvantage of relationships. Give free product samples to a few friends, thenask them to upload them on social media.
If you open a service business and can't give it away forfree, create a social media account and upload the products and services thatyou market. Even though it seems simple, this method is quite effective inbuilding brand awareness of the product you are marketing.
If you have a closed nature, it's best to get rid of it whenyou have built a business. The reason is, establishing extensive relationshipsis a factor in the success of a business.
While doing business, you need to establish extensiverelationships and networks so that your business is more developed and wellknown by the wider community. The more people who know about your product andbusiness, it is not impossible to attract investors for business development.
This extensive network and relationships will also be usefulfor yourself when you are experiencing difficult times, such as being hamperedin developing your business.
It cannot be denied that competition in the business world isquite tough because you will be dealing with people who have similarbusinesses.
This situation makes you need to rack your brain to getcreative ideas so you won't lose out to your competitors. Take for example, youhave a clothing business, you can make a fresher packaging design so that peopleare more interested.
Choose colors that are preferred by your product targetmarket so that they can be more targeted and not stray far from business goals.
Starting a business is not an easy matter, especially if youare still not confident. In fact, believing in one's own abilities is a factorin the success of a business. Confidence is an important capital in running abusiness because you build and start a business.
If you are not confident, let alone attract other people touse or consume the product, just getting started will be difficult. For thisreason, people who have at least succeeded in starting a business means thatthey are confident about the steps they are taking.
Even if you live based on your own ideas, you will still bein touch and cooperate with other people. Therefore, the success factor of abusiness is being able to work with other people.
As a leader or business owner, you can't just think aboutyourself and your business. There are employees and co-workers that you need tounderstand, so that the business can run smoothly. It is not impossible thatideas and ideas from teammates can advance the business you are starting.
Experience cannot lie, so this is an important factor inbusiness success. During the initial period of opening a business, of courseyou will experience problems, so you can mature and make it your provisionuntil now.
Then, what if you have no experience in the business field?Persistence in facing business challenges is no less important. You have to bestrong and stubborn to face problems in business because all entrepreneurs mustalso have problems.
Keep going through these problems with a big heart whilethinking about how to get out. Avoid doing ways that are not commendable, suchas corruption, even the slightest. If you have doubts, you can work with otherpeople to become a business partner.
Opening your own business is not easy becausethere is always fear that surrounds your mind, especially about profits. Beforestarting to run a business, pay close attention to the success factors of abusiness so that they will guide you along the way.