Anik Singal’s Top Tips for Starting a Business the Smart Way
Almost everyone likes the idea of being their own boss, running their own business, and enjoying all the profit. Unfortunately, most people think of only the benefits of running a business but none of the planning, blood, sweat, and tears involved in owning and running a successful business. It is for this reason that many people start a business, and within a year, they find themselves shutting down operations with their finances in the most dire straits they’ve ever been.
Fortunately, you don’t have to make the same mistakes the owners of these failed businesses made before you figure out the smart way to start a business. Celebrated businessman and teacher Anik Singal lists top tips for starting and running your own business the right way.
- Branding is key
Branding is the heart and soul of every business because it is the brand name, motto, and logo customers first think of before considering patronising a business. Your business’ brand is what will convince customers to try what you have to offer. For this reason, you must be sure to carefully plan out your brand before publicising it. Also, when developing your brand be sure to make it flexible so it can adapt to suit any market changes that might eventually occur.
And a final smart move concerning branding is to begin informing the general public of your brand before your business even begins operations. This creates anticipation concerning what your business has to offer and means that when your business begins operations, you’ll hit the ground running with customers that have been anticipating your services.
- Multiple suppliers
While it’s good to have a primary supplier for your business’ needs, it’s even better if you have other suppliers who can also meet your needs. This is because no matter how reliable a supplier is, accidents can still happen. Such an accident can lead to you being unable to meet your customers’ needs. But with multiple suppliers, you have contingencies in place to take up the slack of a failed supplier.
Ensure there’s a budget for every activity your business participates in. This will restrict your business from overspending and thus protect you from having a financial deficit. Your budget should take into consideration your income as well as your expenditure.
- Sufficient capital
You can’t make money without spending money. Thus, ensure you have enough finances available to undergo any necessary business moves. Lack of capital can lead to you missing business opportunities capable of launching you to the next level.
Although, there are smart business owners who have developed the ability to invest in business ventures without risking their own personal money.
- Weigh your risks carefully
Not all tempting business opportunities will turn out great in the long run. Thus, weigh your risk and return on investment carefully. Avoid making business decisions that you will be unable to recover from if things go wrong.
- Have a long-term plan
Have a long-term goal for your business as well as short-term objectives that will guide you towards actually accomplishing your goals. This will help you plan and work strategically, as well as protect your business from getting unnecessarily side-tracked.
- Social media is your best friend
The internet is at your disposal to help you reach a global customer base. This means your business doesn’t have to be limited to catering to only customers in your locality, and the best way to take advantage of this tool is through social media. With the number of users on just Facebook and Twitter, it is clear that you have the potential to reach so many potential clients and transact with them. Same as how many successful entrepreneurs such as Anik Singal have. Simply put, social media is your fishing net and you can use it to catch plenty big fishes.