60% of business fails in the first three years simply because entrepreneurs rush into business without checking if an idea works
– Victor Green, an entrepreneur.
It is obvious that once you have started your business, you did a lot of research from the available sources. And by now, you must have scored big on ideas of launching your business off the ground. For you, building a profitable business is your goal; and to accomplish that, all you need is a remarkable business idea, tested against all odds. Behold! Not all ideas are successful! Launching a business is an expensive affair. Your idea might be awesome, but to convert it into real success that sets you apart from your competitors requires a huge groundwork!
Fortunately, these three quick steps of growing your business can help you to outweigh risk as well as make the best profitable gains in a predictable manner.
Find your target market:
You are wrong if you think that your product will serve customer’s need even before they are launched. You might be investing your money and efforts building something which your customer never wants. To do it right-
- Start validating your product market, find out potential customers’ need and their pain points.
- Start by measuring your target customer’s interest by creating the first website page
- Invest in PPC advertising (Facebook, Twitter, Google, etc.) and check the interest level of your customers. Do they cater to their interest if at all?
- Examine the size of your email-list or your product orders-once you have discovered a quantifiable target market, you can then invest on product delivery
Steer clear of Inactive clients:
Inactive clients are like enemies. If prospects’ don’t match your customer profile, fire them! It’s better to chuck them off the list than to waste your energy and business dollars! Rather focus on profitable clients that can earn you profits without killing much of your time. Re-examine your customer profile and find the right niche prospects to match your business requirements. This not only ensures a good return but also generates predictable business profits that counts!
Change ideas but not vision:
First-timers, seasonal business owners, all-time business entrepreneurs! There’s no short-term gain to success. Multiple companies such as Apple, Microsoft etc. that symbolize iconic success are the efforts of shifting their ideas and embracing failures multiple times. Blunders are not new; neither this means that your world is finished nor it’s an irreparable damage.
No risk; no gain. At times, even the most deliberate mistake can turn into a game-changing innovation! With each mistake, there’s an opportunity to learn and an insight to see through complex situations. So, instead of fearing to take business risk; look for the silver lining, business opportunities might just be a step away!