Starting a small business: to success in 8 steps

Starting a small business and ensuring its survival is no easy task. Most new businesses close their doors before their fifth anniversary. But don’t despair. There are techniques to improve the odds of success for your business, and almost all of them involve using proven methods that are easy to learn. Therefore, here are the strategies for Starting a small business: to success in 8 steps.

As a matter of fact,  it comes down to doing the right thing, when it is right. By applying solid fundamentals, you greatly increase your chances of success.

To success in 8 steps – Starting a small business

Here are 8 steps to put your new business on the path to success. They are proven steps that will lead you to success.

Would you like to tell your success story in such a community as is shown in this image. Then, you must adhere to these eight techniques. .

1. Proceed methodically. Don’t take excessive risks.

In a recent study, entitled Portrait of the Businessman as a Predator, Michel Villette and Catherine Vuillermot argue that, contrary to popular myth, very successful entrepreneurs like Ted Turner, Sam Walton and Bernard Arnault do not have such great propensity to take risks as one might think.

As a matter of fact, these famous entrepreneurs behave more like predators, moving slowly and cautiously, minimizing risk and hitting at strategic times, when the odds are on their side.

2.Plan effectively

Every effort you put into planning exponentially multiplies your success at the execution stage. For a new business, everything hinges on a business plan.

Successful entrepreneurs write down specific goals. They devote considerable effort to key tasks such as researching their target market, defining marketing strategies and compiling cash flow forecasts. They also make useful contacts within their industry.

3. Define an effective value proposition

It may sound complicated, but it’s just about making sure that your products or services are more attractive to customers than those of your competition.

Successful entrepreneurs know that no matter how good their offering, they will only be able to attract customers if they have a clear comparative advantage.

4. Surround yourself with the right people

Even if they are good at one particular field, it is rare for an entrepreneur to be an expert in everything – sales, accounting, operations, law, etc. Good entrepreneurs know how to surround themselves with effective teams to get the results you want.

A good management team will help you achieve all you see in the image below.

5. Plan the financing – Starting a small business

This crucial step is normally part of good planning. Financing is essential oxygen for the survival of a business. If it is missing, it is likely that this one will die, although it has a lot of potential.

Successful entrepreneurs take steps in advance to ensure that they have access to the necessary financing. Investors, partners and potential lenders are much more willing to support a business when they are provided with detailed plans up front.

6. Find sources of help

Federal, provincial and municipal governments and agencies offer a variety of resources to help new entrepreneurs.

In addition, more and more incubators and accelerators are specializing in business start-ups. These organizations are very useful for entrepreneurs who want to develop their business network and work in a collaborative space.

You should also take a look at your chamber of commerce, economic development centers, or associations of business leaders. Many of them have mentorship programs that match new business leaders with experienced leaders.

You can get help as shown in the image below.

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These are here to aid you do one thing or the other in order to achieve your business success. Click any of the link for business information or medium to obtain venture capital for your business

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• Detailed Guide on How to Access CBN AGSMEIS Loan
• For Collateral free CBN AGSMEIS Loan For SMEs, Agriculture Value chain – apply

7. Think long term – Starting a small business

When starting a business, entrepreneurs naturally focus on the first few weeks or months. However, in many industries, supply cycles can be much longer.

For example, an entrepreneur who develops new software in the first year will then have to spend considerable time marketing it. By “thinking in the long term”, entrepreneurs can ensure that they have sufficient resources to put their business on a solid footing

8. Ask for Help: Contact us

Finally, did you enjoy the write-up? Have you decided to use these principles to grow your business? Then, the next step is to contact us for some coaching services. The business plan we will develop for you is a bankable one. As a firm of Chartered Accountants, we will help you with our business development and support services.

Currently, Our Entrepreneurship Development Training Centre partners with SMEDAN in Nigeria to train entrepreneurs willing to obtain AGSMEIS NIRSAL CBN Loans to support their business. For whichever services you desire, contact us via +234 8034347851 or [email protected]