Do you have the sustainability mechanisms to survive when the business is facing challenges? Will you be able to meet your business expenditure when the sales are low?
We all dream to start a business and make our way to financial independence. A business can be the gateway to climbing up the ladder but due diligence, sacrifice, and determination is key to a successful business. We have seen many businesses establishing and collapsing mid-way. Just what does it take to take your business to the next level? We will dig deeper into some of the lessons one can employ to gain success in the business.
- Pursue what you love
Many are the times we have a passion for something. This comes way from your childhood and is nurtured as someone gets older. It may be a passion or even a hobby. I know of a friend who really has a passion for baking. It took him a while to invest in his passion, and after the establishment of his business, he is doing so well in the market, competing with established brands. It is all about what you do with your passion.
- A business has its ups and downs
Every business has its challenges and strong points. There are times that the business will perform so well and on other times performance will be so low. It all depends on how you will play your cards. Do you have the sustainability mechanisms to survive when the business is facing challenges? Will you be able to meet your business expenditure when the sales are low? These are some of the questions that you have to consider.
- Save up during peak season
The trick to the survival of any business is saving up when the business in on a high season and utilize the funds when the season is low. This will enable the business to meet its own expenses and guarantee normal performance. Open a savings account for the business and control the withdrawals of the deposited amount.
- Customer is king
In any business, the customer will be the sole reason for your establishment. How well do you treat your customers? Are you the rude type towards your customers? A good relationship with your customers will bring forth new customers hence maximizing on your sales. You may craft new ideas to attract your customers including giving discounts, gifts, after-sales services, e.t.c
- Walking with your customers
It is important to keep a record of your customers. Have their contacts and frequently organize events to bring them closer. Check on them regularly. Inform them of new stock, with their permission.