Eliza J. Bezuidenhout, deputy CEO of Business Skills for South Africa, and Philip Reynolds, senior business rescue practitioner at RS Advisors, offer the following tips on how to get your business booming.
As an entrepreneur, you must have passion for your product or service. This will give you the energy, commitment and perseverance to put in the long hours and hard work it takes to grow a business.
Many good ideas don’t succeed because of a lack of capital. To get start-up funding, you have to convince an investor or financial institution to lend you money or invest in the business. Your plan must show that you’ve done proper research.
Don’t lose hope
Every business has its challenges, but you can’t let these stop you. Starting out is tough. Know that you’ll have to work hard and give your business your undivided attention. It’ll take time to get your service or product known in the market. Be patient.
Take one step at a time
You don’t have to rush to hire people at first. Your business is like a baby learning to walk. Not everything happens overnight.
Focus on one opportunity or idea
By doing so, you’ll get familiar with your strengths and weaknesses, and find creative ways to promote the idea.
Be purpose driven
Genna Wakefield of Business Catalyst Consulting gives tips on how to stick to your 2018 goals:
• Identify what you ultimately want to achieve in life.
• Have a purpose statement to keep you focused when you face challenges.
• Define what you perceive as success – this makes achieving your goals easier and worthwhile.