HOW TO BUILD A SUCCESSFUL STARTUP BUSINESS

Building a successful business is easily said than done.Most people want To build the most successful businnesses but very few make it through.Even though it is difficult at times,there are those who succeed.Now let us look at some of the various steps followed by those who make it through.This steps include: 

5 STEPS TO BUILD A SUCCESSFUL BUSINESS 

 1.Do A Market Reasearch 

 2.Write A Business Plan 

 3.Plan Business Financing 

 4.Invite Patners 

 5.Franchise 

1.Do A Market Research 

 This is the very first step to take when starting a new busines that is to be successful.Doing market research enables you to;

 i)Identify a market gap 

 ii)Identify potential custoers iii)Identify potential customers

2.)Write A Business Plan 

 A Business plan entails all the operations of the business.It indicates the exactness of the plan of business operations.A good business plan should indicate the following;

 i)sales plan

 ii)marketing plan

 iii)cashflow management 

 iv)product design andproduction cost 

 v)Human resource management 

3.Plan Business Financing 

 Most newly built businesses fail within five years of startup due to lack of stable and adequate financing.Entrepreneurs need to come up with various financing plan to keep their business running throught the competitive market.The following are sources of financing for startup businnesses;

 i)Personal Loan.

 ii)Venture capitalists.

 iii)Institutional Investors.

 iv)Angel Investors.

4.)Invite Partners

Businesses develop the need to invite partners when there is a burning desire to expand.The process of expanding requires more money which may not be affordable at that particular time.In partnership,the new partner legally acquires a portion of the business.The purpose of expanding is usualy to;

 i)Increase Income

 ii)Advancing Services

 iii)Taking your business public iv)Dominating the Industry (legally) 

 5.)Franchise

Franchising enables other competitors in the industry to use your trademark at a fee.To run a successful business,considering to franchise it can be a good idea in achieving your financial goals.

   Final Thoughts 

 According to the data reeased in the yea 2022 by the U.S Bureau of Labour Statistics,about 20% of newly formed businnesses fail during their first year,505 during their 5 year,65% during their 10 years and only 25% make it to their 15 years of service or behold.Building a successful business rquires hardwork and a lot of sacrifices.