The current market conditions have gone through a great disruption because of COVID and the technological revolution that it brought about. From slogging hours at the office, most of us have shifted to working from home. Some unicorn startups like Zerodha have gone so far as to making work from home permanent.
Businesses are aplenty and cutthroat. To survive your business should leverage technological aspects to flourish. As the founder and CEO of a leading SEM Services Company, I believe my experiences and my learnings from the failures I faced will translate into great tips for aspiring entrepreneurs.
Here are 7 best tips you should follow to build a thriving business from scratch:
Passion: Passion is an overused and clichéd word, I know… However, that’s the most important ingredient for the soup that is your business. Building a business is hard slogging and a grind. When the going gets tough, only the passionate are going to survive. You will face failures and legal hurdles all along the way, and passion is the only source of energy to get you across the line.
Knowledge: Avoid businesses in sectors or industries that you have little knowledge about. For example, investing in a restaurant business while you are techy is the recipe for disaster. The best way to gain experience is by spending time in an industry, learning the basics, and getting a feel of the pulse of that industry.
Funding: Funding is perhaps the riskiest part of starting a venture. Always factor in extra cost for R&D and debt. This way there is a cushion for the initial days of functioning and unprecedented situations. With this, you will not have to dilute your percentage of ownership of the company in the event of a cash crunch.
Learn your competition: Analysing your competition is an essential tool to grow and become leaders. Analyse what successful competitors are doing right and emulate them. Struggling competitors can give you insight into what you may be doing wrong. Iron out these flaws and move forward for efficient expansion and growth of revenue.
Follow success: We can see an umpteen number of business growth stories around us every day. Don’t be shy to ask them for help and pointers. Their successful stature is a testament to their skill. Use that to your advantage by reaching out. Most entrepreneurs are eager to help budding businesses in any way they can.
Learn and unlearn: Don’t be rigid in your ways and accuse the market of being wrong. Understand that consumers are the King! Always be ready to understand the market and make adjustments to your strategies for the best results.
Use digital marketing: Lastly but most importantly, the time of T.V and newspapers is over. Digital presence is what counts today. Seek the services of the best SEM services company in Haris & Co. to give your business that much-needed boost. Converting your business into a sprawling giant in cyberspace by search engine optimisation, Instagram, Facebook, well-placed content etc. are essential in surviving now.
Want your business to trump the competition? Need a boost?
Contact me, Haris Aboobacker and my expert team at www.harisaboobacker.com to receive customized services and top-notch digital marketing.
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