Nothing is more exciting for an entrepreneur than the beginnings of their business. But for every venture that is a wild success, there are plenty of others that fail. How do you set your business up for optimal results? Entrepreneur Bav Majithia shares with us his five tips for starting your business and developing it to its maximum potential.
1. Fill a Niche
These days, it's more important than ever to ask yourself what niche your product or service can fill. Who are your target customers, and what do they need from you? According to Majithia, it's not enough to have a good product. You need to be able to offer your target customer something that no one else can.
2. Make SMART Goals
According to Majithia, to create a business that succeeds, you need to make SMART goals. SMART stands for Specific, Measurable, Attainable, Realistic, and Timely. This method gives you a way to consistently and accurately evaluate your success as you go. Majithia says to make your goals as specific as possible and use numbers to shape them.
3. Write a Detailed Business Plan
According to Majithia, you need a business plan before you spend a dime on your investment. If you eventually stray from your plan, that's okay. Majithia says the secret benefit of a good business plan is that it will force you to do market research and make projections. This will deepen your understanding of your industry.
4. Automate Your Digital Content
First of all, says Majithia, digital content is a necessary part of marketing in 2020. Your business or brand should have a functioning website and a presence on social media platforms. And as you start your business, you may be able to manage all of your digital avenues by hand. But as your business takes off, you'll need to automate some of your content. Create a posting schedule and have various ways to generate content. This automation will help you scale your business.
5. Offer Great Customer Service
According to Majithia, this shouldn't be a surprise. It may seem like a small thing, but good customer service will scale your business like nothing else. That means you want to answer every customer email and every customer comment. Word of mouth within your target demographic is a shortcut to success for any entrepreneur.
Entrepreneurial success is a long journey. But according to Bav Majithia, these five tips will point you down the right road.