KEYS FOR BUILDING A SUCCESSFUL AND PROFITABLE BUSINESS

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The present economic situation does not require laziness and so everyone has to get to work if one must survive through financial challenges. One of the ways to get through financial crisis is to get involve in a business that can help generate income.It is not just enough to put up a business but one's mode of operation is exactly what will determine the success of such business, here in this article I will be discussing some of the keys required for running a successful and profitable business, stay with me as I proceed

WHAT IS BUSINESS ?

Business can be defined as a regular trade , profession or an occupation that an individual is involved with inorder to generate income.
To start up a business one must be able to determine what type of business he or she is willing to get into and this brings me to analyzing some types of business one can be involve with to be able to make the right decision.

TYPES OF BUSINESSES

• Sole Proprietorship: As the name implies, in sole proprietorship you assume the sole responsibility of what happens in your business, your success or failure in business is determine by you.

• Partnership: The word partnership comes into play when two or more people are involve in business.An individual going into this mode of business must understand that decisions are concluded by everyone involve and not as an individual.

• Corporation: This is a legal entity that is different from its shareholders. This type of business may be expensive to set up than the above mentioned two. In order to get into this type of business it is advisable to consult a legal practitioner before venturing into it.
  After deciding which of the type of business to get involve from the above mentioned three, one needs to sit and count the cost of undertaking the journey and what is required of him or her to be successful in what he or she is about to venture into and this takes us to the topic of our discussion for today.

KEYS FOR RUNNING A SUCCESSFUL AND PROFITABLE BUSINESS

• You must be organized: There is no business that can thrive if one is not organized.When one is organized it makes the daily or weekly task easy and keeps you constantly on top of one's to- do- list.

• You must be able to analyze your competitors: You must understand that the business you are about to venture into, there are people already running such businesses and so you must analyze your competitors by so I mean ,try to find out what makes them succeed, what they do not have and what you can incorperate into your business inorder to stand out, some of those things to look out for while analysing are pricing, the tools used for marketing and how to handle customer's complaints etc.

• Be ready to take risk: You must be ready to take some calculated risk if you must succeed in business.This can make you a better entrepreneur and as well move your business to the next level.

• You must be consistent: The key to succeed in life generally is consistency and so it is applicable in business.When you venture into a business,never think it will be all rosy all the time.There comes a time you will be faced with challenges, it is note the time to quit but the time to look for a way out. You must make your customers see you in the light of a serious minded business person by offering high quality products and services.

• You must be creative: We live in the world where creativity dominates,if you must be hard of you should be creative in your business by that I mean spice up your business. One of the ways to spice up your business is by introducing incentives most times to your consistent customers to appreciate their patronage by so doing you earn their trust. Also you need to have an open mind to learn new things in your area of business as the world revolves in order to be relevant.

• Records keeping: If an individual runs a business without proper and detailed records he or she is heading for a crash in that business. Detailed records keeping will help keep one on track to actually know if you are indeed making profits or loses, this will help you explore new ideas if you are making more loses than profits.

• Working with the right people**: An individual must understand that your employees can either elevate your business or bring it down, and the choice of people to work with is of utmost importance.Most times this can be achieved by conducting an interview to select people who have the right mindset for your business.

• Sacrifices:. Sacrifices are necessary in business if an individual must succeed. One must be willing to go extra miles in making certain sacrifices in order to achieve success in business. Some sacrifices might be spending more time in building the business, letting go some luxuries etc, oftentimes this sacrifices are rewarding at the long run.

• Customer service prioritizing: You must understand that it is the customers that are in possession of the profits you desire to make and so prioritizing your customers is of essence .The way you communicate with your customers can either send a receptive signal or a red flag to them to stay off your business.

• Mental and Physical fitness:. An individual must be healthy and fit both physically and mentally in order to be able to run a successful business.Once in a while take some day off to relax, exercise,read ,visit your Doctor for a check up and meditate on the way forward.

To succeed and stand out in business an individual must embrace the above mentioned keys which will be of great help as he or she proceeds in business.