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Business creation: 8 tips to develop your business

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You have been engaged for several months in an entrepreneurial activity. Flourishing, it makes you want to think bigger, conquer new markets and recruit long-term employees . The development of your business is a key step, with pitfalls to avoid.

Here are eight tips to help you succeed in your business.

1. Master the challenges of your business sector

First of all, you must make sure you know the sector in which you operate. Each sector follows a set of habits and very specific codes. This learning process can last several months, even a few years, but that is not a reason to ignore it! Take the time to train yourself beforehand if you intend to grow your business in an area that you do not know.

It is this accumulation of knowledge and skills that will ultimately allow you to distinguish Business creation  the immutable elements of the sector and those that can be improved to ensure market share against your competitors. Still too few entrepreneurs are aware of this imperative, it’s up to you to consider it at its fair value.

2. Surround yourself with the best

By “the best”, we mean all the players who ensure the sustainability of your company: your partners, your employees, your suppliers and your first customers. Choose your partners wisely: very good friends do not necessarily make suitable partners! Choose players already in place who can guide you in developing your expansion. Do not hesitate to train your future employees as we are still going through a difficult period in terms of recruiting qualified young people.

As for suppliers, it is up to you to find those who will be willing to take an active part in innovative projects. Your first customers will always be valuable to you, because they are the ones who will have accepted to face the plaster in exchange for a product or a service with high added value.

3. Arm yourself against risks

Much more than employees, entrepreneurs are familiar with risk taking. You then know that zero risk does not exist, which does not mean that you have to sit still and wait for an incident to occur. Beyond traditional risks, especially in industry, quickly arm yourself against cybercrime. Many small businesses have gone out of business in recent years following the theft of data (innovative concepts, customer information) and the permanent loss of trust from their partners. You will need to insure yourself against these new risks linked to the rise of new technologies: therefore, be careful about the insurance policies that will be offered to you,

4. Secure your current sources of revenue

Advice that seems obvious at first sight, but which is not always followed: before planning to expand, remember to check that your current customers are satisfied! To do this, look at the different quality approaches, set up a loyalty strategy, and accept feedback from your customers, even negative ones. Basically, it is a question of showing that the customer’s opinion is immediately taken into consideration in the management of the company.

Also keep in mind that the future development of your business requires sound and solid foundations. Start by encouraging your present buyers to increase the number and volume of their orders, if necessary by offering them additional products or services. This advice is all the more important as banks first look at the current situation of businesses before committing to financing their future.

5. Establish a rigorous business strategy

In the overwhelming majority of cases, it is up to the entrepreneur to find new customers to develop his business, word of mouth alone is not enough. It is therefore incumbent on you to initiate an effective prospecting campaign, and for this to precisely determine the targets to convert into new customers. Keep an eye on the costs of this campaign, regularly evaluate the return on investment.

Obviously, in the digital age, you cannot do without solutions that simplify the life of entrepreneurs looking for growth. You will therefore have to prospect on the main social networks, use “marketing automation”, search for leads, etc. To maximize the effectiveness of this prospecting, you can call on dedicated service providers who will be able to support you.

6. Train regularly

Thinking about the future also means remembering that the present is changing more and more rapidly. Each sector of activity is affected by technical advances, new customer expectations, etc. Take care and never consider yourself completely and forever an expert in your field. With the economy constantly changing, remaining inert in the face of this state of affairs could result in you losing opportunities to overtake your competitors, or even simply maintain your current market share.

The key word is therefore training: train yourself as soon as you have the time and the finances, including in areas related to the one initially invested. You will easily be able to identify opportunities to offer your customers an additional product or service to fulfill the objective of building loyalty.

7. Prepare to conquer new markets

Once the present of your company is secure, you are now in a position to prepare for its future. Again, don’t act wet-fingered, even if this technique – or rather this lack of technique – has worked for you so far. Plan with all of your employees the next steps, anticipate all possible scenarios and honestly estimate the costs and needs, immediate and future.

Do not hesitate to push your thinking to the point of questioning the development project of your business: perhaps it is not the right time to engage in a new market, perhaps the financial health of your company does not allow it yet, perhaps your future competitors will not leave you any chance to challenge them on their ground. Don’t succumb to the temptation to think too big, too fast. Preparing to expand your business also means accepting to take your time.

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