The road to success in business is not smooth, there are so many bumps on it. There are also many principles that have been postulated over the years about sustaining businesses, and more principles are laid down by other successful entrepreneurs. But it is not just about following principles. It is about understanding your kind of business and knowing the principle that best fits it. Then adopting that principle and sustaining the business.
The best principle you can adopt is to treat your business like a business and not like an hobby. Your hobby can become a business but your business is not an hobby. Once your hobby becomes a business, it will require several input and management techniques. You will need to start putting strategies in place and making sure that you do all that you can to grow it into a profitable business.
Some of these widely accepted principles have taught that it is advisable to choose a career path that we enjoy. They say that if you do what you love, you will love what you do. But in actual fact, you don’t always get a job doing what you love and you might not get a business idea from what you enjoy. In actual fact, you have to do things that people love and want because if there is no demand for your product or service, there won’t be profit. Find products for your customers by producing or rendering what they want and not only what you love.
If you approach your business as a hobby, it will never grow beyond that. Here are some ways to make your business sustainable in the long term;
1. Be fully committed – Having a casual attitude toward your business will not take that business anywhere. be fully committed to your business. Show up and make decisions that are calculated and relevant. Your business, for it to grow, requires more input, it is not just something you do in your leisure time. If you are an employee doing a side business, then your free time, such as when you close from work, weekends and public holidays should be devoted to your business.
2. Work hard(er) – Commitment is not enough, you must be hardworking. Go the extra mile just to see your business succeed. Concentrate your effort and put in more energy so that the people you employ will see how devoted you are to your on business and put in effort too. While working hard, work smart and be creative about making decisions
3. Set goals – At every point in the business, have plans and set goals that you want to achieve. Whether they are financial goals or other organizational goals. Don’t just go with the flow, like most people do. Have a strategy for where your business is going and how it will get there.
4. Deliver value – Quality assurance test is an important aspect of every product-driven business. Every business owner knows that the fate of his or her business relies on the value he is able to deliver. Know your value, know what you can do very well and find a market for your product or service.
5. Focus on profit making – The objective of every business is profit making, except you are running a charitable organization. If your business is not making profit, it is not a business. Profit making is what differentiates a business from an hobby. For startups, profit making should not be your focus at first, your focus should be on making the business stand and gaining clients. Eventually, if run well, the business will begin to make a lot of profit.
In conclusion, find a product or service that people need and find people that will buy your products and pay for your services.