Critical Business Components That Every Entrepreneur Should Know About

2020 will surely make a huge imprint in our lives. For the past months, it has been challenging. And so many people have taken steps that they have never even thought of years back. Although I have always encouraged people to start with their own business. Not everyone realizes that though it may seem simple, there are factors that they miss out on. Therefore, not really thinking things through might just become a disaster in the end.

As a new business owner, your main goal is to become successful. However, with the various tasks to do and factors that you need to weigh in, you may not know which one to prioritize. Indeed, it can be overwhelming at times that some business owners would panic. When one focuses on the wrong areas, this could mean wasting too much time and energy. Surely enough, this could be detrimental to your budding business when this goes on.

I am pleased to have this spot weekly to help all those looking into building their own business by sharing some of my insights to help avoid pitfalls.

Important Components That Entrepreneurs Should Look Into

It took me quite a while before I started my own consulting business. I was once an Overseas Filipino Worker. Being away from my family is difficult, indeed. Thus, I feel for all those OFWs who cannot come home and those laid off because of the pandemic. For this reason, I have realized that I should create a business that is close to who I really am– and that is to inspire people. But, of course, that is not enough. There should be something else that should stand out – something that can take the place of my then job, which can support my family.

Let me share with you now how you can build your business to avoid wasting money and lead you to the path you have always dreamed of.

1. Name of the business. Some may have chosen to choose the product’s word that they offer. And there’s nothing wrong with that. Although, what you should be considering is a name that can easily be recalled or something significant that others can easily relate to. GMB stands for Golden Morning Blessings. I chose this name is because Goldis found everywhere. Morning symbolizes a ray of hope and energy, and Blessings are the fulfillment of God’s direction. On the other hand, Zeus Paredes designed our logo and created Burger Machine vans.

In choosing the design for the logo, I wanted it to be simple yet with a touch of class and integrity. Building your brand should be from a solid foundation because you wouldn’t want to change it every time just because you think it doesn’t look like it is competitive enough.

2. Satisfying all your customers. Every business owner intends to provide customer satisfaction. It is unlikely that there won’t be a few who would think that your products and/or services do not live up to their expectations. Therefore, before you start your business, you should have a clear idea of who your target market is. Remember that there will be customers who aren’t the right fit for what you are offering.
3. Adding new products/services. It is natural that over time, a business may want to offer additional products or services to fill in the needs of more people. However, be wary of which to add because you should still base all your products and services with the brand you want to market. Bear in mind that adding new products and services may initially sound exciting. You should think about it over a hundred times if you can carry all of these products or services and not suffer the quality that your brand has been known for. You should be able to keep your brand the way that it is. Thus, some entrepreneurs would advise focusing on a specific product or service and excel on it rather than adding more.
4. Multi-tasking. These days, so many people may say that they have mastered the art of multi-tasking. But, do you really accomplish everything as expected? Being a business owner entails so many responsibilities. But, it doesn’t mean that it has to be all you. Yes, you should be completely aware of running the business, but you also have to hire people who can work for you and believe in your vision.
5. Reducing the cost of your products or services. Some entrepreneurs thought that offering their products or services at a much lower price would encourage more people to patronize their business. Better think again. Underpricing your offer to your customer may create a perception that your products or services are low quality. Again, do some research on the best price you can offer. Create products and services that can encourage more customers to purchase not only because it is cheap but also because it has good quality.
6. Insisting on what is on your business plan. Come on! You know that things are bound to happen otherwise, no matter how much we try to be on the right track. The same goes for dealing with your business. You may have created what seems to be a great business plan. Still, certain unavoidable circumstances may lead you off track. Be ready for these times. And when it happens, just get back on your feet and start anew. Think of better concepts to make your plans materialize.
7. Wanting perfection. The only perfect thing in this world is the word perfect itself. Never assume that you can achieve perfection because there is no such thing. You might be wasting so much time trying to create an ideal design for a particular product. That you may have overlooked the time and money you have wasted.

I hope these tips have helped aspiring entrepreneurs realize what they are getting themselves into. Indeed, having your own business frees you from being tied and locked up in a four-corner room that you used to. But there are certain things that a budding entrepreneur should realize as he starts his entrepreneurial journey. Feel free to read my older articles as your guide.

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You may contact Armando “Butz” Bartolome for questions and more information.

By email: aob@gmb.ph

FB Page: Armando Bartolome

Linkedin: https://www.linkedin.com/in/franguru/ 

Website: https://www.gmb.ph