3 Exciting Business Tip In 2021

Writer From John Paul,  CEO For Smallstarter business Africa 

 3 Exciting Business Tip 

The BIG 5 challenges are: raising funds, starting up, making more sales to grow the business, building strong systems to run the business, and hiring and keeping the right people.

All of these tips come from insights and conversations we’ve had inside our private members’ area during the week.

Today’s tips are about raising capital, testing a business idea, and building processes to support your business

Here they are:

RAISING CAPITAL – how to survive financial trouble

There are only three ways a business can get funds to support itself – from customers, from suppliers, and from investors or financiers (like banks).

Most successful businesses make most of their money from customers. As long as your customers are happy, they will not ask for their money back.

But your suppliers and investors are different. They will want their money back.

Many entrepreneurs are focused on raising money from investors and banks.

But most people don’t talk about those entrepreneurs who are being chased and haunted by suppliers, investors, and banks because they can’t pay back the money they raised or borrowed.

There are few things in life that are more embarrassing and shameful than being chased by your creditors.

And many entrepreneurs who go through this don’t talk about this problem, and prefer to suffer in silence.

So, how do you deal with a situation where your business is in financial trouble and your creditors are breathing down your neck?

This week, Lester, one of our private members, shared his personal and heart-breaking experience with his business in financial trouble and suppliers who are making his life a living hell.

Normally, he would have suffered in silence.

But after learning from other personal experiences and advice we’ve given him, I’m confident he is going to survive this.

If you’re an Insider, please log into the private area to read his original post and follow this very interesting and valuable conversation.

BUSINESS SYSTEMS – how to build a business that runs itself

Many entrepreneurs cannot take leave, fall sick, or go on holiday.

That’s because, if they stop, their business stops.

Sometimes, you think the solution is to hire employees. But without good processes, the people you hire can make serious mistakes that could hurt your business.

This is one of the reasons why frustrated entrepreneurs keep hiring and firing employees every other month.

You see, the problem is not the employees. The entrepreneur is often the problem.

If you want people to run your business the way you want, you need processes.

But what exactly is a process and how do you build one?

How can you build a process that empowers and helps your business to run itself?

These are some of the questions I answered in an advanced video lesson released this week.

In this lesson, you will learn how the different parts of a process can help you get the desired result in any area of your business, even when you are not there.

If you’re an Insider, please log into the private area and check out the ‘Courses’ section. You will find the new lesson under the advanced Business Systems course.

STARTING UP – how to successfully test a business idea

Entrepreneurs are optimistic people by nature. That’s why we always ‘believe’ our business ideas will work.

I have never seen an entrepreneur who doesn’t believe in the potential of his/her idea.

The problem with beliefs is that you can be wrong. It’s no surprise that more than half of new businesses die within their first two years.

But instead of belief, what if you could objectively test your business idea?

What if you could see the future before you invest all your money, time, and emotions into starting that business?

This topic was sparked by Fatimah, one of our Insiders who is planning to start a renewables business.

Actually, depending on your type of business, there are up to 8 effective strategies you can use to test the viability of a business idea.

One of those 8 strategies is competitor action.

Some entrepreneurs think that starting a business that nobody else is doing is a good sign.

Most times, it’s the opposite. I’m not saying your breakthrough idea won’t work. I’m just saying it is very high risk – especially in the eyes of investors.

Being the trailblazer or first mover is exciting, but it’s also VERY expensive.

Do you have any idea how much money and time it can take to penetrate the market with a new product or service that nobody has seen or heard of before?

That’s why competitor action is a good way to test your business idea.

You want to enter a market where people are aware of your type of product and what it does, but they’re unsatisfied with the current products on the market.

This is just one out of 8 ways to objectively test a business idea.

If you’re an Insider, please log into the private area to read my full explanation of each of these 8 strategies under Fatimah’s post.

Become an Insider today!

“The Insiders” is a private online community of entrepreneurs who are walking together on a 10-year journey to build successful businesses.

We are a group of like-minded people who are learning, connecting, networking and building our businesses together.

Everyone in the group has access to a buffet of advanced business courses on sales, raising capital, how to move from idea to start up, how to hire good people and build a capable team, and how to build strong systems that help to run and grow a business

Access to the community works like a monthly gym membership.

For only $37 a month, you can watch as many advanced business lessons as you want, participate in group discussions, ask any question you want, and get specific advice that’s relevant to your business.

Building a business is a long and lonely journey.

Don’t walk alone.

Click here NOW to become an Insider today!