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Launch that Business into Profitability

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Developing a profitable business venture requires both tact and doggedness. Nothing good and lasting comes easy.

“History is filled with people who had been inspired to achieve great things through reading, hearing, or personal contacts with other people. Everything in life is contagious, be it; success, failure, hope, or despair can be contacted from a carrier.” …Glory Emmanuel

Emmanuel Oluwatosin, a highly successful immigrant from Nigeria, who has worked around IT telecoms space, appeared on an episode of the Immigrant Life Podcast to share his success story as an ITpreneur. You can hear the entire conversation in the podcast.

Developing a profitable business venture requires both tact and doggedness. Nothing good and lasting comes easy.

Here are some tips that you can use to launch a business and make it profitable.

The first step is to determine if you’d want to go solo, or you want to forge partnership with someone.
Things to consider:

  1. Do you have enough to finance the business? If your answer is “No”, then seek partnership. Points to consider when choosing a partner:
    * Does my prospective partner have any business or required technical experience?
    * Does the person have the right skill set?
    * Do your visions match?
    * Is this potential partner reliable?
    * Is this person creative?
    * Can this partner make some financial contribution towards the business?
  2. Do the necessary documentation. Let there be an agreement between the concerned parties. Clearly state the organization structure. Leave nothing to “understanding”. Work on the intricacies – big and small.
  3. Do aggressive customer acquisition: These tips will help you to quickly acquire customers that can sustain your business.
  4. Use Google trends and Google alerts to see what people are searching for, in a particular country, and over a certain period of time. Identify the top queue.
  5. Use freebies and rewards to attract customers.
  6. Write articles
  7. Study competitors by tracking their key words. Study feedback on them then provide solutions on the negative feedback they get.
  8. Do a dummy research on the competitor as follows:
    * How did the business start?
    * How was the business financed?
    * What is their Unique Selling Proposition?
    * What is their projection?

    Other random but equally instructive tips are:
  9. Do a market research
    * What sells?
    * What’s trending?
    * What’s lacking?
    * What are the different market segments? Target them.
  10. Have an online presence. Be visible online. Join groups and forums.
  11. Contribute to discussions. Send in winning articles.
  12. Be creative in your offering. Create a different brand and not a clone of another brand.

For more actionable insights, listen to Episode 52 of the Immigrant Life Podcast.

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