Page 14 - The Notice Board NOVEMBER 2020 edition 64
P. 14
Page 14 November, 2020
How to be a Successful Business Owner is a black swan event.
the risk of expansion rather than
Continued from pg 13 resting on your laurels at one, I will give you 1
to a customer as well as it original location.
can when you're trying to example of hundreds I
bring an investor on board.If Diversify your income streams: could give. Countless
you can't explain your Another way to increase the value expat businesses,
business in this short time, focusing on the expat
of your business is by seeking out
your business plan needs other areas where you can make market in Thailand
refining. and Indonesia, have
money. Assuming you've already
gone bankrupt in
established your primary business,
Earn a reputation for good look around and see where you recent years, after
service: Earning a positive changes to visa rules
could offer a different service or
reputation is like free product. Maybe your customers and declining oil
advertising; your customers p r i c e s a f f e c t e d
frequently visit your store for one
will spread the word of your item and then immediately go to I n d o n e s i a i n
business to friends and come another store for a different item. particular.
back frequently. Treat each · Ideas are a numbers
Find out what that other item is and
and every sale like the game. Execute 100,
success or failure of your and maybe 1–10 will
business depends on it. This Invaluable advice to work. Keep trying new
also means that you should ideas
be consistent with every give an entrepreneur · B u s i n e s s e s i s n ' t
action your business takes always fair and the
and every interaction with consumer, rightly or
Continue on pg 3
customers. wrongly, doesn't care
· Never rely on 1 of about fairness.
Watch your competition a n y t h i n g . 1 · Make it as easy as
closely: You should always customer. 1 country. possible for the
look to your competitors for 1 w a y o f d o i n g customer to buy. You
ideas, especially when b u s i n e s s l i k e could have the best
you're starting out. Chances Facebook Ads or product in the world,
are, they're doing something networking. Have as but if it is a hassle to
right. If you can figure out many income sources buy, sales will be
what that is, you can a s p o s s i b l e f o r affected
implement it in your own y o u r s e l f a n d
business and avoid the trial- business, but still · Target the world from
and-error they probably focus on the most y o u r l a p t o p i f
went through to get there. profitable ones. As an possible.
example. Let's say · Read as much as
Always be looking for you do well with possible
growth opportunities: F a c e b o o k A d s · Focus on personal
O n c e y o u ' v e g o t t e n targeted at China and branding, not your
established, you should Hong Kong. Bare in company branding.
always be on the lookout for mind, you should be Business is about
places you can expand. focusing on other people but these days,
Whether that means moving locations as well, just online has made
to a larger storefront, in case something online branding more
increasing manufacturing changes. important.
space, or opening a new · Linked to number 7, · Nobody cares about
location will depend on your never think that how you dress, or act.
b u s i n e s s a n d g o a l s . things don't change. I Just be yourself and
Successful business owners
have met several be authentic.
realize that one of the business people with Adam Fayed
primary opponents to long- a model that has
term growth is remaining worked for 20–30
stagnant. This means taking
years and then there
