Starting your own business can be a daunting prospect, especially if you’ve never done it before. It has the potential to significantly impact your life and the lives of those around you. Even if you do manage to get your business off to a good start, you’ll need to scale it up to meet rising demand.
To add fuel to the fire, today’s business environment is extremely competitive, with few businesses surviving and prospering. However, according to Bittu Kumar, the Co-Founder of Enterslice, and business mentor, there are a few secrets to starting and growing a business that, when implemented, can yield excellent results.
But, before we get to the secrets he mentioned, let’s give you some background on this dynamic and intriguing figure. Bittu Kumar went to Harvard, an Ivy League university known for producing prodigies. Bittu has spent the last 2.5 years traveling the world while making eight figures. He is also a best-selling author.
So, without further ado, here are the secrets that Bittu Kumar shared with us about on how to scale a business to eight figures in 2021:
Secret 1: Know your Niche
If you want to start a business, the market niche is what you need to focus on first. After all, you have to distinguish your brand from the thousands of other startups that compete with you daily.
You want to do your research before settling on a viable niche, but it’s better to get started than having to wait. That allows you to put ideas to the test, enter the market sooner, and learn from your trials and errors. That way, if your first business fails, you can always use what you’ve learned from previous attempts to come up with new and better ideas.
However, you do not have to start blindly. Begin by identifying the talents and skills you have mastered, thenselect the ones you believe will be valuable. Because, in the end, people pay for the value you provide them.
Secret 2: Have a Strong Funnel
Begin by thoroughly understanding your sales funnel. You can’t optimize something if you don’t understand it. It can assist you in identifying the gaps through which your prospects exit and never convert.
Begin by understanding each stage of the sales funnel and how it affects consumer behavior. The four stages of a sales funnel are as follows:
Once you’ve mastered these, you’ll be well on your way to building a strong sales funnel.
Secret 3: Use Ethical Persuasion to convert clients
People are becoming increasingly wary of online scams and data breaches. That urged users to pressure brands to be more honest and transparent with their marketing tactics. It made authenticity and ethical persuasion a vital part of any marketing attempt and awareness building.
If you want to build your brand’s reputation and set it apart from the competition, act as if you are constantly being watched. Be consistent between what you say and what you do. And give value, and you will receive it in return.
Secret 4: Delegate/Hire Virtual Assistants if you are a small business
Don’t feel obligated to handle everything that a business necessitates on your own. Working long hours will deplete your energy and enthusiasm, as well as make you less efficient. Hiring a virtualassistant will give you the time and energy required to focus on other aspects of your business as a business owner, especially if you are starting.
When you hire a virtual assistant, you will notice that your business is growing, that you have access to good talent, that your workload is reduced, and that you save money.
Secret 5: Under-promise & Over-deliver
As a business owner, it is your responsibility to ensure that you fulfill all of your promises and requirements. And you’d want to please your customers for your own satisfaction as well as the possibility of repeat business and referrals. As a result, you may be tempted to overpromise.
So, it is best to underpromise and overdeliver so that the customer is not only pleased that you met their expectations but also grateful that you went above and beyond.
These are the secrets that Bittu Kumar used to build Enterslice into a multinational corporation with over 500 employees. He promises that if you implement the strategies discussed above, you will have similar success.
If you want to know more about Bittu Kumar, visit him on his Forbes Council profile here.