You may or may not be familiar with all the pros and cons of the business world. Maybe for you, it’s been a continuous cruise into glorious heights. Or like the majority, it’s been a downward spiral into impending doom. A concoction of never-ending, mind-numbing headaches and constant anxiety. Bills to pay, capital to boost, personal need and dreams of expansion. On whichever end of the spectrum, you have gravitated you will inevitably experience all the stages of owning a business. Some of them are fun but most are not. Whichever way they happen to strike your fancy, you’ll find them crucial and necessary.
1) The Plunge
You’ve finally made the decision to start that venture that’s been niggling at your need for greater things. Perhaps you’ve been planning it for your years, with a well-written plan and guaranteed sources of capital. You dream of bringing innovation and philanthropy to society. Or you have no idea what you really want to specialise in and are only certain of the fact that you want to make the green and drive all the fanciest cars and have the hottest women hanging on your arms. Ambition is ambition despite some more questionable reasons and when accompanied by action is always applaudable.
You’ve come further than most.
2) The Peak
People actually like what you have to sell! Imagine that. The response has been greater than you anticipated and you are floating on that cloud of optimism. You’ve managed to create something or broker a product that meets the needs and wants of select individuals. You meet a need. If you’re smart you’d start saving up for expansion and marketing ventures but the majority start overspending round about this time. It’s an exciting time after all.
3) The Plateau
You had imagined gigantic sales after your initial success but it seems you’re stuck. You’re selling to the same old people and you are making the same amount of money you were making all along. If that’s in the millions or billions that’s hardly something to worry about (if you live in an ideal world of no competition, face it, most businesses are started to compete with something that already exists, and a competitor will give it their all). But if you’re hardly making enough to brag about or sustain your new lavish lifestyle, it’s time to either start worrying or go to the drawing board. Here’s a tip: cut down on those personal expenses.
4) The Fall
Sales are dropping and you are hardly getting by. For whatever reasons: a bad economy, competition, complacency on your part and bad customer care. Your business is barely breaking even. Most people would close shop at this point and believe me, most do. 95% of businesses close at this stage and of the 5% that make it, 95% of those close down in 5 years. Now that just makes you lose hope.
Or does it?
5) The Growth
You have nothing to lose anymore. At this point, you’ve realised that your old methods no longer work. It’s time for new ideas, new marketing strategies, new faces and talent. It’s time for innovation. You know what’s it’s like to lose everything and so you are not intimated by the fear of these unknown.
You can only go upwards from here and granted while it may not be easy, you aren’t looking for easy anyways. Anything sustainable is built on a foundation of continuous effort, many mistakes and no, not hard but rather smart work. Good luck.
Valerie Tendai Chatindo is a biochemist, writer and entrepreneur. She owns her own perfume-making business which operates in Harare. Follow her @tendy_vchatndo
Leave a Reply