These steps will boost your small business brand and revenue.
Late Dr Myles Munroe, a keen supporter of PNG who once came to PNG addressed thousands of people once said;
“Graveyard is the richest place on earth. Not the diamond minds in Africa nor oil ligs in the Middle East”.
Isn’t it interesting to note that if you don’t start your business today, you add to the ever-growing riches of the grave? The grave contains dreams that where never fulfilled. Business that never got started. Books that never got published. Songs that where never recorded. So! Let this post set you mind into motion.
These steps are very simple but very effective. Our own experiences together with our study of the leading entrepreneurs in PNG and their businesses revealed the following steps.
1. Find A Problem And Offer A Solution
Businesses that become successful are the ones that effectively solve a problem. Solving big problems bring in big money to the business owners.
Look at how widely successful Digicel is in PNG compared to Bmobile. Digicel solved a huge communication problem in PNG by connecting people in rural communities to their love ones in towns and cities. Bmobile never saw that opportunity so now it is playing a catching up game.
2. Do Product Testing
A critical step in starting up your own business is to test the marketability of your product. So many Papua New Guineans never do this. If your product solves a problem in your society, you will have no issue trying to sell that product to potential customers. Just note how our folks in rural areas go crazy trying to buy a Digicel phone and flex to call us in towns and cities.
Produce some samples and offer for free. In our case, we test our digital products like ebooks before we release them. Others like audio books, CDS etc can easily be tested. Invite friends over to try your recipe. Give away few printed shirts to friends. These are just few examples.
3. Register your Business at IPA
The next thing to do is to register your business at Investment Promotion Authority (IPA). The IPA building is located at Konedobu, Port Moresby. You can visit their office to pick Business Name Registration form to register your business as a Sole Trader or Company. We suggest you start as sole trader and upgrade to Company as your business revenue grows. A sole trader is normally run by a single owner or sometimes few owners. In contrast, a company is run by a board of directors. You can also lodge your application online at http://www.ipa.gov. pg. It takes a while to process the certificate so be patient.
4. Open a Business Account
As soon as you get your IPA certificate, visit one of the local banks and open your business account. Generally these are the requirements (Westpac);
1. IPA certificate
2. Letter of request to bank to open business account
3. Business profile
4. Tax Identification number from Internal Revenue Commission
5. Meeting minutes
Note that different banks have different requirements. Check your nearest bank and find out.
5. Get Technical
Technology, whether you like it or not, has revolutionized the global business landscape and is doing so in PNG. Look at how Facebook has taken PNG by storm. We sell hell lot of our goodies on Facebook groups like Local Market PNG.
1. Hire an expert to build you a professional business website if you have enough money
2. Create a free WordPress or eBlogger blog and blog about your business. If you are in say fashion business, than create a free fashion blog and write posts about fashion in PNG. Drive traffic to your blog and sell your items straight from your blog.
3. Get social by creating social media accounts. We recommend the popular ones like Facebook, Twitter, YouTube and LinkedIn. Promote your business to thousands of potential customers in social media and drive the traffic to your physical store or your website to buy your products.
6. Do Effective Branding
No one will be serious with you unless they see you as a professional business entity. Here are some basic tips to help you build your credibility and thus your brand.
1. Create professional business and ID cards
2. Create professional letter heads with your business loggo
3. Have a business email. Gmail or yahoo can do and include it in your business card
4. Have Effective Online Presence
5. Step up your professional appearance. If you wanna to play big and win big, you got to learn now to think and look big.
7. Employ Strategic Marketing Technologies Like Big Companies
Remember the old saying;
“Failing to plan is planing to fail?
If you want to be successful than copy how the successful business do business. Ask yourself how big businesses like Digicel, BSP, City Pharmacy etc market their products and services. They create effective market strategies and stick to their strategies. You don’t need to have millions like Digicel to do strategic marketing. No! Sit down and plan how you can reach many potential customers on and offline. Leverage technology to market your products like the big successful companies.
Talking About Digicel, want to know “GREATEST DIGICEL HOAX”?
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