Nepal has faced a surge in new businesses, mostly small sized. Timed with the government announcing support packages to small businesses which had been negatively impacted by Covid-19 including refinancing and subsidising loans in an attempt to revive the economy. It is also well timed in the rise of incubator and support programs for new businesses. In 2021 the Nepali Department of Industry reported a significant rise in registration of 83,386 new small enterprises, almost double from 2020 at 48,854.
Nepal is in an advantageous position with around 40% of the population under 30 the country has millions of potential young entrepreneurs. The country is still very much in its development stage and with the daily problems faced by residents comes the opportunity for solutions. In recent times, a large population of youth travels abroad to complete their studies which offer freedom to those entrepreneurs who stay in Nepal as it reduces their competition. Also, some of those who study abroad come back with the idea of bringing innovative ideas from other countries back to Nepal. With the giant pool of new businesses for people to choose from, we must work out what would make YOUR business stand out from the others?
Customer service is a major focus of successful businesses, after you create a product or service that people really want, putting efforts into customer service is what separates you from the rest. Customer service is excellent communication. Not just between the business and customer, but between yourself and employees because if professional communication is consistent between all involved, that reflects onto the customer who is left with a great impression.
The marketing strategy or lack of has the ability to make or break a business. In many instances, proper planning in all aspects of a business is overlooked which later brings failure to a company. A business plan, marketing, and financial strategy all contribute to smooth operations and highlight potential risks that business owners can avoid.
If you are a business owner or thinking about becoming one but have little experience or practice in creating a solid business plan and strategy then a program by Nepal Realistic Solution has created the Creating Professionals Program with the idea to support entrepreneurs in their business ventures. Having worked with numerous startup businesses and witnessing firsthand the lack of certain skills when running their business, NRS wants to help this situation. By educating individuals with essential business skills that perhaps were not taught at school, college or university, Nepal can continue to see a rise in small and SUCCESSFUL businesses.