Be accessible. Make sure potential clients and customers can get in touch with you and your business whenever they may need to. The best way to grow your reputation as a respectable business is to be responsive to your customers’ needs.
It is helpful to think of promotions and marketing relative to the capacity of your business. Paying to run a commercial on a national network does you little good if your business is only designed to operate at the local level.
It is easy to come up with an idea to start a business, but not so easy to actually launch and build a profitable business. Eighty per cent of businesses fail in the first five years. Before you take the risk of starting a business, make sure:
As an entrepreneur, there’s a tendency to want to do everything yourself. But if you’re finding yourself unable to keep up, it’s time to bring in some help. Hiring employees is not something to take lightly. In fact, many great leaders cite smart hiring as the key to their success. And as you grow, it becomes more and more important. With the right people in place, you’re able to scale. With the wrong people, you get stuck in your tracks. To make sure you’re being as strategic as possible when building your team, read our tips on how to hire great employees.
Keep costs low As a startup or small business, you know the importance of spending less to earn more. Big businesses operate on this same philosophy. While big businesses are often able to leverage buying power to reduce expenses, there are many no- or low-cost resources small businesses can take advantage of.
Advertise in a way that catches customers attention at a minimum and hopefully goes beyond to capture their imagination. Be creative and appeal to the right aspects of the customers you want to use your business.
Use mistakes and setbacks to implement positive change. Understand that mistakes are going to happen. Use these setbacks as an opportunity to help improve your business. Incorporate your learnings into updates in your instructions and policies going forward.
Solve your customers’ problems. The best way to satisfy your customers is not by selling them products or services but by providing solutions to their problems. Understand the difference and market your products and services accordingly.
Pick your niche. Take stock of your skills, interests, and employment history to select the business best suited to you. Choosing a niche that you can be passionate about will help improve your chances of succeeding. Remember: Many small-business owners succeed in businesses that are hardly unique or innovative.
There is no formal education required to start your own business. Many successful business owners created their companies when they had little or no formal education. There is still value in formal education and, in addition to business classes, many schools now offer courses on innovation and entrepreneurship.
Tell me if this has ever happened to you: You hear about some super successful friend or famous person and you immediately tell yourself that they had some special advantage that let them be successful.
Stop worrying about stuff that doesn’t matter. So many people think PASSION is the key to business success. That if you just care enough the rest will take care of itself. First, any successful person that says this doesn’t take into account the PASSIONATE people that failed. Second, passion is just where we need to start. To truly succeed in business we need SYSTEMS. Three, specifically:
Here, it useful to ask questions of your service or product. For example, you may want to ask questions like, does my product/service appeal to younger or older people? Is my product/service affordable for lower-income consumers or is it a high-end purchase? Does my product/service appeal to people in specific environments? You won’t be selling many snow tires in Hawaii or beach towels in Alaska, so be realistic about the appeal of your product.
Use your website to reflect your personality In today’s world, your company’s website is often the first interaction you have with your potential customers. Your website provides a window into your business. Make sure your website makes the right first impression and communicates the message you want it to.
Make sure your business looks professional and is attractive to the eye. Have a professional logo, branding that is consistent and a professional website to support it. There are several groups that will help you with all this, for example. Startyourownbusiness.net.au and vistaprint.com.au.
Coming up with a great business idea is just the beginning of your journey as an entrepreneur. There are many more steps that you need to take before you can get started. Fleshing out your business idea is one of them, and it’s very critical to the success of your venture.
Capital Expenditures. Also known as capital expenses, these are the one-time costs of buying assets such as inventory, property, vehicles or equipment as well as making upfront payments for security deposits. These start-up assets don’t usually qualify for deduction, but some can be written off through depreciation at tax time.
Organizing weekly, bi-weekly or monthly meetings between you and your staff can help ensure that everyone is on the same page and will help you avoid wasted time or overlap in the various responsibilities of your team members. Meetings can also help you analyze who is and who is not adequately performing the duties assigned to them.
Keep in mind that quality takes only moments to lose and years to regain. Quality isn’t a destination but rather a never-ending journey. After you’ve strayed from quality’s path, your journey may be sidetracked forever.
First, you must locate the root of the problem. Is it an issue with your employees or the quality of the products? Identify it. Then you must ask yourself how the problem started and how it could be solved. Make a plan and execute.
Celebrate milestones Everyone deserves a win. So when you get one, acknowledge it! Don’t become so busy and focused on results that you forget to stop celebrate when you have achieved those results or reached a milestone along the way. Even a small success deserves recognition. This positive thinking will generate more enthusiasm from you and your employees, inspiring more enthusiasm on the next project and leading to even more successes.
There are many ways for a small business to be successful, from financial return, to work-life balance, to making the world a better place. To run a successful small business, first develop a clear idea of what success looks like to you. As you work out the mechanics of running your company, keep this vision in mind and make choices that will advance you along this path.
Delegate responsibilities. You can’t do everything yourself, so delegate the various jobs and responsibilities to qualified employees. Small businesses often require employees to take on many tasks and responsibilities that may not fall firmly in their areas of expertise.
Ensure collection methods are in place. Be sure to account for how your business will collect on bills due and outstanding debts to your company. A successful business needs constant cash flow. Being unable to accept customer payments or waiting on those who owe you money will disrupt your business.
Similarly, if you decide to establish social media profiles on Facebook, Twitter, Instagram, Pinterest, etc., make sure you are ready to make the commitment to the relationship. It is not enough to simply create a profile and post a picture every now and then. Your social media profile information needs to be accurate, your posts need to be consistent and you need to participate in the conversations with your audiences. A strong online presence helps encourage customers to do business with you in person.
Also, when delegating responsibilities, make sure you are assigning oversight of a specific function to a qualified individual. For example, you would not want an accountant representing you in a legal matter or a lawyer balancing your financial books. Thinking of your business functions in this way should also help you identify your needs when you are in the process of hiring employees.
Don’t think you need bankers and investors at the outset. The vast majority of small-business start-ups are bootstrapped (self-financed). Consider your own savings, investments, and salable assets and then talk to your friends and family before you look to outside sources.
Use free resources. Your local library contains numerous useful references regarding incorporation, writing business plans, marketing, as well as information specific to your industry. The Small Business Association, Chambers of Commerce, AMEX Small Business website, associations for your industry, associations by ethnicity…all of these offer training, materials, networking and sometimes financing. Another good option is SCORE, a group of retired executives who provide business start-up advice.
Being practical is extremely important when you are toying with the idea of starting a business. You need a steady source of income before you can set up your business, so it’s advisable to hold onto your current job. By retaining your present job, you will be more secured when you need to take risks.
From managing to marketing and everything in between, the world of small business can be both exciting and overwhelming. It’s a place where no two workdays are exactly the same and where unpredictable things happen. If you’re thinking about starting (or you already run and manage) your own business, check out the following list of tips to improve your chances of success.
2. “Test” for language using this script: “I’m thinking of starting some kind of website around [YOUR IDEA]. When you talk to your friends about it, what do you say? What’s the biggest problem around [YOUR IDEA]?”
Competition breeds the best results. To be successful, you can’t be afraid to study and learn from your competitors. After all, they may be doing something right that you can implement in your business to make more money.
In addition to a secure payments processor, you can streamline your operations using a variety of software. There are affordable tools to help you manage inventory, employee schedules, payroll, email marketing, and invoicing.
Unless you’re running a solo business from a home computer you already own, it’s likely that you’ll need some financing to start your business as well as periodic infusions during slow periods or when your company is growing.