Plan timing and location of marketing. Once you know what kind of marketing you intend to do, think about the most effective places to advertise and what time of day, month or year are going to work best to reach your target market.
Leaving customer feedback strictly in the hands of your employees is a dangerous managerial tactic. Employees may benefit from presenting you with skewed information about customer satisfaction or product usefulness, which, in turn, will lead you to make bad managerial decisions for the company as a whole. As such, do not simply accept what your employees tell you about your business without seeing evidence of their claims. It is your company and you have put yourself in a position of risk, so be proactive in overseeing business results.
To avoid any derailing issues, you should also take some time to make sure you’re good to go with all your legal and tax obligations as a small business. It’s a good idea to consult with a reputable lawyer and accountant to ensure you’re not missing anything and are filing everything on time. You’ll also want to make sure that you’ve taken care of all the permits or fees that are required to do business in your province. You don’t want any future surprises that could eat up your budget. Ensuring you have all these things set will save you both minor and major headaches that take you away from running your business.
Try to find the reason that your income has slowed and act accordingly. Look at your audience and situations. For example, ice cream won’t sell as well in the winter as it will in the summer. To circumvent this, you could serve something else that would do better in the winter, such as hot chocolate.
To estimate your start-up costs, begin by creating two lists — one of things you’ll treat as expenses, one for your assets. Don’t forget to consider items such as brochures, business cards and website development costs or any security deposits you need to make. Consider whether you need the help of a consultant, tax adviser or lawyer to get started. Next, categorize these items as essential or optional — do you really need to spend money on these before you start making any kind of income?
Making heroes of employees is common practice with many well-managed progressive companies. In this article Dr. Paul Adams looks at the advantages – as well as the possible pitfalls – of using rewards to motivate your employees.
To be successful in business you need to be organized. Organization will help you complete tasks and stay on top of things to be done. A good way to do this is to create a to-do list each day. As you complete each item, check it off your list. This will ensure that you’re not forgetting anything and you’re completing all the tasks that are essential to the survival of your business.
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.[15]
There are many successful businesses that forget that providing great customer service is important. If you provide better service for your customers, they’ll be more inclined to come to you the next time they need something instead of going to your competition.
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.[7]
Offer references. Compile a list of satisfied clients that are willing to serve as references to potential clients. This will give future customers the ability to verify your work and customer service.[21][22]
To figure out which area to prioritize first, think about the day-to-day tasks that eat up the most time. Is it ordering inventory? Managing your employees’ schedules? Setting appointments? Running payroll? If you find yourself spending more time than you’d like on any of these things, it’s time to search for some technology to help.
It will be very tough for a younger person to gain credibility when it comes to dealing with potential customers willing to pay big money for your services or product. It would be best to learn your trade or product extremely well . At first, the new entrepreneur will have to reduce his/her prices, and perhaps even give some stuff away as a form of advertising. You must also be patient, it takes a while for a business to become successful.
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.
And then there’s email marketing—a proven driver of sales for small businesses. Things like events, promotions, and announcements are ripe for email marketing, as are holidays and changes in the season. If you’re a pie shop, for example, you could send an email letting your customers know about your Thanksgiving offerings. If you’re a cleaning service, you could send a reminder that spring-cleaning time is just around the corner. Always be looking for opportunities to keep your business fresh in people’s minds with strategically timed email campaigns.
Have a website. The world has moved online. Any business that wants to survive the next ten years is going to have a website. People will use it to contact you, find your location, learn your operating hours, ask you questions, make suggestions, and maybe even buy your products or services. In having a website and services which are available over the internet, you will be able to expand your service area out across your region or even the world.
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:
Offer free samples of what you do to the right people, in order to get people saying good things about what you have to offer. Word of mouth (i.e. good PR) is the best way to attract new customers. If you get bad reviews or negative feedback, respond positively and fix the problem. People will be much less judgmental about mistakes if you’re willing to fix them.
Come up with an idea. You will need an idea for a business before you do anything else. You can conduct a market research to have a clear image. This should be something you are passionate about, since your new business will consume a great deal of your time and money.
If you really want all those things, you need learn to dig deep into what your customers really want and put their needs first. This takes work, and you need to be prepared to dedicate time EVERY week to make it happen.
Use banking options against one another to secure the largest upfront capital and lowest interest rates. For example, if one bank offers you a $10,000 loan at an interest rate of 4%, you may be able to take that offer to a competing bank to see if they can provide more upfront capital or a lower interest rate.
Create ideas fitting your budget. Once you know how much money you have, research the costs of different types of marketing and come up with ideas which fit those methods and are effective for the price range. If you have a lot of money to spend on marketing, for example, you can consider shooting a commercial. If you have almost none, you’ll want to think about ways to use social media effectively, which is very effective for requiring little money.
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.
When you don’t have money to start your business, it’s essential you find the right people who can help. You may attend events and trade shows where you can find potential investors. You may also join various online forums on social networking sites where you can find useful tips and resources to bring your business to life.
Starting your own business is one of the most powerful ways to take control of your life and make extra money month after month. You can start with just a few hours a week. And best of all, you get to choose your hours, pick projects you find exciting, and meet interesting people.
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.
The old saying, “Rome was not built in a day,” applies here. Just because you open a business doesn’t mean you’re going to immediately start making money. It takes time to let people know who you are, so stay focused on achieving your short-term goals.