An alarming number of small businesses will fail to make it past their second year, and you don’t want yours to be one of them. Without thinking outside of the square or making smart business decisions, you’re in grave danger! Consider these five tips below for increasing your chances of your first business venture becoming a success:
Think Smart with Premises
Everyone in the business world will be telling you to think big, but your bank balance may not share their sentiments. When you first start a business, it’s okay to think smarter, rather than bigger.
Work from home for a while or make your money go further with serviced offices in prestigious business locations. Don’t fall into the trap of spending your profits on brick and mortar properties that bleed your business dry before it has a chance to bloom.
Make Use of Marketing Experts
You may be good at selling your products and services, but do you know how to take your venture to new heights? That might be a job for a marketing consultant. It’s their job to know how to get your business in the public eye, how to advertise on the right platforms, and how to ensure you get results. Make sure to select a partner that is a good fit for your business. Traditional businesses can benefit from the input of strategic marketing advice, while online ventures may find that the input of a web marketing agency is more suited to their goals. The more you can outsource to a marketing expert, the more time you have to focus on your core business.
Small businesses are popping up everywhere, with cities across the United States experiencing unparalleled growth. While this is positive for the economy, it can make it hard for your business to gain exposure.
How do you ensure your business stands out in such a crowded marketplace? Make sure you invest in advertising, signage, promotional products, and even sponsorship deals. Brand recognition is going to be one of your biggest earners, so consider sponsoring community events that will help people to know what you do and who you are.
When you first open the doors to your new business, you may expect leads and business opportunities to roll straight in. They probably won’t. You need to put yourself, as the business owner, out in the public eye so that people know who you are and what you do.
Join business owner groups, align yourself with people in high places, and attend as many local business-oriented functions as you can. You want people to remember your name and business whenever they require a product or service that you sell.
Create a Point of Difference
There could be four bakeries on one street, but yours could be the one with the line out the door if you create a point of difference. Make sure you put time into research to work out what your customers want.
For example, more and more consumers are demanding ethical products and natural ingredients. If you’re the only bakery on the street that uses 100 percent ethical and free-range ingredients, you can run with this angle and gain the market share.
No one can gaze into a crystal ball and see whether their business venture will succeed or fail. What owners can do is put measures in place to give new businesses the best chance of success. Make sure your business has a point of difference and invest time and money into advertising and marketing. Finally, be involved in your community. Be part of events and associate with the right people. Your small business venture can be a thriving success in no time.