According to Forbes more entrepreneurs than ever will start up their own business in 2014. The research shows that over 90% of small start-ups fail within the first two years. In this post we talk about tips that can help you on your path to small business success.
But then again – every week we hear success stories about entrepreneurs who have managed to make it big.
It can be scary starting up a new business from scratch. You always wonder – “Is it going to be successful?”, “Is my idea unique?”
Every business can be successful if it is carefully planned, developed and maintained. It also takes a lot of enthusiasm, hard work, creativity and a little luck.
We have some carefully selected tips for you to make your start-up business even more successful. Each of you will find different tips more useful than others. Very often it will be linked to the nature of the business.
We have put together some points that could come in handy when making your small business a success and I hope you find at least some of them useful.
Building relationships with current and potential customers on a local, regional, national and even global level is an essential part of strengthening your business.
Work on developing and maintaining relationships with potential business partners. Partnerships inside and outside of the industry are crucial in today’s economic climate. Keep up with the trends and engage in conversations with the key people in your industry.
By building relationships you are one step closer to becoming successful. It could turn out to be life changing and have a very positive effect on your company.
We cannot stress enough how important is it for your business to network and build strong life-long relationships.
Relationships can be easily built using social media. Take this into account and create yourself strong, informative social media accounts.
It is all about the product/service
Your customers turn to you because they are interested in the specific product/ service you provide which means they are more likely to wait for you to develop the product/ service of their dreams.
Grab your customers’ attention. The product/ service needs to make the lives of your customers easier and solve their problems.
Your customers must feel happy that they have just purchased your product/ service so make it special and worth every penny they have spent.
The product needs to distinguish itself in the market and also help you gain competitive advantage.
Make sure the product/ service you provide is consistent. Depending on what your clients’ experiences are, they will have certain things they expect from you. Never let your customers down by sacrificing the quality.
Build yourself a good reputation by being known as the industry expert in providing your specific products/ services.
You won’t accomplish it without your customers
Your customers deserve a personalised approach. They have chosen you for a reason and therefore they should be rewarded for it.
Leave the potential customers feeling like they must have your product or use your service in order to change their lives and experience something new.
Get to know your customers and make sure you don’t fail to surprise them, providing them with what they are looking for.
Clearly define who your target audience is and establish the best ways of getting in touch with them. If you choose to use social media then make sure the information you post is relevant and of interest to your customers.
Pay attention to detail, especially all the needs and wants of your customers.
Be constantly involved with building your customer base. Follow up with your current customers, ask for feedback and recommendations. It shows that you care about your customers and want to make them happy.
Thank your loyal customers for their loyalty by letting them know you appreciate their support. This could be done in the form of loyalty schemes, newsletters or discount cards, all of which can be used to offer discounts and special offers.
Develop the habit of improving the quality of your customer service and customer satisfaction.
Do you have what it takes?
Do you have the characteristics to be successful? Can you sell yourself to your potential clients and can you manage the accounts once you have brought them into the business?
Have you got the right skills to be able to recruit the right people for your company?
A successful person is a success-orientated individual who is focused and works very harder. The person who learns from their mistakes and the mistakes of others is far more likely to succeed. It is a successful person who follows the lead of others who have succeeded already.
An owner of a successful business will have undertaken a sufficient amount of research and understand the market, its target customers and competitors.
Do what makes you happy and it will have a great reflection on your business’ success. If you don’t enjoy what you do then chances are – you won’t succeed. Truly believe in your business and the products/services that you sell.
Personal satisfaction, drive, ambition, financial gain, stability and enjoyment will definitely help with making your business successful.
In order to succeed you need to be open to new things – learning how others run their businesses. What do they do right? What mistakes do they make? What works and what doesn’t?
To succeed you need to actively seek out the best practices on how to manage a business as well as finding and retaining, motivated employees.
We all know time is money! Are your sales procedures or software applications causing costly mistakes? How efficient are the measurements, procedures and systems currently in place? Analyse the competitors – what are they doing that is different to what you do? They might be doing something better, something innovative, which could be a great opportunity to learn from.
Planning: Lists, lists, lists!!
The title of this section is self-explanatory. To succeed you need to be extremely organised. You need to be flexible, have good planning and organisational skills.
You will probably notice yourself writing lists and ticking off the jobs you have completed. You could manage your tasks a little bit easier by using different tools, such as mind maps and certain apps.
The planning stage is crucial when it comes to managing the finances, scheduling meetings, appointments and planning your day.
The act of planning in your business is very important because it gives you the opportunity to ensure all tasks are completed in good time and in the most effective manner making your new business as profitable and efficient as possible.
To conclude, it is important to mention that there is not one general rule for making your small business successful. It is a combination of a hard work and a pinch of luck that makes you successful and places you ahead of everyone else.
Make sure to learn from people who are already successful. They will agree that success doesn’t happen overnight and that there was a lot of hard work involved.
Be ahead of the game and persevere with it even throughout the difficult times.