Whether you create the cheesiest pizzas around or have a unique cellphone case idea, starting a business is a risky venture in any economy. What used to work for startups doesn’t translate to today’s modern outlook. Growing a small business, according to Rick Schaden, requires creative thought about the product or service to stage it for consumers.
Use Established Marketing Channels
Your startup doesn’t have to rely on old-fashioned marketing principals that often require extensive investments. Take to social media platforms and build a customer base from there. Begin with one platform to familiarize yourself with the protocols, and invite current colleagues and friends to the site. Advertise your handle or username at the storefront or on the website, depending on your business. With consistent updates, blogs and customer interactions, your startup has a strong basis for future profits. Conversation between businesses and consumers only breeds trust and loyalty.
Invest in Website and Mobile Apps
Regardless of your industry, any successful business has a website. Whether you build the site yourself or hire a friend to help, make it look professional and easy to read. The moment customers land on a home page, they have immediate feelings about the product or service based on the format, color and viewing ease. With a strong website intact, move on to a mobile website or app. Customers appreciate the basics when on the road. Locations, hours and menus, for example, are all that are necessary on mobile apps for a restaurant.
Angel Investor Possibilities
All businesses need some fluid assets to move forward at certain times, making an angel investor a smart prospect for growing companies. Consider networking at local events or fundraisers. The company name may not be well known to others, but a swift pitch at a dinner party makes their ears perk up. Talking money is often uncomfortable for businesspeople, but angel investors could see potential in the startup. Consider any offers they provide and match them to your overall business goals.
From large to small businesses, the practice of invoicing is commonplace. However, you’ll want to avoid invoicing when you are in the beginning stages of business. Try to charge upfront fees to everyone, including customers and vendors. Paying for an item or service upfront keeps the business’s cash flow positive. Creating a substantial receivables list doesn’t pay the electricity bill at the month’s end. If customers and vendors want to work with you, paying at transaction time isn’t a burden.
Although you may want to look like the business is booming, avoid adding too many employees early on. It may just be you and another colleague for several months. Adding even one person to the payroll reduces liquid assets significantly, from salary to insurance costs. Only add personnel when profits are ample enough to support the extra debt. Revenue-generating employees, such as service workers or salespeople, should be your top contenders to drive more business into the company as the startup grows.
It’s not necessary to be a millionaire to start your own business. Networking locally and on the virtual platform are key ways to find colleagues and clients simultaneously. Your dream business can make it big with the right concept and owner support through the years.