Startup Advice for Small Businesses
There’s an old Chinese proverb that says “a crisis is an opportunity riding a dangerous wind” - and that is how many are treating today’s lack of job security. The numbers of startup small businesses and the self employed are on the increase. Do it right, and it can be hugely rewarding. It can be wonderful to work hard and reap the rewards of that work yourself. But a huge number of startups fail within the first few years. So if you’re thinking about going down this road, it’s crucial to do things right.
Now I can’t claim to have an exhaustive list to follow. However speaking from personal experience I think these are a few of the most important factors for success:
- Do something you enjoy. The path before you is going to throw you a lot of tough challenges. If you’re not passionate about what you do, chances are you won’t make it.
- Get a pro to do your accounting. My advice is don’t go it alone when it comes to taxes unless you have experience with it - letting an accountant deal with it can really save a lot of hassle. Even if it’s only for the first year or so.
- Think about your online presence. The net is your friend. Even if you’re not planning on selling online. There has never been a more effective way of getting leads and customers. Make sure you invest in a well made website. And look at search engine marketing in particular.
- Get your branding & image right. This is frequently something that is done poorly at the start and then left untouched for many years. A good quality logo design can take you a long way. First impressions last, especially in these days of high competition and short attention spans. Have a look online for some examples of custom logo designs and go from there. Graphic design services have become a lot more affordable compared to a few years ago. Also get things like business cards and stationery design sorted out from the outset.
- Learn from your competitiors. Then Improve on it. The wisest thing you can do is take a good long look at who your competitors are and how they do it. They have years of experience on you and you shouldn’t discount that. Then take it one step further and see what they aren’t doing but should be. Find yourself a Unique Selling Point, no matter how small. Without this no business can succeed.
- Be intelligent with your marketing. You have plenty of options to look at for sources of advertising and marketing. But small businesses are notorious for throwing good money after bad on ineffective advertising techniques purely because they have no idea of how well they’re performing. Track where your customers are coming from as far as possible.With online marketing this can all be automated within an analytics package - but it can be as easy as asking your clients how they found you. Review every few months and act accordingly.
Hopefully this advice has been useful. Do drop a comment to suggest any other tips you may have!
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Tags: advice, Business, business management, Small Business, startups