There is no doubt that running your own business and making money is one of the most rewarding ways to earn a living. People often dream about starting their own business but don’t realise what it actually involves. Starting a business can often seem overwhelming and complicated. There is so much you have to consider, from coming up with an excellent idea to creating an in depth business plan.
Only two thirds of business survive at least two years, and about half survive only five years. Make sure you follow the necessary steps when starting your business which can set the foundation for your success.
Research Your Market
One of the keys to starting any business is to know your competitors. These are the people who can potentially steal your business, knowing what they know just won’t cut it. Delve deep into your market and study it like a boss! Search Google for keywords related to your business idea and don’t worry if it seems flooded, this means there is high demand and where there is demand the money will follow.
You have to stay above your competitors to attract potential customers towards your business. What could you do to make your business stand out above the rest? What will make their customers come begging for your services? You need to offer them something they can’t get anywhere else!
Create a Business Plan
You wouldn’t build a house without a blueprint so why start a business without a business plan. A well thought out business plan will give you an easier start up and offer direction when nothing else can. A good business plan will not only help you focus on the steps necessary to make your business succeed, but will also help you achieve your short and long term objectives.
A strong plan will also allow you to identify the strengths and weaknesses of your business and help you develop. If you’re lucky enough to have investors knocking on your door, they will want to see a well drawn up business plan. A mere description of your business and product just won’t cut it!
Branding Like a Boss
Your brand is the first thing potential customers will see, therefore its crucial to make a good first impression. Many small businesses make the mistake of overlooking branding and think of themselves as just a business and not a brand. Getting your brand right is a little more than just coming up with a logo and flashy business cards, it’s about identity and the trust you offer your customers. Give your customers a reason to part with their hard earned cash and they wont just be buying a product or a service, they’ll be buying into your brand.
Your logo is generally the first touch point your customers have with your business, so it needs to communicate not just what you do, but also how you do it. Emotion is a huge part of branding, you’re giving customers a reason to care and feel something about your brand, giving them a reason to buy. Most people make purchasing decisions off their emotions in the moment, not logic. Establish an emotional connection with your audience and become better than these faceless companies and corporations.
Social Media is a Powerful Tool
Social Media is like a gift from the Gods when it comes to promoting a business. There are an estimated 3.2 Billion social media users each month and every single one of them are potential customers for your business. Not all your target audience are on Facebook so make sure you create accounts across all social platforms in order to attract everyone and stay consistent across every page.
Make sure all of pages are in regular use as this will keep you fresh in the mind of all your potential customers. And remember, your audience on Facebook is different to your audience on Instagram, and across all different social media platforms. Create content that each audience can interact with and absorb.
Build Your Empire
So what’s the first thing we do when our friends tell us about a great product or service? We google it! People will start to search your name on the web, and what happens if you’re not there? NO SALE! Customers owe you nothing, meaning, if you make it hard for them to buy your product they will feel no obligation to go straight to your competitors even if your product is the best.
Creating a website for your business is very important. Make sure your website is a great business tool for you, whether it’s a simple 5 page website that lists your services or it’s an all singing all dancing Ecommerce machine, it needs to look and feel slick to your customers.
Whether you’re providing a physical product, digital product or some other service, the principles are the same. Success doesn’t happen overnight and will only come to those dedicated, passionate and willing enough to work hard.
Need Our Help? Just get in touch today!
Wether it's branding, photography or even a cool website, we can help you make an impact.