Did you know that 20% of small businesses fail in their first year? By year five, that number jumps to 50 percent. Becoming a small business owner is easy, but reaching entrepreneurial success? That’s much more difficult.
If you’re interested in starting your own business, you might find these numbers intimidating. How do you become one of the 50% of businesses that are thriving by year five rather than closed for good?
Well, it all starts with planning and organization. By gathering as much knowledge as you can, you can greatly increase your chances of finding success. To learn everything you need to know about building a flourishing business, just keep reading!
Start With a Quality Product
Whether you’re a plumber, a wedding photographer, or anything in between, you can’t hope to succeed in business without offering your customers something great.
By being consistent with top-notch products or services, you’ll not only find it easier to get your company off the ground but to amass a large customer base as well.
Why? Because fantastic work speaks for itself! Your existing customers will keep coming back for more, and new customers will find you through positive reviews and word-of-mouth advertising.
Research the Competition
A smart business owner knows that the best place to look for inspiration for their own brand is their competition. Now, this doesn’t mean you should copy similar businesses in your niche, you’re simply gathering information.
Your primary goal with researching your competition is to learn more about your target audience. Who are they? What are they looking for? What do they like?
Read as many reviews as possible. Look for areas in which your competition thrives, as well as areas where they could improve. Be sure to implement these improvements in your own brand.
The key to business ownership is organization. As a small business owner, you wear many hats, and it’s all too easy for things to slip through the cracks.
If you’re organized, you’ll be better equipped to stay on top of your tasks and keep all aspects of your business in order.
Maintain a well-organized physical filing cabinet, as well as a digital filing system on your computer. You should be able to access any information you need quickly and easily.
Know Your Company
A successful entrepreneur knows everything there is to know about her business. She can tell you off the top of her head how much her business makes, how much it sells, and how much is in the company bank account.
Know your business’ financial status at all times and keep detailed records of business successes and failures. To reach your financial goals, you need to know when adjustments to your business are needed and be able to make them.
Along with knowing your numbers, you should understand your company’s needs. What equipment and materials do you need to operate? Which business practices fit your company best?
Hire the Right People
When you’re ready to hire help to run your business, it’s vital that you hire the right people. And once you have a good team, you have to do whatever you can to keep them.
Treat your employees well. A small business owner can’t afford to lose a star employee, nor should you want to. Listen to your employees’ wants and needs and act accordingly.
It’s wise to choose your number of employees carefully. You don’t want to ask too much of your employees because there are too few of them, but you don’t want to be unable to take care of the ones you have because you have too many, either.
Never Get Complacent
There’s always room for improvement. Allowing yourself to become complacent is the first step toward failure.
Look for ways to improve every quarter at a minimum. That said, there’s no such thing as asking yourself how you can improve too often.
Every night, sit down and make your to-do list for the next day. As you think about what tomorrow holds, ask yourself how you can do better than you did today. Don’t be afraid to ask employees and customers as well!
Paying attention to the ideas of your employees and the requests of your customers is often what leads to business success.
Take Advantage of Digital Marketing
As a business owner in the modern age, the importance of taking advantage of digital marketing cannot be overstated. With quality goods and services, word-of-mouth advertising will take you far, but you shouldn’t rely on it entirely.
The best thing about digital marketing is that, unlike placing an ad on the radio or creating a television commercial, the vast majority of it is free!
Start with social media accounts. Create an account on at least one or two platforms and stay consistent with posting. When you begin to gain followers, spend a few minutes every day interacting with them.
In addition, it’s a good idea to create an email newsletter that visitors to your website can sign up to receive. This will give them a weekly reminder of you and your brand, and allow you to gift your most loyal customers with coupons and other special offers.
Work Toward Entrepreneurial Success and Fulfilling Your Dreams Today
You’ve been dreaming of starting your own business and now have a roadmap to entrepreneurial success. So what are you waiting for? It’s time to get started!
By using this guide, you can bring your business ideas to life and create a thriving company that you can be proud of.
Interested in learning more about crushing your career goals? Take a look at our blog!