Starting your own business is a dream many people can’t (or won’t) afford. I’m betting that you have what it takes to start a successful one. Before any small business venture, you need to review your financial budget.
Figuring out how much money you need to live and survive is crucial. Adding those figures against how much money you’ll need to run your business will tell you where you stand. This will make it easier for generating income and revenue, so you will know for certain where money is coming from. Taking stock of your budget will also help you pay your bills and keep the lights on in your home and your business.
If you have a few moments, I’d like to share some insights for making sure your start-up business lasts more than a few years.
1. What Is Your Brand?
Brand-loyal shoppers stick with a certain brand (out of sheer loyalty) for countless years. Consumers are only loyal to brands that treat each customer like platinum stars. Therefore, it’s important from the get-go to develop goodwill among your community. That’s why coming up creative business ideas are an absolute must. In order to fulfill your niche market’s needs, you must attract them using innovative marketing techniques they haven’t seen before.
Here’s the kick: in order to appeal to your community, you have to define your niche market. Which “type” of customers do you want buying from you? If you develop a business that offers services and products no one wants… you’re swimming in troubled waters.
2. Do You Have A Market?
Diligent market research will show you what people want and what people don’t. Once you’ve researched who your ideal buyers are, quickly establish your start-up as the local go-to expert in a particular neighbourhood; whether that’s through a type of sale or service is up to you.
Even if you’re a math genius and talented at keeping records, you’ll want to hire a professional accountant or bookkeeper to manage your accounting affairs. This is because an expert—with an excellent track record—will tightly manage your cash for you. Giving you the overwhelming time necessary to grow your business. Without your finance affairs in order, your startup will be belly up sooner than you think.
A bookkeeper is essential in the first few years of start-up development. They will keep your records in order, expertly handle your financial transactions and diligently produce finance statements. Over time, as your business expands, you can then hire an accountant.
4. Dominate Social Media
You’ve heard the importance of using social media to build an online presence. This means building a website and making a name for yourself on Twitter, LinkedIn or Facebook. Do not discard social networking. Regularly maintaining your online presence (as well as keeping your website updated) keeps you in the loop with what’s going on in your niche and industry.
We’re in the age of technology and the Internet of Things! Use technology uniquely to separate your start-up from your competitors – who have undoubtedly been in business a lot longer than you have. This will certainly make you more attractive to customers, as they are likely to feel more engaged with you.
Just remember: if entrepreneurship is in your blood, no one can stop you from crushing your dreams and making them a reality.