To succeed in business, you need to be aware of what it takes to build a small startup company into a global enterprise. With the vast amount of competition of companies in the same niche, it is a constant rat race to keep up with the latest strategies and ensure that you’re meeting the demands of the customer.
Some people believe that starting a business is as simple as switching on the computer and making money online, but it is much more difficult than what meets the eye. A great deal of time, planning, and organization is required to earn a respectable profit in the early days.
In this blog, we’re going to look at several useful tips to take on board to help you become successful in business:
Personal development is key
If you’re serious about becoming a fully-fledged entrepreneur, you need to make time to expand your skillset and knowledge, especially in areas such as technology, which is constantly progressing and adapting. It goes without saying that you should also be keeping up to date with news relating to your business niche to stay ahead of your competitors. Being an entrepreneur is not an easy career move as it requires a great deal of dedication and persistence to become successful. Therefore, you should be investing in training opportunities, workshops, and attending trade shows to learn more about the latest trends in your field, so you’re always in the know about up-and-coming creations and developments.
Keep thorough financial records
The most successful businesses keep detailed financial records. 90% of startups fold up in the first two years due to financial difficulties. Therefore, you need to keep on top of outgoings and incomings from the get-go to prevent overspending and falling into debt. If you don’t have the time or experience to effectively manage financial records, it may be worth hiring an accountant to undertake daily management of your cash flow.
As a new business, it’s highly unlikely you’ll be able to afford employees to assist you with tasks. Startups have very limited funding and often rely on savings to get them through the first 12 months of business. In this case, you will need to make strategic decisions as to where your money would be best spent – and hiring a workforce would not be a sensible move. In the startup phase, most tasks will be ad-hoc until your services are in higher demand, so it wouldn’t be advisable to spend on recruitment initially. With that said, you may be getting bogged down with the limitless tasks that are on your shoulders and find there are simply not enough hours in the day to get through the to-do list. In this case, you should consider outsourcing.
Outsourcing is the term used for hiring an external company either on a freelance basis that has professional expertise in certain areas such as marketing, accountancy, or even HR. Outsourcing HR will not only save you money as opposed to hiring staff members but will also free up your time which can be better spent on more pressing business matters. You can out more about outsourcing HR here.
Study your competition
Have you undertaken research to find out which brands you’re competing with? If not, it’s certainly about time you did. Similar companies are targeting the same customer base as you and are a severe threat to your business. Ignoring the competition will put you at risk of getting left behind – especially when new strategies and approaches are being implemented. It would be a wise move to keep a close eye on your competition to see which techniques they are using and what you could do better to attract customers.
There are also many other aspects that you can learn from your competitors, such as:
Establishing the correct price is a real challenge. You may be worried about whether you are undercharging or overcharging for your goods or service, but unfortunately, there is no definitive answer. All you can do is make a note of what your competitors are charging so you’re aware of how much customers are willing to pay.
However, as an unfamiliar business in the eyes of your customer base, you also need to consider that being new on the market may mean setting your price structure slightly lower, so you’re more likely to gain sales, as opposed to competing with more established businesses.
It would be worth undertaking research to find out how your competitors are marketing their business. Take a browse through their social media platforms to discover the type of content they’re sharing, sign up to email newsletters by visiting the company’s website and find out whether they rely on public-facing advertising such as attending business events or hosting workshops. These are all tactics you could consider implementing into your own marketing strategy.
Customers love leaving reviews – especially when they wish to complain. Browse through
Google reviews and also make sure to look at the company’s website to find customer reviews. The comments left will give you some insight into what the company did well and what could be done better, so you don’t make the same mistakes.
One of the most fundamental aspects of business is branding and company image, which becomes the public’s perception of your business. How they emotionally and physically respond to your branding techniques is key to making sales. To create an effective brand, you need to understand your customer. What is their age / background / income / gender / interests? Once you have understood who the typical customer may be, you can go from here to determine the style of branding that would be most appropriate for that individual. There are many aspects of branding that you’ll need to think about, such as the use of colors, logo, tone of voice, and, of course, marketing.
There is no right or wrong answer to succeeding in business, and, in most cases, it is simply down to trial and error, but you should be able to make use of some of the tips above to steer you in the right direction for achieving long-term success.