Starting a small business is quite possibly one of the biggest steps you can take towards securing a great future for yourself. Understandably, it’s a daunting task that many people are afraid to venture into because the truth is that there are a lot of risks being involved in launching a company. You can’t avoid these risks completely but there are ways to lessen them.
Launching a startup requires a lot of guts, business know-how, and money. As there are so many businesses popping up left and right, it shouldn’t be surprising that not all businesses last for a year. When they do close down, some entrepreneurs weren’t able to get what they invested in the first place.
According to figures as shared by Forbes, 20% of businesses fail during their first year. 30% fail in their second year. Half of them shut down after five years. Lastly, at least 70% of small businesses don’t even make it past a decade. The numbers are daunting and there are many reasons why businesses fail. If you want to give your business a little boost, we’re going to teach you some ways to do so.
Go All Out In Marketing
If you are just starting up, chances are that people aren’t going to be interested in what you have to offer immediately. The truth is that they would rather buy similar products or services from other names that are already more established. You’ll find that most of your first customers are either your family or your friends.
The best way to start gaining a natural following is by starting an aggressive marketing campaign. Thanks to the advent of social media marketing, it’s now easier for small businesses to contend with bigger names. It’s also easier for you to reach out to people as there are billions of social media users out there.
You can get creative with how you approach marketing. Some people would prefer partnering with influencers so that they can immediately get a share of their following. You can also take cue from Wendy’s whose Twitter account consistently sends out tweets that become viral.
You can’t make a name out of yourself without having to rely on a decent marketing campaign first. It is one of the things that you should invest on for your business. As you begin to get more fans, it will be easier to generate a more natural following of loyal customers.
Make Your Presence Known
On the topic of social media, you should create a social media account for your business. You can create one on Facebook, or on Twitter, or on Instagram. However, it’s best to create accounts on multiple social media platforms so that you have a wider reach. Get creative with how you make your presence known as this can greatly boost your company’s growth.
Social media marketing is one of the easiest forms of marketing due to its versatility and accessibility. Make sure you use it to its full extent.
Develop Your Branding
At this day and age, it’s not enough to have quality products and services. To be able to get a larger loyal customer base, you also need to show people who you are. People support brands they can relate to and this is what branding is all about. Branding gives a lot of value to your company that people
The best way to develop your branding is through social media as people can reach out to you easier on the platform. If you have a cause, let it be known immediately so that people can find a common ground that you share with them.
Take Out A Loan
Some business owners run their business on a limited budget. While it’s possible to succeed even on a tight budget, it’s much better if you’re going to give your company a little boost through necessary upgrades and pieces of equipment. If you don’t want to risk all of your savings upfront, then you may want to make a loan.
There are many banks and financial institutions that offer business loans for entrepreneurs such as yourself. If you’re looking for a small business loan, we highly suggest going to these firms instead of relying on shady loan sharks. Aside from fair rates, these institutions are much safer than any other place you can get a loan out of.
The business loans that you can take out from banks and financial institutions are highly flexible. Some even give you the option of starting to pay the loan only after a few months since the time the money was disbursed. This gives you enough time to start generating a profit in your business.
Think carefully before you make a loan. Make sure that it’s something that you can handle paying for the next couple of years. Failure to make payments not only puts a dent on your credit, it could also result in the closure of your business which is exactly what you’re trying to avoid in the first place.
Don’t Hold Back
If you manage to secure a loan, don’t spend it all on unnecessary stuff. You need to focus on getting all of the best amenities, features, and equipment for your business. Keep in mind that you can only deliver quality service and experience if you have quality tools at your disposal.
There’s going to be a lot of things that you can invest on. For instance, if your place will rely heavily on a decent connection, then invest in fiber optic connection.
You can invest in digital solutions that help you run your business more smoothly. Or, you can also use the loan to help expand your team. What’s important is that you carefully plan on what you’re going to use the loan for as it should be something that adds great value to your business.
Giving your business a great start is just the beginning of a long and arduous journey. This necessary boost could be enough to ensure that you have a long and fruitful business ahead of you. What’s important is that you have fun along the way. You are bound to make mistakes at the beginning but what’s important is that you learn.