Entrepreneurship is such an exciting goal for an individual to pursue. One of the most attractive benefits of entrepreneurship is the ability to call the shots. While the journey will be filled with its fair share of ups and downs, there are a few tips you can utilize in order to become successful within your new business. As they apply, implement the following tips in your business.
Know Your Numbers
Once you’re in the habit of making sales, it’s easy to assume that the money you’re making is all profit. If you don’t know your numbers, you won’t make a profit. You’ll simply make your money back or end up in the red. When you’re sourcing for products and setting your prices, remember that you need to still pay taxes and make a profit. With the proper price point, you can maintain and scale a profitable business.
Set S.M.A.R.T. Goals
S.M.A.R.T. goals are an acronym for goals that are specific, measurable, achievable, realistic and timely. When you’re creating a business plan, do so with these areas in mind. If you’ve never created a YouTube channel, a goal to pump out a video each day might be a set-up for failure. Instead, start with steps that are realistic. As you accomplish those goals, your confidence and capacity to achieve more will increase.
Maintain a Strong Marketing System
A marketing system is important because if people don’t know about your business, they won’t know how to purchase your products or services. If you’re a solo entrepreneur, your marketing process might involve lots of pre-planning and automation. Digital marketing methods such as social media marketing, email marketing and brand partnerships are excellent systems to consider. It’s also great to consider other marketing portals such as radio advertisements and billboards. When you’re able to cultivate a range of online and offline marketing strategies, this can help you attract more business. However, don’t forget to streamline your process in order to get consistent sales. If you know that Instagram advertising is more effective than radio advertisements, it’s always okay to pivot.
When you’re working for longer periods of time, it’s really easy to get caught up in nurturing your company. While it’s good to put the work in, don’t forget about yourself. Your level of self-care is a direct reflection of how you feel about yourself. If you’re the face of your business, you’ll want to make sure you look and feel your best as you engage with customers and other business professionals. Plus, you want to look and feel your best for your own sanity as well. Schedule time to exercise, get lots of rest and eat nutrient-rich foods. In order to decrease your chances of decision fatigue, prepare your attire for the next day beforehand. Pick out something unique such as a red suit in order to stand out. When you simply need to wake up, shower and put your clothes on, it’s a lot easier to face the day without feeling too flustered in the beginning.
Develop a Seamless Customer Experience
A seamless customer service experience is incredibly essential because if your customers have negative experiences, they won’t become repeat customers. In order to make the shift, take a look at how easy or challenging it is for customers to get to your website, look through your online shop and purchase. Since many people make purchases directly from their mobile phones, cultivate a mobile-friendly website. While you don’t need to be as quick as Amazon Prime, it is good to provide quick, timely shipping. The longer people have to wait, the less enthused they’ll become about shopping with you again.
Place your business in front of small focus groups in order to see how you can improve. Ask customers to leave reviews of your business. Listen to some of the most common sentiments among customers. If you see commonalities, improve the areas that need work.
There are so many important facets to consider when you’re launching your own company. Unfortunately, because so many people don’t consider the big picture, most small businesses fail within the first five years. By implementing these tips, you may decrease your chances of falling in the number of businesses that fail. Experience longevity and success as a small business by becoming intentional and resilient in your entrepreneurial journey.