So, you want to own a business. You have an idea for a product or service that the market needs. You want to be rich. You have studied other successful startups and understand the factors for success. You have moved past friends and family who have tried to dissuade you from your goal. You have the funds and a plan to get your business off the ground. You are confident of success. But have you considered everything you need to know?
Many successful entrepreneurs begin by forming a Board of Directors. An Advisory Board will provide a broader perspective, improving the effectiveness of your decisions. The advice you receive will minimize costly mistakes which could otherwise doom your business. Board members may receive a stipend, or they may be volunteers. Voluntary advisory boards have become commonplace for many startups. Talking with organizations like Score and finding a mentor are additional resources to consider.
Find Low-Cost Ways to Advertise
Getting the word out about your business doesn’t need to cost much money. Begin by establishing an online presence. Potential customers will want to visit your website. Be proactive. Provide answers to common questions, making it easier to convert their interest into sales. If you have not done so already, create social media channels for your brand. Facebook and Twitter are popular places to start. Depending on the demographics of your target market, you may want to try others, too. If you are targeting older individuals, a direct mail campaign could be the most cost-effective solution.
Consider Running a Special
To increase the probability of generating a sale, offer a special one-time deal, like a two-for-one promotion or a gift. You might do the same for current customers who refer friends or family members. When someone purchases your product or services, please give them a reason to continue trading with you. Consider offering discounts for future purchases. These sales tactics can kickstart your business and give you the financial boost you seek.
Determine Which Functions to Outsource
Savvy entrepreneurs know that managing labor is a critical component for success. They live by the principle of “do what you do best and let others do the rest.” We are fortunate to live in a time when we can contract relatively inexpensive outside resources. To ensure accuracy and minimize risk, outsourcing financial management and payroll is advisable. Outsourcing recovers time to focus on more urgent tasks. Using an automatic payroll solution provides other benefits, like automatic calculations and paying taxes. Payroll apps are available for both iOS and Android. Taking on too much responsibility can lead to burnout and costly mistakes. Think about outsourcing to reduce stress and improve your productivity.
Improve Your Business Acumen
As your business grows, your focus will shift to your management and leadership skills. Taking college-level business courses or earning an MBA could be a difference-maker. Unlike a traditional college experience, online degree programs make it easier to maintain your business while you learn. Continually update your skills to ensure long-term success.
Adjust Your Business Plan as Needed
Although business plans look good on paper, actual results seldom unfold as envisioned. You must monitor your results consistently and adjust accordingly. Share on X Be flexible and willing to take steps to keep your company on track.
Financial setbacks can happen to anyone. They can be incredibly distracting when you are trying to establish a new business. You may feel discouraged and lose confidence in yourself. Well-meaning family and friends may pressure you to get a traditional job and forgo your dreams altogether. Don’t let setbacks discourage you from pursuing your dreams of entrepreneurship. Expect to suffer difficult situations. Build contingencies into your plan to weather challenging times.
New Century Dynamics provides excellent executive search and management consulting to the service industry. To learn how New Century Dynamics can help your business, contact James E. Weber at JimWeber@newcenturydynamics.com.
Derek Goodman
derek.goodman@inbizability.com
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