Every year, thousands of people set out to start their own businesses. But only about half are successful at generating a profit within their first five years of operation.
If you want your small business to succeed, these tips on starting a new business will help get you started on the right foot. E-boost’s consultants are here to give you some guidance on how to successfully start a small business that can grow into something big!
Know What Type of Business You Want to Start
Opening up your own small business can be an exciting opportunity, but it can also feel a little daunting. To help you get started and make sure you’re on the right track, the first thing you need to do is have a clear idea of what you want to offer.
If you’re passionate about the idea, it’s very likely that your offerings will bring value to consumers. Follow these simple steps to see if your idea is viable and can generate profit in the long run:
- First off, what type of business are you interested in?
- Secondly, where will this small business exist? In an online store? As a brick-and-mortar storefront?
- Thirdly, are you ready to invest in this idea or would you rather just brainstorm ideas for starting small businesses? If it’s the latter, then you need to find investors
- Finally, what skills do you have that could help with the day-to-day operation of your new small business? Do any already exist in the market or industry? What is the competition like?
If you want to open up a small retail business, then you should consider whether there is enough foot traffic in the area. Consider whether potential customers will be able to find your small business easily.
If not, then consider opening somewhere else (e.g., another location). A great way to find out about foot traffic is by looking at Google Maps and checking out street view (just zoom around!).
You can also ask local residents and shopkeepers if they think the area is good for small businesses.
You may also want to contact your city hall or chamber of commerce office – they might be able to provide you with information on past zoning changes or future plans for the neighborhood, which will give you an idea as to where interest rates are going in the near future.
Get Organized
There are many things that need to be done when starting up a small business startup. A quick way to get organized is by creating a spreadsheet (preferably on OneDrive or Google Drive so that you don’t lose important data).
Start by creating three columns: column one for tasks that you need to do, column two for the time it will take, and column three for the order in which you should do them. Make sure to schedule these as well!
Get an accountant: Not every small entrepreneur needs an accountant, but it’s best to have someone who can help with filing taxes and managing money so you don’t have to worry about keeping track of all those receipts or handling payments from your customers.
When choosing an accountant, make sure they specialize in what your company does! If you’re going into the cake-baking business, find someone who specializes in taxes for small businesses that bake cakes.
It may sound unnecessary, but there are a lot of little details that come with running a small business. No matter what type of small business you start, make sure to prioritize getting organized and finding qualified professionals who can help out when needed!
See Also:
Create a Budget
The first step in starting your small business is getting a budget. Be sure to include your startup costs, monthly expenses, and all the expected expenses you might have in the future.
Set a minimum amount of money you will need each month depending on how much you can afford. Again, doing this may be an added task to your routine, but it can really help to keep monitoring costs and make sure money is being spent in the right place.
Make your budget realistic with an affordable goal, as you can always take on more clients or raise prices later on. Another important piece of advice on how to start a small business is that it can take a small business 3 to 4 years to become profitable, so you must be patient.
Build a Strong Team
The success of your small business depends on the success of your team. So, hire good people and make sure they have the skills needed for their roles.
It may take time, but it’ll be worth it in the end. Best practices include thinking about what your core values are as an organization, how you want to treat customers and employees, etc.
Promote Your Business
For decades, small businesses were unable to compete with well-established competitors because the latter had the capital to invest in marketing. With online platforms, this has changed entirely.
Here’s how you can promote your small business without spending tons of money:
List Your Business on Google
This makes it simple for potential clients to identify the address and business hours of your organization. Customers can also leave reviews for your company online. You may increase your company’s visibility in online searches by setting up a Google My Business profile, which expands your reach for free.
Create Social Media Profiles
Social networking is now more of a requirement for businesses than a nice-to-have. You may actively interact, recruit, and inform your following using these channels. The best part is that creating a business account on the majority of social media platforms is totally free, making it one of the cheapest ways to promote your brand. However, you will have to spend money if you opt for paid postings and other social media ads.
Improve SEO
Your website will appear higher in the search results on Google with search engine optimization. The likelihood that customers will find your website when they search online for companies like yours is increased when relevant keywords are included across your company’s web pages and blog posts. However, SEO entails a lot more than just using keywords, so it’s beneficial to do some internet research or look for a book that explains how to optimize your site’s performance on search engines. You might also think about working with an SEO company to optimize your website.
Make Interesting Content
The secret to building brand recognition and establishing a connection with your target market is content. You can demonstrate your subject-matter expertise by producing interesting and educational content, whether through a blog, video tutorials, or infographics. Additionally, this also helps generate trust with viewers.
Are You Thinking of Starting a Small Business?
All of the tips mentioned above can help you start your business off on the right foot—but what about funding? E-Boost is here to help! Give us a call, and our financial consultants will help you figure out your options.
