Owning a small business can be a rewarding experience and a dizzying ride that takes commitment of a significant investment of energy, time and money. There is no substitute for experience when it comes to growing your business, but there are a number of things that can be done to increase the likelihood of success.
Understanding and implementing the following eight principles will keep your business growing strong:
1. Have your goals written and reviewed regularly
Before starting your business be sure to write down your goals and review them frequently. Motivations for owning a business are highly personal and often about more than just making money. The goal may be to earn a higher income, have more autonomy and freedom, create better lifestyle opportunities or thrive on new challenges. For others it may be a way of serving the community or creating additional security for their family.Relevant goals are powerful motivators that help keep everything on track.
2. Do market research
Research your market well beforehand to ensure there isa strong need for your service with a solid customer base to support it. Consider what would compel customers to buy from you rather than your competitors. What is our Unique Selling Proposition and what specifically differentiates your business from the competition? How can you leverage your strengths and best target your ideal customers? Exhaustively research your niche instead of blindly investing time and money into your enterprise. Sound research at the outset is invaluable.
3. Reinvest your profits
Investing the majority of the profits back into the business is the fastest way to make it grow. Avoid borrowing money to fund the business in the initial stages when profits are still unproven. The point of business is to make a profit, not to drain your bank account and create potential problems further down the track. Instead, make your business lean by reducing overheads and unnecessary waste and divert any savings into extra stock, advertising and market research.
4. Consult with experts
It’s unrealistic to expect to know everything and having a powerful team of expert advisors can save wasting precious time struggling with issues that will be obvious to someone more experienced. The upfront cost will be well worth the time and energy saved and allows you to play to your strengths, which ultimately benefits the business.
5. Find a mentor
Find a mentor you can turn to for inspiration, problem solving, strategies and support when the going gets tough. Choose your mentor wisely and most importantly, make sure they have actual real world experience and not just theory from books or the internet.
6. Join your local small business association
These associations can offer short courses, guest speakers and access to ideas and resources that may otherwise be difficult to acquire. From the hottest new business books to warehouses to let, your business contacts will point you in the right direction. There are many advantages in networking but business is primarily about making connections; connections with peers, customers, suppliers, and with your fellow retailers.
7. Budget for your advertising and marketing
Factor advertising into your budget as a key priority, particularly online sources and social media. Customers can’t buy from you if they don’t know your business exists and advertising is the most direct way of reaching people and demonstrating what you can do for them. Start a blog, build a website and use Facebook and Twitter to create a buzz and maintain interest in what you offer your customers.
8. Invest yourself into the business
Your persona, charisma, passion and enthusiasm will really shine through and become infectious. People crave authenticity and will want to support you, which builds all kinds of crazy loyalty. No matter how big the competition may be, they cannot replicate a more personal touch.
Takeaway
Remember that business is a journey of discovery and personal development and the destination may be very different than the one you first imagined. With forethought, planning and sound business practices, success and satisfaction become the likely results.
