Starting your own business is quite possibly one of the biggest steps you can take in your lifetime. It takes a lot of careful planning, time, dedication, money, and of course, courage. Even when you make it past that initial tough step, you’ll still have a lot of things to worry about. Let’s face it, running a business is hard. It is rewarding, however.
According to data from the Bureau of Labor Statistics, 20% of new businesses fail within the first two years of opening their doors. Moreover, 45% fail during the first five years, and 65% during the first 10 years. Only 25% of businesses make it past 15 years. The data is staggering and daunting but it is the truth.
Failing is not an inevitable path for businesses. If you play your cards right, you can last for more than 15 years as well. One of the best ways to ensure that you don’t flop as you begin your business is by making sure that you start strong. Having that great initial momentum will work wonders for the future of your business.
We’ve got a few tips on how you can get that necessary boost at the beginning.
1. Build a Presence on Social Media
A lot of businesses nowadays maintain a strong presence on social media. Whether it’s an upcoming business or an established global brand, social media presence is a key marketing strategy with a ton of benefits. Even if your business isn’t launched yet, you can generate the necessary buzz by going to platforms like Facebook and Instagram.
You can do this by creating a page for your business on any social media platform. Let others know what your business is about and reach out to as many people as you can.
Marketing Insider Group says that running a social media account is vital for businesses for many reasons. What’s great about this is that creating a Facebook page is free so you don’t have to spend anything extra. If you know how to edit photos and videos, you can create your own content.
By building a presence on social media, you can also reach out to people in far off places. The platform also lets you directly engage with people via the comments section or through messaging, Social media marketing is one of the ways businesses are growing these days so you should consider it as well.
2. Secure a Loan for Necessary Upgrades
It might’ve taken you years to build up the capital you used for running a business. It’s not surprising if you don’t have any more to spend on your business or if you’re afraid of spending more on it. You don’t always have to take out money from your pockets for necessary upgrades to your business.
What you can do is secure a business loan that you can gradually pay at a fair rate. In securing a loan for necessary business upgrades or for startup financing, understanding the structure of SBA loan interest rates is crucial. SBA loans often provide more favorable terms compared to conventional loans, which can be particularly beneficial for small businesses looking to start strong without overburdening their financial outlook. We’ve made financing simple, so approval rates are high and interest fees are low. You can use the money to make the right adjustments for your business. Whether it’s for new decor at your place or money for research towards improving your business, a business loan can help you pay for these easily.
It’s always best to start on a good note. As such, you need to ensure that your business is operating at full capacity from the get-go. Business loans help you achieve these easily.
3. Study the Competition
The competition will be unavoidable so you need to prepare for it. Instead of being intimidated by your competitors, leverage on them instead. Study them in and out and try to figure out which areas they excel at and which areas they lack. You can use this data to improve your business tremendously.
Studying the competition also means understanding what the market currently wants to see. This is a valuable practice that new businesses should always do. Sometimes, being the latecomer in a certain field is a good thing as well.
4. Make Your Opening Day Special
Starting out with a bang is always beneficial. If you’ve yet to actually open your business, then you should plan for something grand. Since you are a newcomer, people won’t notice your stall or location immediately. As such, investing in a grand opening ceremony is essential to generate the attention you need.
We’re not just talking about loud music, balloons, and party poppers. We’re also talking about offering exciting deals for the first customers that walk into your business. This will help introduce people to your business. Of course, it will also help you get your first fans.
5. Value Your Every Customer
Your initial customers are going to be essential for your business as they are going to be the ones that you build a loyal following on. They’re the ones who will help spread the word about your business. Of course, they wouldn’t talk about your business to anyone if they don’t get quality service and products.
Make sure each of your customers is treated well and properly. Your business is only just as good as the customers it welcomes through its doors. It’s not just about giving them what they want, it’s also about giving them quality service that they can’t find elsewhere.
6. Constantly Improve
If this is your very first business, then you’ll probably make some mistakes along the way. That’s okay however, you’ll work your way towards becoming a better business by taking a look at your mistakes and understanding that there will be some changes that you need to make.
People, your employees, and yourself are going to begin seeing flaws in your business. You shouldn’t take these flaws personally. Instead, work on them and patch them out of your business structure. Eventually, you’ll be able to develop your business into something that’s leagues better.
Running a business is hard especially during these times. You’ll need to make a huge impression upon your arrival into the industry so make sure that your early weeks and months are impactful.
