In 2020, the prospect of starting a whole new business can be more than daunting. Starting a business at any time of our lives can be incredibly stressful; but in the midst of a pandemic we have a whole new set of challenges to overcome to setup your small business for success and only the strong will survive.
Today we want to talk to you about how you can start and build a successful business this year even during lockdown. It can be a daunting task however there are a lot of useful things that you can do as a small business owner to make your brand known and take the world by storm this year.
Here are some of our top tips for starting and building a thriving business this year.
Research your industry
The first step to setup your small business for success is researching the industry and finding out where you will sit within it. Every industry has a different dynamic and different needs, and you could find that your company fills a gap in the market. For example let’s say you are a clothing manufacturer – there are MANY clothing brands out there, but what if your brand is sustainable and made from recycled materials? Here is your gap and your opportunity to sneak in and gain a whole new audience. Research the industry thoroughly to see what you can do and how you might benefit.
Know your target audience
Understanding the people you’ll be selling to is one of the most important things you can do as a business owner. It is important for you to know which demographic to target as well as how to do it in order to be successful as an entrepreneur and rise above the competition. Take the time to research your industry and the audience that engage with it and use this to fuel and plan your own marketing and sales efforts.
Create a brand
Branding is key to every business, and to put yourself above the rest of the competition you must have a brand that is recognizable, unique, and easy to remember. When creating your brand it is a good idea to look at some of the other businesses within your industry to see what kind of color schemes and fonts are used. This is because different people are drawn to different colors – and to fit your brand you need to pick a color scheme that works. For example here are some color schemes that work for different types of company:
Food – green, yellow, orange
DIY – black, yellow, orange, red
Fashion – pink, white, black, blue
Finance – blue, white, grey, red
Medical – white, blue, green
Legal – red, white, green
Pet – green, yellow, red
The type of business you own will determine the color scheme that fits you; and this will in turn help you decide on your font and logo. Once you have a great brand identity this is when you can really start to build an audience and become more successful.
Procure products
The next step in starting a successful business is to procure products or supplies for your products. This is a tricky part of the process but this is also the part where you have potential to get some good deals. It is worth remembering that most of the time buying in bulk will save you a lot of money so it is worth going this way when buying your things.
Set up a website
Setting up a website to represent your brand is one of the most crucial steps in creating a successful business venture. As a business owner it is important for you to take the time and effort to set up a website that your customers can visit to learn more about you and your products. Even if you only have a landing page with some basic customer information right now, this will still make a big impact and is worth doing. When people search for a product or service they want somewhere to go to learn about the company. When a company doesn’t have a website this can often put people off and it could even damage your ability to make sales. By creating a simple landing page you’ll be above some of your competitors from day one.
Start social media
As well as creating a simple website for your business it is a good idea for you to open up social media channels. When you decide to get started on social media you need to be aware of which social channels will be most useful to your business. For example, if you were to have a home renovation business you would want to share posts on Facebook, Twitter, and Instagram. The reason for these choices is that Instagram allows you to share beautiful imagery; Facebook has an audience predominantly of those at homeowner age; and Twitter is a middle ground which allows you to share thoughts and answer questions easily. Balance your social media platforms and only pick ones which suit your brand. If you are unsure of which ones to choose, consider looking at what other brands in your industry have done.
Learn to analyze
Marketing is a huge part of starting a successful business – and during those first months in particular you must begin to create adverts on search engines as well as social media to drum up interest for your brand. When pairing content online whether it be an article on your blog, boosted post on Facebook or banner ad online – analysis is key. You must take the time to analyze and learn from data presented to you. Taking a Google Analytics course might be useful as well as a marketing analytics course. By analysing data and drawing conclusions from it you’ll begin to see what works and what doesn’t in your marketing efforts and you will learn how to change and improve in the future.
Consider an accountant
As a small business owner you will have a lot on your plate already even before you consider managing budgets. Don’t leave your finances to chance and run the risk of having to visit small business bankruptcy lawyers at Leinart Law Firm. Hire an accountant for your business who will help you to manage your budgets and understand how to save and scrimp on your business processes. This is an important step in your business and will make a positive impact on you during those first crucial months. In the longterm, having an accountant to help you can be a very smart way to set up your business for success.
Create a calming workspace
When beginning the arduous journey of running your own business, you need to consider creating a calming and productive workspace at home. There are some important things to consider when creating the perfect workspace for your home:
Natural light – the lighter your room is, the more alert and productive you will be
Organization – put everything in colored folders and boxes and be sure to keep your desk clean
Distractions – try to choose a quiet room in your house that you can close the door to. This will ensure you don’t get distracted by kids, pets, or chores
Creating a relaxing and homely office space is an important step in your entrepreneurial process and it may even be a good idea to decorate the room before you start to motivate you to set up your small business for success.
Make your own work schedule
If you have spent years of your life bowing to the whims and wants of a boss, we know how freeing it can feel to finally be your own. However, it can be difficult to get used to being your own boss and often it takes time to adjust to this big change in work dynamic. Remember that if you don’t work, you don’t get money; so you need to learn to be hard on yourself and make tough decisions. Create a working schedule for yourself and stick to it, and be sure that you always stick to working hours. The more routine your day is the more productive you will be.
Learn to switch off
It is incredibly important as an entrepreneur that you learn how to switch off after a long day. Working for yourself is a big challenge and one which will take everything out of you as you work for hours on end each day to earn money and be successful. Finding downtime as an entrepreneur can be hard and you must do so in order to stay mentally and physically able to work and produce. Take time off at the end of each day and don’t open up your laptop during your downtime! This may not seem related but it is. You need to take care of yourself to set up your small business for success.
Start small
The most important aspect of setting up your small business for success is the product itself, and many new entrepreneurs go way over their heads launching too many at once. During your first few months be sure to only launch a few products, and take your time as you focus on one at a time. The more effort you can put into the marketing and sales of each product, the more successful you will be. Keep this in mind when you are making those first decisions for your business.
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