Statistics show that a high rate of small businesses fail in the first year of operation. If you are thinking about starting your own small business, there are things you can do in order to make sure that your business doesn’t become a part of this statistic. What you need to do is figure out what other successful business owners are doing, and start emulating them. Here are some tips from successful small business owners that you can use to help you succeed as well.
1. Look at Your Reasons – Why do you want to start your own business? If you are like most people, your main reasons for starting your own business are to make money and to be your own boss. Now, you have to figure out why you are attracted to a particular business idea, and if you think you can make a real go of it. Keep in mind that there is a lot more to running a business than just being your own boss and making money. There are tons of little details that always need to be taken care of. Make sure that this is something that you are serious about before diving in.
2. Keep Overhead Low – This is important at any stage of a business. The lower your overhead, the higher your profits are going to be. Look at all of your expenditures, and see where you can make cutbacks. Maybe you are paying a lot more rent than you should be. Maybe you are bringing in too much stock. Once you figure out where you are spending too much money, it is going to be easy to rein it in and save money, and your business. Overhead can include many things, including rent, utilities, stock, employee salaries, etc.
3. Have Up-to-Date Gadgets – If you are working with out-of-date technology, it is going to show in your business eventually. For instance, you may not be able to use certain apps on an older iPhone, or your laptop may be so slow that you can’t do any amount of business with it at all. If you need new gadgets but can’t afford brand new gadgets, look into upgrading. You can sell your old laptop at Sell Laptop, and use the money to upgrade to newer technology for your business.
4. Don’t Quit Your Day Job – It is never a good idea to quit your job and dive right into a new business venture. There is always the chance that things aren’t going to work out, and if this happens, you will have nothing to fall back on. It may mean losing a lot of sleep, family time, etc., but in the long run, it will ensure that you won’t be left with nothing, and no way to bring in an income. Plus, having a job will help during those first few lean months when a small business isn’t bringing a lot of money in.
5. Know Your Target Audience – You will be marketing to a specific target audience. Before you can do this, you need to get to know that audience on a personal level. You need to find out what they really want and need, and then find a way to fulfill those wants and needs so they will do business with you. Try creating a customer avatar, which is basically a profile of the type of customer you want. The avatar should include a name, age, gender, likes, dislikes, personality traits, hobbies, goals, etc. The more you know about your potential customers, the better able you will be to serve them.