2020 Proofing Your Small Business
There is a vast amount of people who are realizing that branching out on their own in a business venture is well worth leaving behind being the backbone for someone else’s gain. Working for yourself is definitely not easy and the hours are well beyond the normal nine to five grind of being someone else’s employee. However, for a lot of new business startups, it’s worth the risk.
With so many people joining the new business sector, how do you keep your own investments from tanking? It’s a super frequent question that every small business owner asks in the beginning and answers aren’t as hard to acquire as you would think.
Do Your Research First
A major reason so many small businesses go under while still young is for one simple reason: the product isn’t sought after. Put all of your beginning time and effort into doing the research on what is not only trending but sustainable. Rely heavily on services or items that are needed if not daily, then intermittently. You can always guarantee someone that something will last for the life of the product or that your service will help perfect some aspect of the customer’s life, but if they don’t have to keep coming back to you, that’s one customer and done.
You need returning customers who appreciate and understand the quality of your products or understand the need for your services. Look into services and products that solve problems for the customer, something only your business alone can help them fix or achieve, and then capitalize on it.
Market Genuinely, Diversely and Frequently
In today’s world, you are the face of your small business. How you market both yourself and your services or products will absolutely set the pace for your profits. Creating a vast marketing portfolio with search engine marketing is necessary and will broaden your audience tremendously. There are several ways to get yourself into the mainstream using everyday platforms like Instagram, Facebook, Twitter, Pinterest, and Etsy.
But where the profits roll in is when you learn to market those platforms. Scrolling through social media, no one likes to be attacked by that girl from high school who tries to sell her pyramid scheme by finessing your childhood memories together. Why? Because it’s not genuine and you feel targeted for monetary gain. As you build up your business website or affiliations, simply add small details to your own posts here and there.
Do not ask for support, recognization, or followers. You have found a solution to a problem. The support will come once people catch on. The more genuinely and diversely you can discuss your own solution, the more people will flock to see what exactly it is you’ve discovered. Peak interest, post frequently on different platforms, and always remain as personable as possible.
Monitoring and Adjusting Accordingly
Small business is a never-ending forecasting game where most people tend to get lost in the upswing. It’s the leveling out of that upward gains curve that will knock them off their pedestal. Once your small business has become fairly sustainable, continue on your strive for updated options and new branches from your original product or service. New businesses start up every day. Stay current and be prepared for someone to try and mimic your approach or offer your service with a curve. Trust your gut and stay one step ahead of trends by staying current.
Resting is never an option when you want your business to continue to thrive. Maybe you have realized that a certain aspect of your service is lacking. You have had several customers comment on an issue with the website or that your product can be purchased in bulk at a lesser price than individual orders.
“After you get to this post-start-up phase, you have to fundamentally almost recreate the business,” said Joe Daly, Senior Partner at Gallup, a management organization that uses analytics to help organizations solve customer/employee based problems. Recognize and adjust after doing your research. Staying current will not only leave you feeling assured and knowledgable, but it will show in the way your customers perceive you and review your business. Feedback is important and it should fuel the relationship between your small business and its profits if you listen with purpose and intent.