Small Business Tips by #LtL0
When you start a small business, your to-do list is filled with a million action items to help you make it a successful venture. From marketing strategies, to spending habits, here are some helpful tips to help you hit the ground running:
What’s Your Marketing Plan?
Marketing is one of the most important parts of your company. Unless you have a perfect location, you need to inform people that your company exists. To start an effective marketing strategy, you first need to identify your target audience. Then, figure out the best way to reach that type of customer. With a well thought out plan, you can have a cost effective, successful campaign. Understanding the wants and needs of your target audience is also important. Relevant content on social media is a great way to promote your business without spending money.
How Much Money Do I Need?
A Wells Fargo Small Business Index showed that the average small business owner has approximately $10,000 of startup capital with the money usually coming from a savings account or family. Ask yourself, how can I get working capital to invest in the success and growth of my business? Look into small business loans or contact potential investors to help you with your business. Also, make sure you have an ample savings account that will help cushion any unexpected expenses that might arise.
Hiring the Right Type of People
When you start your own business, you are an all-in-one CEO, salesperson, CFO and CMO. Eventually, if you want your company to expand, you will need to hire people. A big mistake a lot of small business owners make is hiring their friends and family who have little to no knowledge of the industry they are in. Avoid this by hiring a few qualified people who can multi-task and do the work of many. When you chose the right kind of people, you will witness continual growth which leads to a higher profit.
A lot of people underestimate the power of networking. When you go to conferences and networking events, you get the opportunity to expand your knowledge and contacts. Sometimes it is the smallest conversations that lead to the biggest relationships. For example, if you are looking for somebody who understands IT to internally build your network, you might be able to find another small business owner at a conference who can help. You never know who you will meet when you put your name, company and brand out there.
Starting a business is no easy path. You will experience a lot of stress and headaches, but pushing through them with the right skills and knowledge will show that this new endeavor is well worth the investment.