From Startup to Success: Ideas For Business Growth

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If you have been thinking lately about starting your own business then you are not alone. There are thousands of new businesses created every year and you need to build one that stands out from the crowd. You may already know that a high percentage of new businesses won’t make it to their first birthday, this tends to be due to two things. Not having the knowledge needed to thrive in the business world and running out of money before profits start rolling in.

Know Your Idea

One of the very first things you will need to do is have an idea of the type of business you want to open and run. Being a new business you need something to make you stand out and get noticed. This could be anything from a new beauty bar to selling items online, the world is your oyster. It can take some time to get your idea to become a reality so be sure to use this time wisely. Write down everything you can think of in relation to your idea, including pros and cons.

Don’t be afraid to carry out some market research rather than diving head first into the business world. Market research will tell you exactly what you need to know with regards to selling your product or idea. You can ask people if they would buy your product, how much they would be happy paying, and how often they would need this. It’s a good idea to create something that will encourage repeat customers as well as bring in new ones.

Funds

Now you need to work out just how much money is needed to get your business off the ground. If you are starting everything from scratch then you could be looking at upwards of $10,000, you need to have this money available plus a lot more in order to survive the first three years. Around this time, profits will start rolling in which means you can use those to pay for items and other outgoings.

In order to figure out how much you need, write it all down. Lists are your friend when it comes to launching a successful business. When you write it all down, be sure to include prices and how much it will all cost. Once you have your final figure to hand, give yourself some wiggle room. You don’t want to be stuck and short on cash if you face an emergency one day that needs rectifying.

If you don’t have the money you need right away then you do have a couple of options. You could either work with investors who provide you with money to be a part of your business. Or, you could apply for a business loan. Both of these options will need to be paid back, you have a lot more risk involved with a business loan so be sure to weigh up which finance option suits you and your business best.

Increase Traffic

As a business you need to rely on customers and clients to bring in sales and profits. You need a strong marketing plan in place otherwise this won’t happen. Failure to get noticed means lack of customer support and money. You ideally want your customers to process through a sales funnel, which is a journey from discovery to parting with their hard earned cash. For this to work well, they will need to be aware of your brand and company.

Work out which marketing techniques and strategies you are wanting to use, you have a fair few to choose from and each one will have a list attached of pros and cons. If you are a bricks and mortar company then leaflet distribution in the local neighborhood might be helpful. You can also get yourself on various social media pages, advertising your company and which products or services you are launching.

If you aren’t too sure how all of this works then get yourself an in-house marketing team, they will have the skills and knowledge that you may not have. Alternatively, you could work with an outsourced marketing team.

Build Your Website

Where are customers and clients going to place orders when your main doors are shut? Your website, of course! You ideally need to create a strong, stable website that everyone is able to use. Remember, not all of your customers will be computer savvy and you don’t want to lose sales due to customers not being able to navigate your site.

If you have never designed or built a website previously then you could benefit from professional help. Speak to a web designer who will give you the website of your dreams, including a search bar and potentially a chat bot.

Location

Finally, when it comes to becoming the most successful business you need to think about where you want your business to be located. You have a couple of options here, you can either work from the comfort of your own home or you can rent/buy a bricks and mortar business. There are pros and cons to both of these options so you need to weigh these up before deciding. If you have all your employees under one roof then you can make sure they are okay with work loads and tasks assigned to them. If you work from home then you need to trust that they will get their work done efficiently.

If you do decide that you need a physical company then you can speak with a commercial realtor who can help you navigate the wave of potential properties. Be sure to find one that is amongst the hustle and bustle of crowds, that way you are getting the foot traffic you need to thrive.

We do hope you found this article helpful and it gave you some ideas on how you can go from startup to success in no time at all. Take your time with this, Rome wasn’t built in a day so you can’t expect your business to be either.