If you want to start a successful small business, then you can’t miss out on this article. Click here for 9 small business tips you need for success.
There are 29.6 million small businesses in the United States. But 20% of new businesses fail each year.
50 percent of businesses fail within five years of business. With those stats, it’s a wonder anyone tried at all.
But Americans are hard workers. We have an entrepreneurial spirit that wakes us up in the morning and keeps us going.
But that doesn’t mean these entrepreneurs can’t use a little help. Here are nine small business tips you need for success.
1. Get Support
You often hear about an entrepreneur who had $20 to his or her name and then became an overnight success. It didn’t happen.
There’s no such thing as an overnight success. There were countless hours of blood, sweat, and tears before the business took off.
And they had help. Out of all the business tips we’re sharing, this one is most important. Surround yourself with support.
Make sure everyone you work with or spend time with is a positive influence in your life. Only spend time with people who want you to succeed.
The more support you have, the easier it is for you to succeed.
2. Network On and Offline
No one can buy your product or service if they don’t know about it. Get out there and start networking.
Join networking groups near your business and meet people face to face. You’ll have the opportunity to trade business tips with other entrepreneurs.
You can also make strategic marketing alliances and hopefully, grow your business thanks to referrals.
But not all of it has to take place in person. Get on social media.
Create a page for your business on a few social media sites where you know your niche audience spends time. Start a dialogue with them.
Share stories and photographs. Join online groups filled with like-minded people.
The more you put yourself out there, the easier it is to spread your message.
3. All Business Tips Talk About Branding
If you haven’t already, brand yourself. If you have already developed a brand, take another look at it.
Make sure you’ve figured out what your “Purple Cow” is. The parts of you and your business that set you apart from everyone else.
Make sure that everything you do in your business is related to your brand. That includes how your phones are answered, what your employees wear to work, and your logo.
4. Be Willing to Fail
As a serial entrepreneur, one of the business tips I wished I knew when I started was that it’s okay to fail. In fact, it’s great to fail.
Accept and embrace failure. It will help you succeed at a much quicker rate.
Learn from your mistakes. But don’t beat yourself up about it.
Fix what didn’t work and then move forward. Don’t get stuck in the past.
5. Create a Budget
There are reasons businesses fail. Much of the time it has to do with a lack of funds.
Create a budget. Then stick to it.
Figure out which services you truly need in order to be successful. If you work from home you may choose to give an impression of having a larger business.
80% of small businesses have no employees. That can make it harder to compete.
Having a different mailing address gives the impression of a larger, more successful business. You can learn more here.
As your business grows, you can add and change your budget according to the needs. However, in the beginning, it’s a great way to ensure you don’t run out of money.
6. Don’t Do It All Yourself
Even though most small businesses are run by one individual and often on a shoestring budget, that doesn’t mean you need to do it all on your own.
Outsource when you can pay someone less money than yourself. Outsource when you’re not an expert in the field.
Outsourcing will save you time, money, and from making big mistakes.
Most professionals offering business tips would recommend hiring an outside attorney, accountant, and marketing expert.
7. Invest in Marketing
Marketing is how people find out about your business. Without it, unless you have an excellent word-of-mouth situation, your business won’t succeed.
Hire a marketing professional who can help you develop an ongoing plan. If you don’t have the time or talent to write content, hire someone who can.
Make sure that social media is part of your marketing plan. Learn how to read and understand the stats that marketing provides so you can tell how successful your efforts are.
Become an expert at e-marketing. But don’t forget that not all successful marketing takes place online.
Develop an offline marketing strategy as well.
Marketing doesn’t have to break your budget. You can create an ad on Facebook that directly targets your niche audience by geolocation, age, interests, and even income.
And you can do it for as little as $1 per day.
8. Trust Your Gut
When you own a business, everyone else thinks they know how to run your business better than you do. You will get plenty of business tips whether you want them or not.
And some of them might end up being great tips. But most of them will be lousy and sometimes border on the ridiculous.
In the end, the best advice is to trust your gut.
It’s okay to listen to others but always trust what your gut or inner voice is trying to tell you. There are plenty of decisions you’ll have to make in business, trusting your gut will save you from a lot of mistakes.
9. Practice Makes Perfect
If you have the expectation that you will start your business and it will become immediately successful, you might be in for some disappointment.
For most of us, the best advice is to start small and make it perfect. Once you’ve developed a successful system, then it’s okay to start adding more to it.
Businesses fail when they take on too much too soon.
Instead, become great at the small thing you do. Don’t overpromise.
And don’t over complicate something. Create a simple process and stick with it.
Don’t Go It Alone
There are plenty of resources to help every small business owner succeed. Don’t try to go out there all alone and figure it out the hard way.
Instead, read articles that teach you how to become a better entrepreneur. Take classes.
Network on and offline.
Our small business idea forum is an ideal place for you to reach out to like-minded individuals.
Register for a free account today.