In the U.S. alone, there are over 30 million small businesses and the number keeps growing. Each month, an average of 543,000 new businesses are launched, but only 50 percent of them will survive the first five years.
Succeeding as a small business takes time, effort, dedication, and business skills, but it’s not impossible. As you’re learning the ropes, you’ll discover what works and what doesn’t, so you can adapt your strategy and try new tactics.
Keep reading to discover five essential tips for succeeding as a small business owner.
1. Make a Business Plan
The first step before launching a small business is to make a detailed business plan. You’ll need to show this plan to banks or potential investors, but even if you’re bootstrapping, it’s a powerful tool for accomplishing your goals.
Your plan should list your mission, vision, business goals, products and services, budgets, employees, monthly and annual financial goals, and marketing activities. You don’t have to make a 20-page business plan – you can start small and expand it as you go.
2. Network, Network, Network
If you’re a first-time business owner, networking should be the first item on your list of priorities. Building connections to others in your industry can help you market your business, find your next hire, get investors, or even valuable partnerships.
Some of your connections can also become your loyal customers and spread the word to their closest social circle. Whether you prefer networking online or in person, don’t miss this important step to business success.
3. Hire the Right People
When starting a business, it’s important to have a strong support system for employees. Whether you’re hiring people in-house or on a contract basis, finding the best person for the job can make or break your bottom line.
To be a successful business owner, you don’t have to do everything by yourself. In fact, you should outsource the tasks you’re not good at and only stick to your field of expertise. Start by hiring a few people in the beginning and expand your team as you go.
4. Build a Marketing Strategy
The most valuable piece of small business advice for new owners is having a solid marketing strategy for promoting the business. Your marketing plan should list the marketing channels you’ll use, advertising budget, target market, deadlines, and marketing goals.
Then, you can start hiring marketing specialists to help you implement the strategy and promote your business the right way.
5. Don’t Give Up
Building a successful business from the ground up is full of obstacles, but this shouldn’t stop you. In fact, if you stick to your goals and take the challenges as they come, you’ll become stronger and better equipped to handle any problem.
Persistence is key to success and if you don’t become profitable in the first year, it doesn’t mean you won’t be profitable in the future. Keep a clear vision, follow your goals, and push forward, even in the hardest of times.
Become a Successful Small Business Owner With These Tips
Being a small business owner is no easy feat, but if you want to be successful, these tips will help you stay on track and overcome all obstacles.
Want more small business and marketing tips? Check out some of the other articles on our website where we post the latest industry news and updates.