Building your own business is an incredibly difficult and, at the same time, an incredibly rewarding process. Taking your plan for a small business from an idea to a reality and then to a success has been the downfall of more than a few entrepreneurs. In fact, according to a lengthy study by the Bureau of Labor Statistics only about 30% of companies which start today will still be around in 15 years.
That shouldn’t discourage you from moving forward with your business plans, however. It should only drive you to build your small business with as much careful thought and planning as possible. To that end, we’ve gathered tips from some of the smartest minds in the business world to help you get your business off the ground with one or two fewer headaches. (Still wise to invest in a coffee maker though).
Know Why Your Company Would Be a Success
When you’re planning your small business’ beginnings and growth you need to know why your company would be a success. Are you going to offer better quality service? Are you going to have longer hours? Are all your workers models? What hole in the industry are you going to be filling and how much of a customer base is there looking for that hole to be filled?
These questions are especially important for entrepreneurs building remodeling companies because so much of this industry relies on proven results, putting new, small companies at an immediate disadvantage. If you open up a new restaurant, people will stop in at least once to give it a try. If you open a new tree removal service, they might not. Knowing what will make your small business a success means that you’ll have an easier time getting customers and building your business.
Invest in Info, Quality, and Visibility
You’re running your own business now, that doesn’t mean that you have all the answers you need though. Don’t be afraid to seek advice from other small businesses, the Small Business Administration, lawyers, tax accountants, or just about anyone else. Their advice will always help, even if you only use it to see what other companies are doing.
At the same time, when you’re making your early business finance decisions don’t be afraid of spending money on things that increase your company’s quality and professionalism: trainings, licenses, liability insurance, quality equipment, or on things that increase your company’s visibility: marketing campaigns, newsletters, social media, work trucks with logos. Investing on these points often brings more value to the company than any others.
Learn from Each and Every Customer
Your small business’ success depends entirely on customer relationships. When you’re just beginning to develop your customer base, this means that each and every one of your customers is invaluable. Besides obvious things like giving them the best quality results possible make sure to be attentive and caring in all of your interactions. Delighting your customers with customer service should always going be a priority and it’s often a great springboard to request a referral from.
Do your best to respond to every question, comment, and call your small business receives, particularly those that are less than complimentary. Staying proactive about your company’s image is the best way to bring about new business in these all-important early years. At the same time, find everyday ways to promote yourself and network with the whole community to grow awareness and customer base all in one!