According to the Small Business Administration, most businesses fail in the early years, with twenty percent failing in year one and two-thirds failing within its second year. Even with harsh economic circumstances, like an unexpected global pandemic, taken with these statistics, it doesn’t mean you’re doomed to fail.
The rise of Generation Z has led to an increased desire for people to work for themselves and create unique business opportunities for consumers to support small business owners and shop locally. Luckily, there are many ways to keep your small business entrepreneurship in the market for many years to come.
Keep reading for these top five tips on establishing a developed, successful business.
1. Originality
Companies have a harder chance of survival if they rip other brands off, don’t have their own voice, and withdraw from expressing their authenticity. Taking into consideration how you present your brand, down to posts on social media, to word choices, and how your site is laid out makes a difference in the kind of consumers will be drawn to you.
When in doubt, visualize the type of content you want the world to see. Stay true to your heart’s vision, and the rest will work itself out.
2. Expanding Your Online Presence
With covid forcing many places of work to go online, it’s a good idea to take your online content seriously. It’s not that you need the most followers on Instagram to make capital, but you do need people to see your branding.
With so many resources out there to use to boost your site’s rankings, you shouldn’t miss out on using these services. This post gives insightful information to get your business on Google Maps, along with additional resources to use SEO to improve your online presence in general.
3. Having a Business Budget
Having a functioning understanding of your monthly revenue and costs allows you to be clued to how well your business is doing. Establish a strict monthly budget so that you can plan for contingencies and have goals of revenue you want to bring in.
You can also track consumer spending, so you have an idea of what products they’re purchasing the most. You can also see if you mostly have new purchasers or a loyal customer basis.
4. Listen to Customers’ Concerns
Always check your online reviews. If a customer reaches out to you personally, make a big deal about showing them that you not only listen to their concerns but are actively trying to better your business.
Poor reviews can easily be turned around by making a change about the problem area. Customers appreciate that a business wants to try to please its consumers.
5. Plan Ahead
Have a plan for your future business prospects. This can work on a small scale by staying organized and dedicating a day to writing social media posts ahead of time. On the grand scale of things, plan ahead for your goals for the next year, five years, or ten years.
This can help put your goals and ideas in a tangible sheet where you can plan backward from there to realistically meet those goals.
Don’t Give Up on Your Small Business Entrepreneurship
Even if small business entrepreneurship intimidates you, don’t give up on your dreams. There are many tangible things you can implement to make your business thrive in the twenty-first century.
Read more on our ‘Business’ blog page for more posts to inspire your productivity and success.
