Setting up your own business can be terrifying due to the level of uncertainty surrounding the success of it! Having experienced this ourselves, we have come up with a few tips on how to grow your business as well as maintaining the growth of it. Running a business is a learning curve itself, but never let the setbacks (which there could be a lot of) make you give up! Patience is the best virtue, let the setbacks make you come back even stronger!
Having a sense of direction will help your business to come a long way! Shared below are tips to grow and maintain your business.
1. Make Sure You Fill In The Gap In The Correct Market
Finding the right market for you and that too being a gap in the market is key to starting off a business, it’s important to spot a gap in the market to ensure that the level of competition is moderate. This will make the likelihood of your business being successful higher.
2. Reach The Target Audience!
In order to get sales, you need to reach the audience that are looking for your product or service. If you fail to establish your target market, your sales will suffer. After spotting a gap in the market, your next priority should be to focus on spotting your target audience so that you can build your product and/or services accordingly, and also sell it to them accordingly too as your market research would mainly need to be based on your target audience.
3. Scale Reasonably
To reduce the levels of uncertainty when starting your business, it would be best to build your business gradually to see what you are capable of doing. Once you get the jist of things and the business starts to grow, then it would be best to grow your product portfolio. If you introduce all planned products and/or services from the get go, things may spiral out of control if your business grows at a faster than expected rate. This is a huge risk to take as a small business
4. Have A Solid Business Plan To Stay Focused And In The Right Direction
A business plan will help you to stay organised and keep in line with your business goal, if you fail to follow your business plan then you will lose sense of direction too which may have a negative impact on your business and miscommunication amongst the team. Having a sense of direction is vital especially when your team begins to grow as everyone would need to be clear and on the same page.
5. Build A Strong Team!
Your team represents your business. Having a strong team with a clear image of the business and business goals will help your business in the long-term.
6. Find An Angel Investor
To start-up your own business, you would need to have a lot of funds available to invest in your business. Finding an angel investor that is ready to invest into your business may be a good option for you if you do not have the necessary funds yourself.
7. Set A Marketing Budget
Budgeting is vital in a business to maintain the cash flow. Invest most in marketing to get your business out there and spread the word to reach the right target audience. Once you have a set budget for marketing, you will be less likely to waste money on marketing that is not efficient.
8. Set A Reasonable And Valuable Price
Customers look at price as one of the factors that determine their purchase decision. Thus, it is important to set a reasonable price and have your customers in mind when setting the price as they will be investing in your product/service! If the price does not match the value of the product and is not reasonable, the number of sales will drop.
9. Offer Good Customer Service And Support
Having good customer service is extremely important for all brands as this helps to build brand image and reputation. Imagine yourself as a customer, have you ever gone back to purchase from a business which you had a negative experience with last time? Customers want to feel valued and heard, they are the core of the business and must be prioritised! Communicating in a friendly manner goes a long way!
10. Be Active On Social Media
Following social trends, it is key for a business to be consistent on social media as this can maximise your brands’ exposure. Social media marketing has really grown over the years and become increasingly popular, this helps businesses to go viral! You should grab this opportunity and make the most of your social media! It really is the fastest way to spread the word around the globe about your business. Another mini tip is to use relevant hashtags on your social media posts, they’ll make the world of a difference!
Are You Feeling More Confident In Setting Up Your Own Business Now?
To run a successful business, you don’t need to follow all of these tips but it would be best to cover as much as you can to increase the likelihood of success! The tips may not cater to all types of businesses as each business is unique, what works for one business may not work for another. However, if you feel you can apply it to your business and it will have a positive impact then it is 100% worth a shot! You never know when there will be a turning point for your business, so be prepared for rapid growth at all times! Feel free to contact us for more guidance, we’re here to help all!