As more and more people are looking for new ways to generate income in a market where jobs are scarce, small businesses have been springing up around the country. Starting your own business can be an investment in the future, and potentially a good way to earn a living.
Being successful as a small business is no easy task: 95% of small business go under in the first five years. If you want to make it into the successful 5%, you’ll need to heed the 12 secrets to small business success below:
1. Focus your products
You need to be sure that your products hit a specific need in a particular industry. If you want your business to succeed, consider selling just one product; but make it a product that everyone wants or needs.
2. Be the best at customer service
One thing that will definitely set you apart from all the large companies and corporations will be personalized attention to your customers. With good customer service, your company has a chance of competing with the big boys.
3. Pay attention to feedback
When customers or reviewers tell you about flaws in your products, pay attention to them and use their feedback to improve your service. If they suggest ways you can improve, heed their advice.
4. Cut costs where possible
One potentially fatal mistake small businesses can make is spending money where they don’t have to. You may not need to hire a massive SEO firm when one good SEO consultant will do, and that goes for every service you contract.
5. Know where you fall short
If you’re the only one running the company, odds are you’ll never be able to do it all. You know where your strengths are, and you should focus on those. Hire or contract people to do the work you’re not so good at, or don’t have time to get to.
6. Brand your business
Your business should be more than just a name; it should be a brand. Push the brand rather than the company, and sell people the idea of your company rather than your services.
7. Do what you love
If you find a product or service you’re passionate about, that passion will shine through as you promote it.
8. Get yourself out there
You may not be making a huge profit yet, but publicizing your business is a key to success … even if you have to do pro bono work. Sign up for local charity events, and get your face out there as much as possible.
9. Get help from a mentor
You’re unlikely to know everything about business success, so working with a mentor is a good way to learn from someone with years of experience. You’d be amazed how effective a wiser counsellor can be, even just as a sounding board to help you solve problems.
10. Use business directories
Business directories like Forlocations in New York will help you put your business name in a public place where people can find it. These directories are highly recommended for company owners that want to make their firm more visible.
11. Take smart risks
Many people take risks with their business, and they do pay off a lot of the time. If you take too many risks, however, you’re guaranteed to fail eventually. Take smart risks that have a good chance of succeeding.
12. Be ready for hard work
You mustn’t go into your business thinking it’s going to be an easy ride. Small business owners spend far more time and effort on their business than any regular employee will, because they typically juggle several different jobs at once. If you’re not ready to put in the hours, you’re not ready for the title of small business owner.
Originally posted on October 17, 2013 @ 8:05 am