Startups are emerging at record speed. Small businesses have been around for a long time and have only risen in popularity in the past couple of years. Sadly, this industry has been plagued by a lot of different statistics.
If a startup isn’t unique or managed to perfection, it’s most likely going to lose the battle against big business. Only 50% of small businesses that employ more than one person survive the five-year mark.
But, even with that alarming statistic, now might be the best time for a startup. Around 69% of small business owners feel that 2019 and the following years are the best time to start, expand, and establish themselves.
Running a business isn’t easy, and all the management it requires can prove itself as a straining task in itself. The secret to a prosperous business is the employees. The employees are the cogs that operate the machine – and you have to keep them well-oiled.
A recent study shows that consumers are 77% more likely to purchase something if a trustworthy individual recommends it. Knowing this fact, you need to keep a couple of more things in mind if you’re looking to make your startup shine.
You might think that you’ve come up with the best idea out there and that it’s unique to you. You might be right, but you might be wrong as well. You need to thoroughly research everything before you’re even thinking about your startup.
Startups aren’t as cheap as many people think. The average initial investment into a startup or microbusiness is about 3000$, which is far from spare change.
To protect your investment, you need to base your startup on thoroughly researched and iron-clad information. Research your potential customers, your business model, your capabilities, and your competition.
A well-informed business owner is far more likely to make proper vital choices. The best product in the world is worthless if you can’t sell it. The market dictates the price; it’s the age-old rule of supply and demand.
Thorough and detailed research isn’t the only thing you should take care of before you’re heavily invested within your business. It’s essential to build a business around a revolutionary, unique, and prosperous idea. But reaching out to your potential customers is just as crucial.
To garner a proper clientele, you need to reach out to them. You can’t afford to lose a lot of money, so you don’t have all the time in the world. You need to reach out to your potential customers to establish your presence in the mind of the consumer. When people think about your product or service, they should think of your business.
Your business should become synonymous with your product or service. To start on this journey, you have to reach out as fast and as much as possible.
While reaching out to your potential customers is essential, it’s virtually useless if you’re not reaching out to the right people. Marketing your latest skateboard and spreading the word is all good, but you can’t expect to sell them to octogenarians.
Think about your product or service. Think about who is going to benefit from it the most — What is your target audience going to be? Who is going to purchase your product? After asking yourself these questions and finding the answers out, you can market accordingly.
Sales isn’t an instant thing, and it’s only natural and organic as you make it. Before you start your very next sales and marketing endeavor, you should have a general idea of what it’s going to look like.
Consider your budget and set some realistic expectations. If you’re basing this estimate on real, reliable information, it will give you an accurate hope of the sales journey and its climax. This process can help you plan for future sales, marketing, and possible business endeavors.
Education is by far the most important thing you should know when it comes to startups. While you might be an ambitious, driven, restless entrepreneur, it is your sole duty to make sure that your employees are on point.
The employees are the pistons that make the whole engine run. Without them, your business would be driven into the ground in no time. It’s your duty not only to keep your employees happy but working hard as well. An adequately educated salesman is going to out-perform any other, any time. It’s all about the combination of education and ambition.
There are two things you should consider when looking to increase your business workflow and streamline your processes. You need to educate your employees on what they’re doing and make sure that they have the space to do their best.
To make sure that your employees are doing their best, you need to know their strengths. Get to know your employees and position them according to their strengths. Teach them about teamwork. A team is always going to perform far better than a singular entity. Allow them to connect. You can promote this through team tasks.
The hardest part of this by far is letting your employees lead projects. While you might like to have all the strings in your hands, it’s essential to allow your employees to express themselves. Allow them to build themselves up under your brand and business. This nurture will ensure that their work output is both significant in quality, quantity, and smoothness.
A sales funnel is one of the essential pieces of information you should consider when starting a small business. It’s the analytical process that goes through the consumer’s mind when deciding to buy. The process usually consists of product Awareness, Interest, Desire, and finally, Action.
These four steps are the basic template on which most sales funnels operate. Think about this, and take into consideration all the information you’ve gathered through your thorough research. If need be, modify these sales funnel to best suit your business.
Running a small business is indeed a tough task, but if you run it properly, you can reap many benefits. Most of the small business internal operations boil down to employees within the startup.
The employee team is the driving force behind a business. Making sure that your employees are educated, motivated, and nurtured to grow is going to do wonders for your workflow.