- August 3, 2020
- Posted by: admin
- Category: Blog
Starting a business is no easy feat. There are a lot of things you can wake up in the morning thinking about and accomplish within just a few hours but starting a successful business is not one of them. In order for your business to be successful, you have to plan constantly, keeping your strategy flexible and efficient. It does get easier with time, however, and you will eventually have enough experience, reputation, and funds that keeping your business running smoothly seems almost too easy. In order to reach this point, though, you’ll have to work hard, and the first months after you begin building your business are the most crucial.
Your first months, eventually leading to your first years as an entrepreneur, are more about surviving and building credibility than they are reaching success. The key to building your business from the ground up is being prepared to strategize from the very beginning. To help you get started, here is a guide for strategizing in your first months to help your business grow.
Establish an online presence
Digital marketing is one of the most important aspects of growing a business in 2020. From SEO practices to customer service, establishing an online presence can truly make or break the potential success of your business. A good place to start is by creating a uniform, professional profile across all social media platforms, especially popular platforms such as Twitter, Instagram, and Facebook. You should also invest in a quality website with an eye-catching landing page, an option to subscribe to a beneficial newsletter, and even a blog where you can connect with your potential clients and offer niche or business related information. A large online presence will also boost the search engine optimization of your business, allowing it to rank higher and gain more visibility and organic traffic.
Create a marketing plan
When you first begin to build your business, you should be frugal when it comes to marketing. While this may seem a bit counter-intuitive, it’s important to understand that there are plenty of free or low-cost opportunities for marketing all around you. As discussed above, digital marketing can be one of your best tools as a new business owner. Social media platforms are free, and you can create a free website or, if it is within your budget, hire a website designer. You can also market traditionally using cheaper methods such as fliers and business cards. In the beginning, an expensive marketing plan can create unneeded expenses without benefit your business well. After you have well established your business and have a steady income stream, you can begin to look into more pricey marketing means such as billboards or influencer partnership.
Focus on accurate bookkeeping
One of the most important things you can do is keep track of all of your receipts when you first start your business. Even if you just have a notebook or Excel sheet full of your credits and debits, you should have some form of records. This will help prevent you from spending more than is in your budget, and it can also make filing your taxes much easier, allowing you to potentially save money by filing them yourself.
Be frugal when possible
While this entire guide has helped you to create a more frugal business plan – from saving money through digital marketing to keeping track of your receipts and budgets – you can always take it one step further. In your first few months of your business, it’s important to ask yourself whether or not you truly need certain things. Certain things may be nice – such as expensive office supplies or additional employees – but they may not be necessarily beneficial. You should also adapt a ‘reduce, reuse, and recycle’ mindset. For example, when moving into your office, rather than spending hundreds of dollars on a new desk, think wisely about your other options. You could use a desk you have at home or even thrift for one that is less expensive.
As your business begins to grow and flourish, it’s important that you begin to network and make connections. One of the best examples is actually a top trend for SEO in 2020, and it’s influencer marketing. Pop-ups ads are a thing of the past, and, with the rise in popularity in platforms such as Instagram and Youtube, influencer marketing is in. Once your business has more of a reputation, you can begin to connect with ambassadors and influencers to promote your business through sponsored posts and giveaways for either free merch or financial gains. This type of marketing is quickly becoming popular, with 80% of marketers saying it is effective. Influencer marketing will also boost your search engine ranking, an important state in digital marketing.
Think like a customer
It’s easy to become so enraptured with the business owner experience that you forget what it’s like on the other side of the customer. Every now and then, make sure you take a step back and view your business from a new perspective. If something isn’t working, take on the mindset of a customer and feel out why you think it isn’t working. Doing so can save you a lot of hassle and help your business boom.
Prepare to adapt and grow
As your business expands and grows, you, as well as your business plan, will need to as well. While it may work perfectly for right now, there will come a day that social media won’t be enough to market your business or an extra room in your home won’t work as an office anymore. One day, you may find that hiring freelancers or a digital agency to run your website is more efficient, or you’ll want to move on to influencer marketing. Keeping a close eye on your business’ performance and finances is one of the best ways to gage when it’s time to expand and when it’s time to cut back.