In a global market, small businesses can struggle to get started and many fail within the first year. However, with a great business plan, careful strategizing, and a little small business help, it is possible to succeed. As with everything in life, preparation is key. So if you’re considering setting up your own business, take a read of our five top tips for small businesses and make sure you start off with an unstoppable business strategy for success.
- Be realistic – When you first sit down to create a business plan, make it achievable. Setting yourself unrealistic goals is going to leave you disheartened and lacking faith in your business and business strategy. We recommend you set a number of smaller, achievable goals rather than one big one.
- Minimise overheads – Depending on how many employees you start off with, select your premises accordingly. A large office and an expensive decorating and furnishing job may look good initially but that upfront investment is not going to pay for itself for a long time. Part of your business plan should be a clear outline of the budget for overheads. Be sure to keep it modest until you can afford to splash the cash.
- Network with other businesses – Some of the best people to offer small business help are fellow business owners. Talk to others in both the same industry and different areas and find out more about business strategies. We don’t mean steal their ideas, just discuss what works and what doesn’t and support one another to create a stronger local economy together. Running a business can be lonely but don’t allow yourself to feel isolated. Ask other small businesses for help and advice to ensure your inclusion in the local community and support of others in similar positions to yourself. These connections can also lead to referrals.
- Identify and target your audience – Every business needs to know their target market in order to, well, target them. Make sure you do extensive research into your intended customer base, what they want and expect from a small business, and how best to advertise and connect with them. Every company relies on customers, after all, and putting in place a clear business strategy towards them right from the start will help ensure you see a positive cash flow as soon as possible.
- Set up a strong social media presence – It’s the twenty-first century and whether you like it or not, social media and businesses go hand in hand. Every business plan should include your tactics when it comes to social media. Whether you’re focusing on Facebook, LinkedIn, Twitter, Instagram, or a mixture of all four (which we’d advise), the best business strategies enable the company to reach their existing customers and potential future customers in a variety of ways. Social media sites, particularly Facebook, are powerful business tools and small businesses should make the most of them.
For more detailed small business help, why not contact Real Trade Business Solutions for comprehensive help with developing a business plan, improving your business strategy and other small business advice.