Starting a new business from scratch is not an easy job; every entrepreneur will tell you that. Don’t worry, not all things are that bad.
Now, I assume you’ve all heard the spooky statistics that half of new businesses fail in the first year.
This is not completely true. Data shows that approximately 20% of new businesses fail during the first two years of being open. If we take into consideration that 25% of new companies make it to 15 years or more on the market, then we get a bitter-sweet feeling in the gut.
The whole point of this ‘game’ is not to be in the first 20% and hang on to that lucky 25%. If I’m being completely honest, luck hasn’t got anything with that.
To get a new business up and going, you will need a lot of effort, knowledge, tools, and probably some ‘tips and tricks’ that will come in handy. This article is right about this!
How To Launch A Successful Business: Pro Tips
Sometimes people can get carried away when starting a business. They think about how it would be when they have 1 million followers, a chain of restaurants around the country, or 10.000 employees.
Meanwhile, they forget that they don’t even have an Instagram account, a proper restaurant floor plan, or two employees. Don’t get me wrong, it’s great to dream, but when starting from zero, we must first think about the small steps.
Especially for you, I’ve compiled a list of seven fundamental steps that will help you build up your business, starting from the idea.
1. Focus on your customers and employees
‘Happy wife, happy life’ is a pretty cheesy saying, but it’s weirdly true even when it comes to business. If you have happy customers and employees, you will have a successful business.
For example, let’s assume that you have a restaurant. You think having amazing food, good service, and friendly staff will get you in the long game.
But when your customers come, they feel crumpled by the scarce sitting space, and they can’t find an outlet for their chargers. On the other side, there is the waiter who is trying hard to navigate from the kitchen through the crowded tables. Now you have unhappy customers and employees. In addition, partnering with Uber Eats Merchant could help alleviate these issues by expanding your reach to customers who prefer delivery, providing an additional revenue stream․
These are the ‘little’ things that make a big difference. If you found yourself in this story, then you should check out Lightspeed’s restaurant floor plan guide; they provide some excellent advice. Sometimes a simple thing such as a proper floor plan can save you from a lot of dissatisfaction with your customers and employees. Finding the right professionals to do that should also be a part of your plan.
You can invest in any technique and methodology you like, but if you don’t put your customers and employees in the front seat, you won’t be able to ‘drive’ your business. Customers today have more options, so they tend to explore their options and oversee the problems that the business owners miss.
2. Have a creative business idea
The oldest company in the world has been around for 1443 years. Someone had a pretty great idea back then and continues to improve it generations after. Everything starts with an idea. Not every thought that pops into your head will be good, but one good is enough to take you to the ‘stars’.
You are the creator of your business, so don’t start with the unknown. It’s obvious that you can’t create anything if you are not mastering your subject.
Your idea should start with your hobby or the things you like the most. After you have your base think about how you can make your idea different than the others. For example, if you are opening a restaurant, don’t make it plain. Focus on restaurant marketing strategies that highlight what makes your concept unique and attract your target audience effectively.
You can make a themed restaurant,make a menu that matches your restaurant theme, make your interior stand out by choosing a specific style, or give your employees a unique uniform.
Don’t forget to call your friends! Create your own community of supporters who will believe in you and your business and will help you spread the word.
3. Create a proper marketing and advertising strategy
You don’t have to go door to door anymore to attract more customers, but that doesn’t mean that it’s easier today. I would never start a business today without having the following things prepared:
Digital marketing plan: It doesn’t matter what kind of idea you have in mind; this concept has to be seen and accepted. After determining your customers’ profiles, put digital ads on social media platforms. Professionals can help you develop the most successful marketing plan. This way, you will target the right audience.
Social media plan: Influencers are a very important part of the ‘social media ecosystem.’ There is a big chance that if their followers see they are using your product, they will follow that step.
Don’t be shy while using social media platforms. Make giveaways and contests. Instagram, Facebook, Twitter, or TikTok, you can make active profiles on all of these platforms and keep your customers up to date with relevant information.
Website: Good content is a must. This gives you exposure. You can quickly grow your business with a good website. When people hear about a new restaurant or a new gadget, what do they do? They visit their website to get more information. Always have in mind your website to look professional to be mobile and desktop friendly.
4. Do some research on your competitors
The grass is not necessarily always greener in the neighbor’s courtyard, but that doesn’t mean that we shouldn’t check on it from time to time. First, ask yourself who your competitors are and what they are doing.
After that, find out what they are not doing and how your business can top their product and services. I’m not saying that you should copy your competition. Quite the opposite. You should research the competition so you can be better and more unique than them.
5. Alert the press
When you have something to say, don’t forget to inform the press. Create press releases and send them to your local news outlets. Journalists always look for stories to create content, and you will get free publicity and distribution while reaching a different and broader audience.
6. Develop a brand
Over the last seven years, Coca-Cola has spent an average of 4 billion dollars a year on advertising its brand. This company is not selling soda; they are selling “Coca-Cola,” and that is what you should aim for.
You need to define your brand personality. Think about what makes you different from the other companies.
Ask yourself these questions:
- What is special about my product or service?
- Am I doing something unique, and what is that?
- How can I get better exposure?
After you answer your first two questions, use visual cues such as logos and color schemes to work on the third one. These are the first things that pop up in potential customers’ eyes, and you want them to recognize you.
7. Constantly invest in your business
“Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas.” – Paul Samuelson.
I’m sure that it is very tempting to buy a new car for yourself right after your startup hits some profit. But we all know that is not a good idea.
At the very beginning, you have to put all your profit into making your business better. It’s even possible that it won’t be any profit for you to take, but you must be patient.
Don’t be afraid to try new things. Every day should be a research. If you have the resources, use them wisely.
Remember, it’s easy to start a business, but it’s hard to maintain one.
Don’t Give Up On Your Dreams
It’s nice to think that we can walk all the steps and everything will go smoothly with our business. But, of course, life is unpredictable, and this option is almost impossible.
If someone says to you that they are a business owner that never encountered a problem, then it’s very likely that they are not very good at what they do or haven’t started yet.
Even the most incredible ideas and corporations had obstacles at the start. You need to work for your success. Not everything will look ‘pink’ at the beginning, but with courage and determination, you can make your dreams come true.
Just a little spoiler alert for the future. It doesn’t get easier, but it gets better.
