New businesses and startups are getting launched every-day. There were 30.7 million small businesses that started in 2019. The market space looks saturated; The competition is fierce. Global economic growth is at its lowest. The net economic growth in 2019 was the “lowest of the entire decade,” only reaching 2.3%, according to the U.N.
Image source
You don’t want your business to be “just another business.” You would want your startup to stand-out in these crowds and make your mark.
Check these tips below to help business startups:
When you start your security business, you have to have clear goals in mind. What kind of security business will you be, and why should people use your product or service? Who is your target market? Where will you set up your business? And how will you go about marketing your brand? You also have to determine an initial timeline, from preparation to building the business, to marketing to the actual launch. You need to indicate how much capital and other resources will be invested, and the target ROI, you and your team, is aiming for.
If you got these facts clear at the onset, it would prevent you from offering an entire range of services you don’t have sufficient funds and resources for, It will keep you in check to optimise all efforts you put into the business to achieve the intent you have laid down at the beginning.
If your expertise is data breach and cyber threat prevention, deliver that service and dominate in it. This particular internet technology security service is a growing niche, especially after significant data breach incidents that happened in the past decade. If you are a cybersecurity expert, then focus on building that type of business. Wherever you are good at, focus on it, be greater, and aim to be the best.
Focus on building a legacy through your business by doing what you do so often that you do it way better than anyone else. As a famous saying goes, “do what the Romans do.” But what did they do?
In building the Coliseum, now a world heritage, the Romans used the best materials, purchased very rare marble from other countries, and designed things that were built-to-last.
Sadly, most entrepreneurs build for the short-term and take shortcuts to make easy money. They do not value building something for the long-term.
When you are building your business, have a big-business mindset even when you are starting small. When you were learning to ride a bike, one of the instructions probably given to you was to look straight ahead. Look to where you want to go, and not on the obstacles near you. Wherever you focus on, that is where you would naturally steer. It’s the same with building businesses. Look to where you want to take the business. Be that kind of business today, even just in your heart and mind. It will direct your decisions and strategies you employ now towards taking your business to that desired goal.
If you have the end in sight, you will not build for short-term purposes only. Every investment and effort you put into the business, you will direct it to have the most profit, but also the most lasting effects on your brand.
In addition, you should have a very well-defined niche. One of the oldest businesses on earth is based in Japan. Kongo Gumi, a construction company that specialises in Buddhist temples, was first built in 578 A.D. It is currently 1,441 years old. Before a merger, it had a $70 million yearly budget.
So, you do not have to be a Jack-of-All-Trades to earn a lot of money. We are in an era of specialisation. Be the best in your niche. It is easier to do that when you focus whatever resources are in your hand on specific expertise so you can be the best in that area.
All this leads to building a business of legacy. Let your business outlast you.
When should you start a business? Does it depend on business trends, or maybe when you have extensively, exhaustively done your market research? Is it when you have all the capital and everything else you need perfectly lined up? Truthfully, there is never an ideal moment to start a business. There will always be reasons not to start. So, when is the right time? It is NOW. YOU can make it happen, and you can make it happen NOW.
Even if things you need aren’t all there yet, you can start with what you have right now and build from there. Even if your business idea might be avant-garde or revolutionary, do not be hindered by fears if the market will accept your business or not. Just go for it, get that business out there and find out. Facebook, Twitter, and Airbnb are good examples of this. It doesn’t have to be perfect. You just have to start. Make your business a reality and see where it goes, how the market receives it, and what you need to improve to better your brand.
Starting your business may look daunting right now, but the real work happens actually after you do. Running your business startup is where the real hard work lies. When you have launched your business, you need to find ways for it to get noticed by your intended market, get traction with them, and hopefully nail successful conversions. All your hard work pre- and post-launch all boils down to conversions. Without conversions, there will be no sales. The road to conversion is not a walk in the park, though. You need to employ strategies and marketing plans that would all come together to help you connect, communicate, and convert your visitors from onlookers to loyal customers.
Strategies from other businesses, from different times, may not necessarily work for you. It’s your job to discover what works for your particular type of business, what is trending in your market niche, and how you can bring solutions to people’s lives, adding value to them. Today’s disruptive market has developed immunity for copy-cats and hard sellers. This digital business era we are in now calls for innovation, innovation, and more innovation.
So, even if you are a small business with limited resources, compensate with creativity and innovation because there is no limit there. For instance, you can optimise everything you can use for free to market your business startup organically. You can be active on Facebook and Instagram to build your social media presence and following, alongside growing your website’s domain authority. You can join forums and provide answers to legitimate queries related to your business. You can even guest blog for other websites for free in exchange for backlinks. You can do pro bono work, so people can test your product or service and give you reviews. The possibilities are vast.
So, you do not have to use so much money, time, and resources on marketing when you are starting. You can invest whatever startup fund you may have for product development or improving your services. This is how you optimise your capital to yield the most ROI in the beginning. You need to break-even as fast as you can to achieve this. Using your funds on things you can do for free at the beginning seems wasteful.
Failing to maintain a reasonable cash inflow can burn your business down. VO2 Sportswear in the U.K was put out of business due to this. And to think they raked in £250,000 in their third year.
Be mindful of your operational expenses, and aim to keep the business thriving from the onset. When you start right, continue right, you’ll succeed right.
The selection of a niche is where a lot of people realise they’ve made a big mistake. If you go too broad with an all-purpose business, you might struggle to understand who your audience is. If you’re too specific with a store that only sells one thing, you may find your niche too narrow. If your niche is seasonal, what would you sell the rest of the year?
Another thing to consider is whether you’ll be able to remarket to clients for years & years. For example, if you’re selling maternity clothes, women are only pregnant for nine months. After she gives birth, she probably won’t be shopping at that store anymore. That means you would need to work hard in making a name for your brand in the community of mothers so that you become highly-recommended and become a top-of-mind brand for the community. You also need to branch out to other products that they’d need after they give birth, like baby clothes and other parenting essentials.
So when it comes to selecting a niche, choose a niche that’s popular all-year-round. Google Trends can display how stable a niche is. You’ll also need to choose a niche that’s current. And finally, choose a niche that’s not short-term, so avoid maternity, weddings, or any niche business you won’t be able to build a long-term email list with, Try some unusual business ideas instead!
You know how everybody keeps speaking about why you should use technology in your business, but nobody tells you how to? Well, I’ll tell you a few ways you can use technology to support your startup & small business.
I’m not telling you to start using robots right away in your startup. Or build excellent infrastructures using AI. That wouldn't be wise.
Start by using technology in areas when it’s already proven its worth. It could be as trivial as generating bills or tracking productivity. The use of straightforward apps saves small business employees 725 million work hours per year.
It could also be necessary as handling your consumers or directing marketing strategies. The use of technology can be very convenient, particularly for small businesses. Small businesses and startups frequently run low on staff and other resources. You, as an entrepreneur, can’t handle everything in your industry.
A few of the technologies that startups and small businesses must use from the beginning is email management software. It help’s to keep up with the large volume of daily emails.
Another technological app you should start using for your startup/small business is project management software. It can help you to get organised and identify pain-areas in your business procedures.
Even if you’re finding the use of technology impactful in your startup or small business, be mindful of how much of your budget you spend.
Invest in your use of technology for your small business only until it supports its sustainability and growth! Don’t splurge on technology.
These business tips are only a guide as you start your entrepreneurial journey. Ultimately, your business is what you make of it. If you want to be a success, you’ll have to expose your business as much as possible. If you solve a problem with your target niche’s search intent, it’ll be easier for your business brand awareness to spread. You will need to focus on making your staff happy and fulfilling the needs of your customers to ensure your business is built-to-last. You’ll face challenges along the way, but as long as you’re willing to persist, nothing is stopping you from building a business that lasts a lifetime.
