Entrepreneurship is an idea that appeals to many, but figuring out how grow your small business can sometimes be so overwhelming that it puts people off. If you really want to start a business, stop thinking too much and start working to make it happen.
How to start a business
Starting a business involves planning, making financial decisions, doing market research, and gaining knowledge in areas you never thought you’d learn before. We created this step guide to starting a business to help you do your best today.
It’s important to note that there is no single blueprint for starting a new business, but these steps will help you organize your thoughts and clarify important details so that when you start your business, you’ve answered all of the important startup questions.
Grow Your Small Business Ask Yourself if You’re Ready
There will never be a right time to start a business. If the stars couldn’t align for Romeo and Juliet, they probably won’t for you either. But you can see it as the thing that is stopping you from starting or use it to push you to start today.
When it comes to deciding if you’re ready to start a business, it’s more about mindset than timing. Are you in the mood right now to win? If you didn’t scream heck yes on your computer screen, you may need to re-examine if entrepreneurship is the right path for you.(Grow Your Small Business)
The reality is that starting a business is easy. But doing it, turning nothing into something that generates money, can be much more difficult.
Build a business plan for success
If you don’t currently have a business plan, you should write one. Writing a business plan forces you to think about various aspects of your business, such as your products and services, your target customers more on this later, your competition, and your marketing plan.
A business plan also helps you formulate revenue projections and set goals for your business. Take the time to think about all of these things and create goals for 2022. If you have an existing business plan, it’s time to dust it off and update it with new goals and projections.
Increase Your Online Presence
It doesn’t matter if your business thrives offline or not, having an online presence is vital for future success. The eCommerce industry is growing at around 23% each year, with some estimating that 95% of all purchases will be online sales by 2040.
If you don’t have a website for your business, 2022 is the year. A website helps give your business credibility, can increase sales capacity (especially in years to come), builds brand awareness, allows you to engage in email marketing, and much more.(Grow Your Small Business)
Social networks are another avenue that you cannot ignore. 45% of social media users reported researching brands and products on social media, and 67% purchased a product that was advertised on social media. Even focusing on one or two social media platforms where your customers are active can give your business a huge boost.
Attract and hire quality employees
One of the key ingredients of a successful business is a strong team. Having quality, committed employees can have a tremendously positive impact on the growth of your small business.
According to recent labor statistics, there are still 10.6 million job openings in the US and not enough applicants to fill them. In fact, there are only 0.7 unemployed people for every job vacancy. (Grow Your Small Business)
To attract quality employees, write accurate and detailed job descriptions so candidates know exactly what is expected of them. Then combine incentives from companies in your industry to make your company as attractive, or more so, than your competitors.
Reduce company risks
Conducting business inherently carries some level of risk, but having adequate business insurance can provide protection against major liability issues. According to one study, 75% of businesses are underinsured. (Grow Your Small Business)
There are many different types of business insurance, but the three main types of insurance to consider are general liability, workers’ compensation, and commercial property insurance.
- General liability : General liability protects you and your business in the event someone a customer, supplier, etc. is injured on your business property or from the use of your products and services.
- Workers Compensation : Virtually all employers are required to carry workers’ compensation insurance. Covers medical costs and lost wages when employees are injured on the job or sick while doing their job.
- Commercial property : Commercial property insurance protects a business against accidental damage, vandalism, or loss of the physical building and assets.
Invest in Marketing
To get ahead in these uncertain times, invest in marketing and spread the word about your business. Marketing needs to be part of your business growth strategy in 2022, but it doesn’t need to break the bank.
Using social media ads, Google Ads, regular print ads, and other marketing strategies can be effective ways to get your business noticed and attract potential customers.
If you have a website, driving traffic to your website and building an email list can also be very effective. Whichever path you choose, make room in your budget for marketing.
Focus on the right customers
Do you know who your target audience is? Do you know their needs, wants and interests? Otherwise, this is a top priority for you because you won’t be as successful as you can be if you can’t meet the needs of your customers. (Grow Your Small Business)
Creating customer/buyer personas is a good way to start thinking about your customers’ needs and how you can solve them.
If you know your target customers, do your products and services meet their needs, wants, and interests? Connect with your existing customers and ask for their feedback. They are the perfect people to tell you how you are doing and even offer ways you can improve.
Prioritize customer service
It may not surprise you, but to grow your business in 2022 you must prioritize customer service. If you don’t provide your customers with better service than your competitors, that’s where they will go.
Customers feel valued when their questions are answered and their problems resolved quickly. Always go above and beyond to help your customers and make sure your staff is fully trained to provide the best experience possible.