In this article we will discuss what it takes to start a small business, what will make it a sure shot success and How to sustain its success.
What it takes to start a small business:
- Have absolute confidence in yourself, your skills and what you contribute to the business. Do you have what it takes to run the business even if you have staffing issues? Do you believe you will offer your customers a service/product which is of value and has that little edge over your competitors?
- Marketing is the key to success for any business big or small. We will discuss more about this in the next section.
- Ensure your overheads like rent and hiring staff are at a level you are comfortable with. If you are in doubt start small, expansion is always possible. Always have capital for the first 6 months to cover your expenses.
- Get all your insurances sorted and licenses sorted.
- Beyond all be driven! Be driven to make it a success whatever it takes.
What will make it a sure shot success?
- Marketing! Marketing! Marketing! – This is really a very important factor for any business to be successful. Your product or service could be excellent, However if people don’t hear about it, there is no scope for them to be able to use it. So make yourself seen, heard and discussed. Using social media marketing and having an online presence is mandatory for all businesses now-a-days. Identify the best channel for you. For example if you have a consulting kind of business then Linkedin, facebook and twitter are your key channels. If you have a product which is pleasing to the eye then Instagram, pinterest and facebook are your optimum channels.
- In the first 6 months of any new business you don’t have time to relax nor can you afford to take your eyes off your business even for a day. Start a small business only if you know that you have time for that 100% commitment and are singly focussed on your business.
- The next step is to ensure that the demand which you create with your marketing is met well, the customer who comes to you should find it easy to learn about your product or service, feel welcomed by your business and should see value or a unique USP in what you are offering. Outstanding customer service is vital for word of mouth business and repeat business. Give your customer what you promised and beyond.
How to sustain your success and keep growing?
- Consistency! Success will be short lived if you don’t consistently provide the same service or product as you have become successful with. Customers will be disappointed if they pay for something they have come to expect and then don’t get it the next time. They will normally never come back.
- Never relax with your marketing. There are always competitors waiting to take over your customers. You have to constantly be seen, heard and be discussed 🙂
- Find new ways to attract customers, Keep in touch with them, engage them, remind them of your business, and offer promotions to make sure they get that value for their money.
- Always maintain that excellent customer service.
- Excellent organisational skills are also key to running a business efficiently with the least expense. Make sure you have policies and procedures in place to make it easy for yourself and your staff to follow.
If you follow these principles you will definitely be on your way to make your small business a success. Good Luck
By Vahini Panda
Vahini Panda is the CEO of Health Academy Australia and Health Courses Australia and has experience in running successful small businesses from the past 17 years. With her diverse background and experience in health, E Marketing, E commerce and Information technology she is an authority on Online marketing and social media marketing. Vahini has also won the International women’s day award for business.