How To Turn Your New Business From Zero to Hero
Feeling frustrated with your 9-to-5 job? If so, then it might be a good time to start your own business – and be your own boss.
While opening your own company requires careful planning, research and preparation, there are some general rules you should follow to maximise the opportunity and succeed.
It all starts with an idea
Brainstorming a killer concept for your very first business needs time, good preparation and market research because there is no point in starting a business if there isn’t an audience for your product or service. To make sure you stay ahead of the game, ask yourself some key questions:
- What problem does my product or service solve?
- Who will buy my product or service?
- Where will they buy it?
If you feel confident with your answers, proceed to the next stage.
Test your ideas before making a long-term commitment
Although the idea of renting an office and employing staff right at the start might be tempting, resist that feeling until your business starts to settle down.
If you’re planning to be a retailer, test your products first by selling them through an online shop or an eBay auction to determine the demand for your goods. If you need additional space to store your stock, consider renting a business storage unit within your local self-storage provider. This won’t cost you a fortune (prices at Storage Giant start from just £5 per week!), and will help you to avoid any clutter at your own place.
Do some online advertising
All new business owners face the same challenge – how to get the word out about your business in the most affordable way?
The answer is simple – look online. With the ability to interact with people across the globe, promoting your business is easier than ever – all thanks to numerous social media platforms, such as Facebook or Instagram, which support businesses’ efforts to engage with their target audiences.
Start off with building your branded image across multiple platforms and gradually expand your strategy. You might, for example, start with organic (free) posts and move to paid advertising when you’re ready.
If you really want to see the profits, shift to a proactive mind-set. You can’t just sit in your garden and expect customers to find your products themselves. Instead, you should be going to places where you’re likely to meet them and promote your business there.
If you already have some customers, don’t be afraid of speaking to them either. Remember that over 70% of buying experiences are based on how the customer feels they’re being treated, so make sure you listen to your customer’s feedback and improve your services accordingly.
Evaluate the success
As soon as you get some data in, evaluate your efforts to measure how profitable your business is – especially if you’re looking to make some further investments such as renting an office space or purchasing company cars. To examine your business performance, look at your business’s financial statements, average how many new customers you get, monitor customer satisfaction and don’t forget to assess your own expectations too.