What you need to know before starting a small business

Starting a new business can be scary. There’s so much you don’t know a single thing about. But the good news is that behind every successful business is an entrepreneur who was once right where you are now. These are the people who know exactly what you are going through. They’ve been there. They have been uncertain about where to turn and who to ask for help. It’s very likely that they hesitated before taking the next step. Theirs is the advice you should be looking out for.

 

Take advice from the pros. Apple boss Steve Jobs used to say that it’s important to be selective about the challenges you choose to tackle as an entrepreneur.

“People think focus means saying yes to the thing you’ve got to focus on. But that’s not what it means at all. It means saying no to the hundred other good ideas that there are. You have to pick carefully. I’m actually as proud of the things we haven’t done as the things I have done. Innovation is saying no to 1 000 things.”

His Virgin counterpart, Richard Branson, said business owners should focus their companies on the thing they need and the changes they’d like to see.

“Think about changes you’d like to see as a customer – even if you’ve just noticed little details that need tweaking. Those little changes may add up to a big idea that leads to a new and truly disruptive product or service. This is essentially how we, at Virgin, launched our first successful businesses.

“We were very sensible when we started out, setting up connected enterprises like most other companies do. We went from running a small record shop to starting up a record label with recording studios and then added our large music megastores to our portfolio.”

 

Planning your next move. When you’re just getting started, it’s important that you know what your next move is and where you plan to be in the next five to 20 years. Only then can you really begin to plan your next move and way forward. You’ll need to draw up a business plan to guide you onward. It’s essential that you’re constantly measuring your success, taking note of the factors which help you and which hinder you along the way.

 

There are many factors which could potentially impact you, as a small business owner. In South Africa especially we have to protect ourselves from the twin issues of crimes and cost increases. Making sure you have the necessary security in place and planning your finances carefully should assist in putting your mind at ease.

 

Next up, you’ll need to start thinking about making your startup a success. It’s likely you’ve read thousands of articles, listened to many podcasts, spoken to friends who’ve done the same thing and scoured the stores for books on your subject.

 

And your startup is beginning to show the signs of your hard work. So, how do you take your business to the next level? If you’re looking to grow, here are some tips for moving your business to the next level.

 

Think about your timing. Just like everything in life, you need to be at the right place, at the right time. You need to be able to spot a gap in the market and get in there quickly. You need to realise what consumers want or need, before they even do. In order to do this, you need to always have your finger on the pulse of what’s happening, what they want and where there’s a need. You’ll need to always keep updated about everything that’s happening in your particular industry.

 

Spend time building your brand. Your brand is everything. It’s what will come to mind every time a consumer thinks of your product or service. You’ll need to connect on an emotional level with your consumers and ensure your brand is thought of as a leader and influencer. For this, you’ll need to pay attention to a number of different factors:

 

  • Choosing the target market that’s right for your product or service
  • Connecting in the right ways and in the right places with your target market
  • Making sure you and your brand are always known for providing excellent customer service

 

When all of these factors begin to come together, consumers will choose your brand over others. That’s when you’ll know you’ve made it.

 

Pivot your brand. This is when you move away from what’s not working and find a solution that does work for your small business. You definitely don’t want to do this too soon. But eventually, you’ll want to diversify and become known for something else. When the time is right, you’ll need to apply for the asset finance solutions to help you grow your business. Be sure to stick to related products or services as you grow because otherwise you’ll begin to feel disjointed. This could be confusing for your customers and push them to your competitors.

Your brand needs to be online. Seriously, get online now. What are you waiting for? The world is becoming increasingly digital and every company needs to be online. Make sure your website can be found easily by using use of some simple SEO strategies. You should also be using social media in the correct ways and to your advantage.

 

Take your time to grow slowly. But don’t wait for too long because someone else will have the same idea as you. They’ll move faster and you’ll never get anywhere.

 

Being a business owner is tough. That’s especially true when you’re starting out. But if you believe in your project and know the risks, you should go for it. That’s when you’ll not only survive, but thrive.