When you are starting out with your small business, it’s important that you plan well and take advantage of all of the opportunities that are presented to you. Some experts estimate that 90% of all small businesses fail within the first five years, with half of them failing within the first year. You can help stack the odds in your favor by learning from the successful businesses that have come before you. Here are three tips to help your small business succeed where others have not. Don’t be afraid to try, just plan well.
First, make sure that your business plan is airtight, and ask experts for advice. This is a key element to your small business’s success. You should have a very detailed budget, understand your market, and set both short and long-term goals. Talk to a financial pro if necessary, or take a class on building a small business at your local community college or university. Even books from your library can be valuable in helping you refine and perfect your crucial business plan. Think of your business plan as a blueprint for success.
Next, make connections with other businesses that can help you. No business is an island, and every business needs to cooperate and work with others to succeed. For example, if you’re packaging potentially hazardous materials, make sure you have excellent dangerous goods packaging, as tested by a reputable testing company like Ten-e. Similarly, do research on sourcing your raw materials locally, and reach out to companies who may want to partner with you on events or sales. Don’t think of other small businesses as competitors, think of them as allies. You can also get valuable advice from small business owners who have been in your situation before.
Finally, use social media to reach out to your customers and get basically free advertising for your product. You don’t need to hire a social media expert, just reach out and engage with your past and future customers. Focus on building your brand and getting name recognition. You will be amazed at how many people will find you through one of your social media accounts.
Your small business doesn’t have to be another statistic. Beat the odds by learning from the experience of other businesses that have succeeded. Achieve your dreams with good planning, collaboration, and social media outreach.