Despite the global economic downturn of 2008 business is doing well. In fact, during 2016 there was an estimated 550,000 startups!
But it takes more than just a good idea to make you successful in the world of business. There are a number of steps that every entrepreneur should take; these will help you establish and grow your business, no matter how competitive your niche.
Create A Company
It is possible to simply start trading as a sole trader. However the benefits associated with this will quickly fade as your business grows and your personal risk grows. This is why it is important to look at how to incorporate your business.
It is best to use a professional firm to help you incorporate as they will be in the best position to advise and guide you through the process.
Build A Brand
Even before you create your company you need to have a business plan. This will outline your major goals and your smaller, more easily achieved ones. By monitoring these you’ll be able to assess whether you are on track.
But, an important part of this is to concentrate on establishing your brand. This is more than just your product.
A brand summarizes what you stand for, the quality of your products or service and establishes an identifiable logo. The purpose of this is to build recognition, trust and loyalty in your customers; they will like the look of your product before they even know what it is.
There are many ways in which you can find new marketing opportunities but the most obvious place is social media platforms.
Not only do these platforms provide you with the opportunity to interact with thousands of people, you will also find they are very effective at allowing you to introduce new products.
The trick is to introduce a product naturally and to get your closest followers to test it for free. Their testimony online will carry far more weight than any speech you could make. This will attract other users and increase your sales with virtually no effort.
However, it is important to note that there will always be some customers who are not happy. You must deal with these quickly and fairly. Most important it must be open, so that other users can see how well you handle issues. This alone can convince them to purchase from you!
It is essential that you provide a quality product or service. The first reason for this is that this is what you are promising with your brand, if you don’t deliver you can quickly destroy your entire brand.
The second reason is that a quality product will encourage positive feedback and a satisfied customer. This will lead to more sales!
You need to remain focused on your goals to ensure your company is on target and is growing. But, it is essential to remain true to your founding principles at all times. This is what will win you customers and ensure you retain them for the long term. As you know, customers are essential to a successful business.