By Melissa Callejas
Owning a small business is not for the faint of heart. Maintaining a public image, posting regularly to get traction, having a good sense of adaptability, managing finances, marketing, and advertising—the list continues. According to the US Bureau of Statistics, 20% of small businesses fail in the first two years of starting the project, and 45% fail by year five.
Lack of demand, unhelpful money management, and inadequate marketing strategies are the leading causes of these businesses' shutdowns.
Some strategies can be implemented to better one’s chances of maintaining a successful and open-for-business brand.
The first step is to check the list of ways to create a well-crafted business plan. Set aside multiple realistic goals to ensure one is on track and meeting future requirements they want to achieve.
Secondly, one should have a clear idea of their target audience. Is there a possible competitor fighting for their attention? Are there any services one could provide better, easier, or faster than the competition?
Thirdly, knowing an audience does not mean you understand them. Being able to put oneself in their shoes, understand how their minds work, and understand their decision-making can be beneficial in positioning the brand in new, innovative ways.
Bookkeeping and budgeting is the fourth essential tactic every business owner needs to practice. There is no way to tell if a company is flourishing if there is no regular upkeep and recordings of how much is being spent and how much is being made.
Embracing new ways to market oneself and gain a following is another easy way to ensure a brand's visibility. Practice these steps to ensure more security than none when tackling a small business.
Check out Meeman 901 Strategies for more!
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