Tips

4 Must Haves When Starting A New Business

May 14, 2018

Starting a business can be fun as much as it is scary. As it goes with any new endeavor, being in a position where you’re going in blindly can be daunting. However, with the right knowledge base and skill set, this doesn’t have to be nearly as bad, which is why I’m giving you a few helpful tips on how to get started. Check them out below:

A Great Brand

 

One of the core elements of any successful business is the backing of a great brand. While to some branding sounds like a luxury, it’s honestly one of the biggest ways that your audience connects with you on a meaningful level, turning them from just a customer to a loyalist. After all, a brand represents a certain mission or ethos that resonates with others, which isn’t the easiest thing to develop. However, with the right effort, you could have a brand that might last you a lifetime.

 

To understand a successful brand, you first have to understand the nature of a great one. This is essentially broken down into part-story, part-science, focusing in on how you can resonate with others without having to say a word. For example, according to CrowdSpring, color increases brand recognition by 80 percent, which is why a company like Samsung’s sharp blue colors combined with the modern typeface denotes a tech company. There’s a lot of thought that goes into these design elements, and they aren’t something that should be taken lightly. Once you do find that perfect combination, you’ll be off to the races in no time.

 

A Solid Business Plan

 

Another essential aspect of any successful business is a plan that spells out how you’re going to make money. As simple as that sounds, you’d be surprised at the number of entrepreneurs that attempt to start a company with making money a secondary concern. And while that might sound silly, as noted by Business Insider, with 82 percent of businesses failing because of cash flow problems, mapping this out will not only help yourself but any potential lender or investor as well.

 

To get started, look at a few of the business plan templates available online, highlighting which ones you feel represent the type of company you’re trying to start best. Furthermore, don’t be afraid to write more and cut back, as the goal is to eventually be able to tell people how your business is going to make money in a sentence or less. Especially when it’s your first time, this process will most likely take longer than expected, however, is well worth the effort to showcase to others. Keep this is as a continuous practice you look to keep up with, giving you the best chance of success long-term.

 

The Right Tools

 

While you might think it’s smart to have workarounds or hacks at first, eventually you’re going to want to equip your business with the right tools to thrive. It’s okay to spend money if it’s going to save money or a significant amount of time, as that’s the core to make your business run more efficiently and in turn, generate more revenue. And as noted in Entrepreneur, businesses lose 20 to 30 percent on inefficient processes, which can be quite costly when you break down the dollar-for-dollar markup.

 

Make a list of the different items your business might need, including how these are going to play a role further down the road. For example, while your business might eventually need a quality CRM, you might want to make a benchmark for when that’s going to happen in accordance with the number of customers you’re taking. Thinking about things like this ahead of time will not only give you a schedule of when you’re going to execute on what you need but save you from making impulse buying decisions, which you’ll certainly thank yourself for later.

 

A Mind For Marketing

 

Finally, one of the most important aspects of your business is going to be a mind for marketing, which will fundamentally be how you attract customers to you. This can come in an array of forms and fashions depending on your industry, but the basic goal you should have in mind is ROI. And one place that’s consistently had amazing results is with digital marketing.

 

The majority of digital marketing techniques you’ve most likely dealt with in your day-to-day, such as social media, email, content, or even SEO (at least, search engines). Depending on who your target is and what you’re after, do your research on an array of solutions to give yourself a wide-feel. For example, as noted by Hubspot, with 500 million active users currently on Instagram, this can be an excellent medium for b2c businesses to capture dedicated fans. Take your time in deciphering what’s right for you, as this will start to garner you an audience in no time.

 

What are you most excited about in starting your new business? Comment with your answers below!

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