Are you up for a challenge? Starting your own business is the ultimate test of your resilience, creativity and resourcefulness, but it can also be the greatest reward. Sometimes we underestimate how hard it is to make our great on-paper ideas translate into the real world, and just how tough pulling it all off is.
A quick win is the best way to put your own mind and the minds of your investors at ease by showing that your business idea is a viable money maker. It will boost your spirits and your credibility, bolstering you up to move on to further success. So, how do you make sure you’re set up for success from the start?
Start Locally
Having the market knowledge of your local area can be a huge advantage for a fledgling business and boost your chances of early success. Leverage the power of the networks you already have to draw in business – former work contacts and colleagues can be invaluable for making introductions and channeling business your way, so polish up that LinkedIn profile, get in touch with a personal message and begin the charm offensive. Your marketing costs will also be much lower if you start with word of mouth or small pieces of local advertising. Look for publicity opportunities to get a buzz going around who you are and what you do.
Land a Key Account
Sometimes all you need to get the ball rolling is a single success, especially if you get a big client who will sustain your business at the beginning. It pays to be a bit selective and single-minded about which accounts you pursue. Rather than scattering your energy chasing several accounts, focus on a handful and learning enough about them to create a strong, tailored proposal that will help you land them. Put your name down for business networking events and mingle as much as possible. Narrow the field by picking organisations whose mission and values match yours – and use this to convince them that you are the perfect match.
Buy The Right Tools
It would be the very definition of a false economy to pick substandard tools to get started with. When you start a business, funds are limited and it can be tempting to try and cut costs – but actually, you need to be smart and invest in the best you can afford – whether that is a premium digital film editing package for a media company, Digital Maps from ProMap for an architect or even mixers and ovens for an artisan bakery. Cut corners here and your work may be affected. You can’t afford to be substandard when you’re establishing a reputation and trying to gain clients.
Get Networking
Forming partnerships is the surest way to get your name out there and gain new customers, so make networking a priority. A partnership with an established firm will raise your visibility, so pick ones with a complementary product or service to what you can offer. Work out the benefit to them and offer a commission or a percentage of sales in exchange for access to their customer data.
- This post has been written for Morning Business Chat by an outside source.
