So, you are ready to start your own business. Your business plan is prepared, or maybe you haven’t made it yet… You’ve found investors, or you’ve decided to act at your own expense… No matter what you’ve chosen, but the decision has been made and you’ve become a businessman already. But what to do next? How to act in a way to make your business profitable and not to lose it in the very beginning? That is why, you shouldn’t forget about some steps which are very useful to follow if your business is at its initial stage.
I recommend you to pay attention to these 5 things, which can help you start a business and make it profitable. Just try to remember them and follow them when it’s time.
1. Attract your first customers and find your first regular clients.
Every customer who makes a purchase is the result of your hard work with dozens of potential clients: he costs you a lot, because you spent some money on his attraction, advertising and marketing. But the main mistake of all enterpreneurs here is so obvious: they let this client go after he’s made a purchase, as they think it’s done. Never make this mistake when it comes to your business! Give this client your discount card, and both he and his friends will come to you again when they need to buy your products at a slight discount. Even if it happens once.
Just think of it: if you had a chance to buy the same product cheaper, wouldn’t you do so? And why should your clients do it differently? More likely, they will come to you again, not to your competitors.
2. Complete all legal processing.
Have you finished the registration? Do you have your stamp? Have you opened a bank account? That’s great, but do not forget that the moment will come one day when you will need to register a trade mark, because as soon as you get your own corporate style and recognizable company, it will take time to register your brand. So, it’s much better to be ready for this in advance.
Make sure that you have all documentations needs, and you won’t have any problems with it in the future.
3. Analyze.
Which of your products is the most popular among customers, and why? Where do your clients learn about your company and its services? What would they want to get from you? The initial stage of your business is a test: how much do people need your products or services? It’s important to detect unnecessary products in time and replace them with more popular ones.
And when you know how and where your clients learn about your company, you’ll be able to reduce marketing costs by eliminating inefficient promotion tools.
4. Look for partners.
Of course, you can do your business alone, but you can increase your own profits with the help of other enterpreneurs. At the initial stage, when you are just a newbie to all this business stuff, it will be quite reasonable to have a partner. You can use co marketing or common sales channels. A partnership can be one of the main benefits of your business development.
5. Advertising, advertising, advertising.
When you just start a business, the main item of your expenditure should be advertising! You can do your business with no office and employees first, so, no need to spend money on a rent or salaries. The ideal variant is to work with no employees at all first. This is advertising that brings you clients and profit now, so, don’t lose your chance to tell about yourself.
No one will know about your company and services if you don’t tell them and do nothing for them to know this. It’s not necessary to pay for ads, as you can use social networks for example or make a really creative ad by your own.
The big number of enterpreneurs fail their business at its initial stages. There are many reasons for that, and all of them are impossible to describe in this article. But you can increase your chances for success, if you know what to do first when you start a business.