There are a lot of factors that can affect a small business’s success. Being a business owner means understanding both external and internal factors that may impact the future of your small business. The first five years of your business is important because these are both exciting and challenging times that will define your business’s future.
If you are a new business owner, it is important that you remain flexible because in this current economy, the changing market conditions dictate the how your business will be received by your customers and how it compares with your competitors. Having agility allows your small business to quickly pivot when necessary to meet the needs of your customers and the current trends in your industry. You must be willing enough to adjust and dissect your business model, marketing strategy, and branding campaign. You must also look at your pricing strategy if it is benefitting both you and your customers.
You must also make sure that your intellectual property has enough protection. This means that you secure important things like your designs, business strategy, marketing ideas, and even trade secrets. You should never allow a competitor to know what your next step is and copy your service or unique product because this can damage your reputation. If you need to speak with a lawyer, to register a trademark for your products or concepts, you should definitely do so as soon as possible.
Always have enough back-up capital since you will never know what hurdles your small business might face. As you earn your profit, make sure that you are saving them promptly or investing them in other income-generating streams like trading stocks, ETFs trading, or mutual funds. This way, you can make sure that you have a financial asset that you can liquidate anytime you need to. ETF trading, for instance, allows you to invest in other asset classes even if you are just a small investor since it helps you broaden your portfolio.
Make sure that you have a website that current and potential customers can visit. Keep your website’s aesthetic clean, minimal, and user-friendly while also ensuring that it reflects your branding as a business. If you are offering several products, have your team create compelling products descriptions so that even new customers will easily understand how your products work and how it will benefit them.
Keep things personal—by this, make sure that everything about your business have a human or personal touch. For example, if you are running a small pastry shop in your town, find a way for people to see how your delicious pastries are made by posting images or short videos of your kitchen in action on your website or social media pages. This way, your customers can see your hardworking team and drive engagement and boost your marketing. Customers like to see actual human faces and behind-the-scenes action of how the businesses they support come up with their products.
Finally, remember to manage your customers’ expectations. As a small business owner, you have to keep in mind that your scalability also must be aligned with your limited resources. This way, you can serve your customers and accommodate their requests without swamping your team with too much work. Managing your customers’ expectations means that you will provide them personalized service while also ensuring the well-being of your staff.
