Starting a business from scratch can be scary. With so many moving parts, it can be overwhelming to know where to start, and hard to know what you’re capable of.
But like any other skill, business ownership can be learned. And the key to success is KISS – Keep it Simple Silly.
Take it one step at a time, start with the basics, and follow these top tips to get you started:
1. DO YOUR RESEARCH:
Know your product/service, research your customers, research your competitors. The more you know about the market of what you’re about to jump into, the better off you’ll be.
2. FIND YOUR GROOVE:
Most markets and industries are crowded these days, so it’s important to find your point of difference – what makes you stand out from the rest? Why would people choose you over others? Answering these questions will help you nail your branding, messaging and service down the track.
3. KNOW YOUR NUMBERS:
Profit and Cashflow are the most important things in business. They can make or break your business, so knowing everything you can about your product/service costs, your labour rates, freight, supplier costs, tax implications – everything – will stand you in good stead for building a sustainable business.
4. SELL, SELL, SELL!
Once you’ve launched, the fun stuff begins! As a business owner, sales and revenue should be at the forefront of your mind. Think about ways you can reach out to your target customers and DO IT. The more customers you connect with, and the more sales you make, will help you hone and refine your products and services so you can build a sustainable business.
5. CLOSE THE FEEDBACK LOOP:
Word of mouth is one of the most powerful drivers for customers making purchase decisions. People trust people more than advertising, so turn your customers into your biggest fans! Ask them to leave reviews online and incentivise them to tell their friends. Then thank them for doing so! A little thank you can go a long way…