Small business owners are an intrepid bunch to be sure. Considering the odds stacked against aspiring entrepreneurs, you have to possess a tremendous amount of confidence, skill, and drive in order to get a new company off the ground. Indeed, about a third of new small businesses close their doors after just two years; and half throw in the towel before five. Today, we’ll focus on how small business owners can beat those odds and ensure that their company remains viable for years to come. Here are four helpful tips to that end that will surely help you:
Secure Your Finances
Money makes the corporate world go round, we all know that. Without the requisite capital, your company will always face an uphill battle –– even if you succeed in other aspects. The first thing any prospective business owner should do is seek to secure funding for their venture. Enlisting the backing of a partner or two, or even applying for a few savvy loan deals could give your company the financial boost it needs to weather a difficult period early on. Good research would result in a better understanding of what you and your Business really need to move forward.
Conduct Market Research
Perhaps you think you understand your customer base. And perhaps you have a good feel for how you stack up against your competitors. However, without thorough market research, you won’t know anything definitively about your business’s place in its industry. Make it a point to conduct customer surveys and to launch in-depth studies on your competition. This way, you’ll be able to identify profitable opportunities where your business can pounce, who will be your customers and what they are interested in these days.
Invest in Tech
Virtually every business in every industry relies on new technology to improve
Connect with Your Customers
Much easier said than done, but companies that can establish a strong rapport with their customer base are almost guaranteed to thrive. One of the biggest mistakes you can make when starting a corporation is to assume that your customers will automatically love your product. In reality, small business owners typically have to go above and beyond to cultivate and retain their customers. Making a positive emotional connection with just one customer each day may not result in profitable outcomes immediately, but it will offer your business a foundation upon which to build, connecting with them will be much faster and easier.