In a world where there is a competitive market for almost everything, you need to stand out in the crowd. Here are our top tips for owning and running a successful business.
1. Be passionate about what you are selling
When starting a business there must be a passion and excitement for what you are selling. Pride and belief in your creation will result in a better quality of product because you will put your all into making it. Enthusiasm starts from the top and will trickle down through to your staff and customers.
2. Discover your Niche
Develop your niche and put it in writing. In doing this, it will allow you to build on your ethics and establish a target market. It is from here where your business ideas will continue to grow from.
3. Overestimate expenses and underestimate revenue
Businesses often fail within the first year as it takes time for a decent customer base to form. This causes a less than desired revenue that may come as a shock for business owners. Expect the possibility of running into trouble and prepare yourself financially for it.
4. Survive the milestones
The statistics are that 80% of start up companies will fail within the first 6 months, and 90% of start-ups will fail within the first 12 months. These are important months and milestones that your business must surpass and continue to grow in.
5. Name recognition
In order to survive and grow in the first twelve months, your business’ name must be recognised within the general public. There needs to be continual advertising and promotion that will resonate with the public even if they are not directly looking for your product or service.
6. Business plan/marketing strategy
Before starting up your business it is important to take the concept of your product or service and develop it by creating a thorough business plan and marketing strategy. A business plan draws a picture of your entire organisation and will help guide your staff and you through the longevity of the business. The marketing strategy will assist you developing your brand image and identity, as well as your products and their pricing and distribution.
7. 3 advisors, 3 perspectives
There are three people we believe you need to consult before you go ahead with starting a business.
1. An accountant: to help you manage finances and expenses.
2. A lawyer: to give you knowledge on the legislation within the industry you are entering and to be there in case something were to happen.
3. A business owner: who has had success with a start up company for a number of years and can give you advice on running a business.
8. Provide leadership, support and appreciation to your staff
Giving employees direction will allow them to hit targets for the business. When hitting those targets you must reward your employees. Staff satisfaction makes employees more productive and efficient. Your employees are not only your most loyal customers; they are also the best source of word of mouth for what you are selling.
9. Growth and change
To stay competitive within your industry always find new ways of growing your product or services as well as adapting to internal or external changes within society.
10. Do not be afraid to ask for help
Starting a business is no easy feat. There are many aspects to a business and some may be harder to find success in than others. At Haines Consulting Group we specialise in business strategies, advertising and promotion.
Haines Consulting Group is working with some of Australia’s most innovative SMEs. Get in contact with us today and begin your road to success.