Top Tips for New Business Owners

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Starting a business is the dream for many people. Being able to work when and where you want, be in control of your destiny and do the work that you enjoy are all key factors that make people decide to start working for themselves. However, there are many factors that many veteran business people wish they knew when they first started. Here are some of those top tips that’ll help make your new business a success.

Track Your Money

No one goes into business to have to track their finances and file tax returns, but it is a necessity if you want your business to continue operating. Tracking your finances is vital to ensuring that you remain in control of your business, as without a solid understanding of your turnover, costs and profit, you are unable to make decisions beyond guessing what is best.

For example, can you afford to invest in exhibiting your business at a trade show? The only way to make an informed decision would be if you had an accurate understanding of your financial position. For small businesses, there are financial software packages that have companion apps for smartphones that will help you track your expenses on the go and see your finances without being tied to your desk.

Do Your Research

Do you think there is a big market for your product or service? Can you be sure beyond your “hunch”? There are many ways that you can do research if your business is to solve a problem suffered by a specific type of business, starting with speaking to some owners of these establishments to understand if the problem exists. The book “Nail It Then Scale It” by Nathan Furr and Paul Ahlstrom details an excellent method for testing your business idea in small, inexpensive steps to help you prove your market exists, and that ultimately, people will pay for it.

Do the Right Marketing

Ever since the explosion of social media in the early 2010s, new business owners have been falling into the trap that social media is the Holy Grail of marketing. While it may be the perfect marketing tool for some, most new and small businesses will find better returns on their time and money from other marketing techniques. For example, online businesses can take advantage of pay-per-click advertising, such as Google Ads and Bing Ads, to attract people who are likely already searching for the type of product you sell, and therefore, more inclined to buy.

No matter what your business is, getting these basics right is important to ensuring the sustained success of your new venture into the future. The way you approach it may be different depending on your business, but a strong understanding of your market and your finances will ensure it will be profitable and scalable. Whilst undertaking the right marketing activities assist in realising your success.

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