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How to hit the ground running as a small (but mighty) new business

 

As a new business owner, you have dreams and aspirations, you’ve got the grit and determination needed to succeed in your chosen industry – but in terms of running a business from day one, you might be lacking in confidence. A start-up that struggles to get off the mark is effectively already falling behind its competitors, therefore it’s never been more important for start-ups to have everything in place before they start trading.

With this in mind, let’s explore how you can hit the ground running as a small (but mighty) start-up business.

Make getting paid – easy!

Making transactions straightforward won’t just make things easier for you as a business, but also means shopping with you is a breeze – something which all customers are looking for. When you have mobile credit card processing options, you can accept payments on the go. Whether you’re a food truck touring the local area at lunch, you’re setting up for your first farmers’ market of the season or you’re a high-street clothing store that’s just opened its doors – a simple, streamlined checkout service and POS terminal makes shopping easier for everyone.

Don’t neglect your social media

Whether you’re an e-commerce business or you’re an independent store owner hoping to sell your products at fairs and events throughout the year, don’t make the mistake of neglecting your social media. Social media is a priceless tool that will help you raise awareness of your brand, let your potential customers know where to find you and other information that they might find useful. Starting your advertising early may also create a sense of anticipation and excitement for when you’re finally doing business. Social media can help you spread your message and target specific demographics.

Get your finances in order

As a new business it’s all too easy to get wrapped up in the excitement of your product launches and your first sale, but to hit the ground running start-ups need to have a strong financial foundation underneath them. Make sure you have enough capital to cover your requirements over the first few months and stick to your business budget!

Here are some things that yo may need to budget for:

  • Marketing and advertising-This includes things like Facebook marketing, Youtube, influencer marketing, and Google Adwords. This also includes traditional channels such as billboards, newspaper and direct mailer campaigns.
  • Applications and software-You will also need software and web applications to run your new business. This could be things like a social media management platform like Hootsuite or Buffer as well as accounting software such as Quickbooks.
  • Contract Labor (Freelance employees)-Using site’s such as Upwork, Fiverr, and Freelancer will allow you to find skilled contract workers without having to hire full-time employees.
  • Hardware -You will also need computers, equipment and other tech to run your new business.

 

Have a contingency plan

Covid-19 may not be over just yet, but you must have a contingency plan in place, should businesses have to close again, and restrictions are reinstated. Keep track of your spending and your finances, be prepared to make cuts if possible and consider moving your physical business online should restrictions prevent you from opening your shop or selling at events. Having something like this in place could save your business from failure, should things take a turn for the worse.

And finally, try to maintain momentum and motivation

Your business is your baby – why wouldn’t you feel motivated? The issue with many start-ups is that their owners run out of steam within a few weeks. With so many responsibilities to handle and manage, it’s hardly surprising that progress tends to take a dip. To stop this from happening, make sure you’re taking regular breaks and engaging in relaxing and enjoyable activities away from your business. The more energized you are – the more victories you’ll have. 

 

Lance McHenry on Twitter
Lance McHenry
Staff News Writer: Lance McHenry is a writer, tea snob, entrepreneur, lover of #tech and #startups. His idea of triathlon is developing an idea, creating a prototype, and validating. He has been involved in the growth of several startups and now shares his ideas on business and tech. Follow him on Twitter @Lanceexpress

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Staff News Writer: Lance McHenry is a writer, tea snob, entrepreneur, lover of #tech and #startups. His idea of triathlon is developing an idea, creating a prototype, and validating. He has been involved in the growth of several startups and now shares his ideas on business and tech. Follow him on Twitter @Lanceexpress

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