How To Set Your Business Up For Success Using The Right Tools
If you have made the leap into business ownership — you’ve already taken a step that most people wouldn’t dream of.
Take a minute and give yourself a round of applause for chasing your dreams.
Now, back to business…
Failure is not an option in your mind. You want your business to succeed. So, let’s take a look at some tools to make sure you have smooth sailing as you venture out into the sea of small business life.
Target Audience
You’ve got to know your people.
Why try to sell to people you know won’t benefit from your product or service? The best thing to save time, energy, and money is to understand who you are speaking to.
How do you know who to target? Simple! Break down the demographic traits —
➤ Age
➤ Gender
➤ Ethnicity
➤ Education
➤ Location
➤ Income
Once you have this information, you’ll have a much better idea of how to go about your marketing and advertising services. Plus — you’ll have tools for future planning and growth of your business.
Marketing and Advertising
Once you build your brand and have a solid understanding of who you are as a business — it’s time to get your name out there!
It can seem impossible to know where to start. Let’s break down the different types of advertising options —
➤ Social Media
➤ Online Ads
➤ Print Advertising
➤ Community Events
A couple of key points in deciding which type of advertising is best for your business
✓ Know your target audience
✓ Watch your spending
✓ Consider your location
✓ Think of what you are offering
✓ Track and adjust as needed
This is probably the biggest moving piece for any business. You have to market for people to know, recognize, and understand your name. Take time to figure out the best options for your business.
Solid Team
“None of us are as smart as all of us.” — Ken Blanchard
Listen — I know you are a smart, capable individual. Look at what you’ve already done! But having a solid team to back you up is only going to help you reach your goals and set your business up for success.
Consider this when building your team…
- Quality vs Quantity when it comes to the people around you
- Build trust, respect, and keep open communication
- Listen to ideas and involve them in processes
- Distribute tasks based on strengths
- Share wins with your team
- Give credit where credit is due
Your team is going to be with you through all of the ups and downs. Who you hire on is going to play an important role in business development.
Cash Flow
It sometimes seems that money is the cause of, and solution to, all of life’s problems. It would be really nice not to have to deal with money — but alas, it’s part of the process, especially in the business world.
Some “do’s” and “don’ts” to consider when handling your cash flow ⬇
Don’t:
𝗫 Overspend
𝗫 Buy the best of the best right away
𝗫 Go big on your workspace
𝗫 Hire more employees than necessary
𝗫 Burn through profits
𝗫 Focus on personal gain
Do:
✓ Create a budget
✓ Invest wisely
✓ Keep things simple at first
✓ Hire a few quality individuals
✓ Save when you can
✓ Put money back into your business
Making money can be a goal with opening a business — but it shouldn’t be the only goal. Money is just another piece of the pie when it comes to entrepreneurship.
Plan and Adapt
You’re the captain of your ship — you control your crew, direction, and actions. But you don’t control the winds or tides.
Change is inevitable — planned or not. It’s okay to ride the wave, but don’t get swept out to sea. Keep planning. Have clear goals in mind. Adapt where and when you need to.
Enjoy the journey.
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