Starting a business is not easy, neither is it for those wanting quick results and profitability. You might be making dozens of cold calls every day only to get five deals in the first year of operation, and that too if you are lucky! It is, therefore, no wonder that by most estimates, 90% of aspirants to any business give up and opt out within the first year. But those who can hang on and have what it takes, a seven-figure dream income can be had for the asking.
Here is a guide to a successful new business start-up and the ways that you can avoid critical errors that might slow down your growth momentum.
There are primarily two distinct steps to start off. One is the pre-launch stage where in-depth planning is required and the second is the implementation category after you have got your plans down on paper.
Planning for the Business
To get going, you have to start by thinking like a business owner and have dreams of outperforming the average income.
Set your Objectives - You should have clear financial goals of your life before you start to create a plan for your business. Evaluate why you want to start your business, what you want to achieve and while doing so, how do you balance your personal and professional life. How much money you want to make should be judged against such parameters as what time you want to start and finish your work, at which age you want to retire. Set financial goals like paying for your children’s education in full or paying off your mortgage. You will find that these life’s goals will ultimately be a motivating factor for going through the daily grind of business.
Line up a Business Plan – After being clear about meeting life’s goals, you have to get down to chalking out your business goals. This will all be lined up in your business plan which is a blueprint of where you want to be in the next, say, three years and the steps you should take to get there. Some points to consider will be finalizing the source of finance, working out marketing strategies, studying competitors’ methods and how to get ahead in the business.
The critical part is working on the marketing plan. Points to consider here are services that you will offer that nobody does now and the exclusive approach that you want to place before your clients. If all these confound you, hire the services of TR Consulting, top-of-the-line business consultants to help you out in creating an optimized business plan.
Implementing the Plans
After you have worked out the skeleton of your business, it is time to flesh it up. If you have had a job before and have spent most of your time with meeting clients, in all probability, the administration, lead generation, and marketing would have been handled by someone else. Now, it will all be on you and hence you have to tackle things well including time management. Getting used to this role will be tough and challenging.
Here are a few tips to make things easier for you.
Have an SEO Optimised Website – In any business, almost 50% of prospects first search online from their smartphones or tablets before coming to a “buy” decision. Therefore, if you do not have a website that ranks high on results pages of major search engines, you will be losing out on business opportunities. A good SEO optimized website will let you integrate IDX listings as well as bring in leads right into your CRM. For any business, this is a fundamental starting point. Also, It will be worth to spend some time performing technical and local SEO audit as well. This will help to decide if you need to hire the services of a reputable digital marketing agency to design and develop a website for you.
Prospecting for Contacts and Nurturing Leads – Prospect for contacts consistently. As you grow, you have to always keep in touch with your past clients. You can never say who will have fresh requirements. If you are afraid to call a past major client because of a fear of being turned down, send a postcard at the bare minimum and they will get back if they need you. It’s all about keeping your presence alive in the minds of clients and a win-win strategy for a successful business. A good prospecting plan is not complicated; it is all about maintaining a schedule of emails, phone calls, and mailers.
Nurturing leads is critical for small business startup too. When a prospective client calls you, he/she will expect that you maintain close contact and follow-up their decisions at regular intervals. If you can be an agent that will always be there whenever necessary, you will surely beat the competition.
Good Time Management – As a business owner, you will always find yourself short of time to do the things that will light up your business. Too many owners focus on non-core activities, neglecting the ones that will bring in the profits. Carve out some time from your daily schedule for quality work. One tried and tested way is to outsource some activities to professionals. Accounts and payroll management can be outsourced to expert agencies so that you have time to focus on your core activities. Automation is another option where you can digitalize a few of your functions.
Customer Service – Your clients are the backbone of your business, and there is no substitute for excellent customer service for quick growth. Every time you get a new lead, ask from whom they got your reference. Most new leads are referrals from clients satisfied with your service. Say thank you to clients in exclusive ways. Make a list of clients who have referred others to you and reward them. It might be a gift or a service like a spa treatment. It will not cost you much, and you will have clients for life.
These are some of the ways to start a successful business.
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