Here’s your complete checklist for turning your business from a pipedream to a profitable brand
Running a business is no east feat, as any entrepreneur will tell you. No matter the size, industry or location of your organisation, it takes huge amounts of time and effort to build your brand from strength to strength.
And this is particularly true when you’re just starting out, transforming what was recently just an idea into something that can provide you with a living.
There are plenty of aspects to think about when starting a small business, from budgeting to customer engagement to networking, but we’ve got you covered with everything you need to know.
Here is your complete checklist for getting your small business up and running.
- Create a business plan that’s both specific and realistic, tackling all areas like budgeting, marketing, expected growth and more
- Get to know your target audience by authentically engaging with them via social media
- Create and share social content that provides value to your customers, rather than simply shouting about your services
- Share and uplift competitors to build good relationships and encourage them to return the favour
- Set up Google alerts for your business, your industry and your competitors to stay in the loop
- Take advantage of being a small business by adding personal touches to orders, from handwritten notes to small freebies
- Get involved in your local community to become a face and brand people recognise
- Offer incentives to your shoppers, from VIP perks to special discounts and more
- Build a referral program to encourage happy customers to spread the good word about your business
- Establish a loyalty program to reward your best customers to shop with you more
- Stop thinking of competitors as enemies and start thinking of them as mentors that have valuable information to share
- Don’t try to handle everything alone – instead look at hiring staff members or outsourcing tasks to freelancers when necessary
- When it comes to hiring staff, find people who are the right fit for your brand in terms of both skill and personality, bringing the right attitude on board
- Keep careful track of your finances from day one, so you know exactly how much you’re spending and how much profit you need to break even – you can keep your books yourself or hire a small business accountant for the role
- Protect yourself from personal liability by creating either a corporation or a limited liability company (LLC)
- Lower your overheads where possible to maximise profit margins – consider whether you need to invest in a physical workplace or technology straight away, or if your brand can be virtually based via your own devices
- Be passionate about your business, but also flexible to change – your initial vision may not be the most financially viable option
- Create a website and keep it up to date with relevant and engaging copy – seek out the support of copywriters if writing is not your forte
- Use market research to find out how your products and services can be improved
- Create and stick to a daily routine, even if you’re running your business from home – this will help you focus during the day and maintain a healthier work/life balance
Let us help you with these points, you’re not on your own.
The team at TEDCO Business Support has helped thousands of businesses to grow, supported by the European Regional Development Fund (ERDF), so we’re here to support you.
Get in touch today to see how we can help you. Give us a call on 0191 516 61 02 or drop us an email at firstname.lastname@example.org.