Any successful business owner will tell you that the first year, or even the first few years, of owning a company is the hardest. That’s because there are so many unknowns at that time. It’s hard to say how people will respond to your business, even if you are confident about your abilities as an entrepreneur.
Even if people do visit your business and make purchases, will it be enough to start making a profit anytime soon? There are so many things to think about during that first year. Here are some tips for getting your business through that crucial first year both smoothly and successfully.
- Concentrate on Promoting
Make it your priority to get your business in front of as many people as possible. Launch a grand opening event and invite press to cover it. Offer promotional deals for the first few hundred customers to make a purchase. Practice excellent customer service, and encourage your first customers to spread the word about your business. The more promoting you do, the more customers will hear about your business. That momentum will grow over the course of the first year.
- Limit Expenditures
Aside from the necessities, keep your monthly expenses as low as possible. The more money you save, the sooner you will break even. Avoid purchasing things for the business that can be deemed luxuries, and save big purchases for later when you have the money. Just like an individual should not buy fancy things that he or she can’t afford, you should not buy things for your business that the company can’t quite afford just yet.
- Monitor Product Feedback
Your first round of purchases will be from the first customers to really test out your products as a consumer. Listen to what they have to say. They may notice flaws in the product that you did not catch on to. Include comment cards when people purchase from your store, and be sure to have a comment box on your website. This makes it really easy for customers to tell you (and not Yelp) about flaws in your product, so that you can fix them before too many other customers get their hands on it.
- Launch Marketing
Within that first year, you need to get your social media pages and website up and running. When your business is still low on spare cash, these platforms will be your primary vehicle for marketing. Don’t underestimate just how effective these tactics can be for helping market your business. Make this a priority during your first year, to maintain these platforms so well that they become a well-oiled machine.
The first year of owning a small business will likely be the most challenging. But if you follow these above tactics and stay focused, success will be around the corner. For more information, visit www.biz2credit.com.