Entrepreneurship can be a rewarding and enjoyable experience. However, it takes hard work to operate a small business efficiently and effectively. In fact, over 20% of small businesses fail in their first year, and about half of them fail within the first five years. Don’t let these statistics scare you, though, as there are certain strategies that can help you navigate the challenging business landscape.
Read on to learn some tips on how to keep your small enterprise successful.
Do Your Research
Consumers usually don’t just buy a product because they like the idea of it. This is why you should take a deep dive into analyzing the demand and sell-ability of your product in the market. Another crucial aspect of research is assessing any available competitors. What can you learn from them? How can you stay ahead of them? Conducting some competitive research can also help you determine the pricing for your product or service.
Create Positive Word of Mouth
Get the word out about your small business. Soft launch your enterprise to family and friends and turn to your chamber of commerce for resources and advertising opportunities. You also may want to consider supporting or sponsoring local organizations and charities to boost brand awareness.
Many customers take to the Internet to search for reviews of products and businesses before purchasing items. They may even consider suggestions from their friends before deciding where to shop. Positive word of mouth from loyal customers is essential, and you can create a good impression about your brand by providing professional service.
Focus on Customer Service
Most patrons won’t shop at a business after a bad service experience. They may even write a bad review, which can affect your reputation. For these reasons, it’s essential to prioritize good customer service for your small business. Don’t be afraid to make basic improvements or invest in staff training to enhance your customer service.
Build Your Online Presence
Showcase all your products and services by creating a professional-looking and user-friendly website. This is a cost-effective way of highlighting your brand’s identity. It’s also a great way for your small business to get noticed, since many customers shop online.
Minimally, your site should include the following:
- Your business name and logo
- About us section
- Contact information
- Mission statement
- Testimonials from patrons
Another great way to build your online presence is through social media. Consider promoting your small business through various platforms. Numerous platforms are free and can enhance your brand exposure. In fact, about 41% of small enterprises note that social media is their most successful marketing tactic.
For more strategies on how to keep your small business successful, see the accompanying resource.
Author Bio: Stephanie Blahut is the Co-Founder and CEO for B2Z Insurance, a small business insurance provider. She has over 20 years of experience in B2B, B2C, and D2C marketing and focuses on all facets of digital and content marketing.