So you want to be your own boss? This is a great ambition to have, whether you want to great a business to support yourself or you simply want to earn some extra income on the side. But while every great business starts with a great idea, you need more to make it work.
A small business can take time to grow and get off the ground, but these tips can speed up that process.
Start Ahead
If you have the ambition to be your own boss, but without the ideas, a franchise might be an ideal option for you. Even better, because a franchise is part of an established business and recognizable brand, you essentially get a head start when it comes to finding customers.
You can use services like Franchise Local to discover available franchises near you so that you can get trading right away. The great thing about franchising is that you’re in a comfortable middle ground between working for someone else and being your own boss.
You control your hours and earn your wage according to the profits of your business. You’re responsible for running the business itself, but you do have the backing of a larger company, including guidelines and other help to get you going.
Funding
Some businesses can start with minimal investment, especially if it’s a home business like freelance writing or graphic design that only needs some software to function. But sometimes you need funding to get off the ground properly.
You can provide this funding yourself, but a lot of people get a business loan or investors to help them with the initial costs. In these situations, you do need to be able to prove your business has potential, which involves creating a business plan and presenting it to lenders or investors.
Marketing
Let’s say that your business ticks all the right boxes. You have a good product or service, and you’ve priced it appropriately and fairly. You have a great work ethic and a productive, efficient schedule and process.
What’s missing?
Well, even if you have everything right, your business won’t survive without customers. People won’t trade with your business if they don’t know it exists.
This is where marketing comes into play. A great marketing strategy is a varied one that still targets your audience precisely and perfectly. It involves creating a strong presentation, as well as branding your business and ensuring that it’s in the public eye, whether that’s on social media or even using traditional marketing methods.
Repeat Customers
When your business is operating and trading, you will find that your bread and butter are repeat customers. It’s easier and cheaper to market to repeat customers, and the biggest trick is making them happy and keeping them that way.
Great customer service is key here, as people remember experiences as much as products. You can also market to repeat customers and offer deals or incentives for them to return.