Always wanted to be your own boss? According to The World Bank, it has never been a better time to open your business! Their study revealed that businesses have grown over 45% since the pandemic and that sales have started to reach record heights — so it's now or never! But if you need help getting started, Stack Strategies has you covered. Below, we share our top tips for running a successful business as we emerge from the pandemic.
1. Coming up with the Right Idea Takes Time
You likely want to jump all in when it comes to your next business venture. Your entrepreneurial mind is probably racing with ideas, excited by the potential impact you're going to make. To that, we say — stop and take a beat. Think long and hard about your business idea and how you're going to achieve it. While the process of finding your niche, researching your demographic, and perfecting your proposal can be long-drawn, it is also the foundation to long-term success. It will also ensure your product provides value in the market, which will impact your profits.
2. Follow Your vision
Every business owner has a passion that drives them to succeed. Think of this passion as a guiding light that you can use to achieve your entrepreneurial vision. This will ensure you don't stray too far from the path you had first imagined and that you keep your business ideas and values top of mind. Another great way to do this is to write a detailed business plan. This document will contain your most important goals, strategies, financial information, and more, so it'll also come in handy when pitching to investors down the line.
As your business grows into new areas, you may find the need to change how your business markets itself. You don’t need to start a completely new company, however. You can simply register a “doing business as” (DBA) name. A DBA name will allow your business to legally operate under a new name distinct from the one it is registered under.
3. Don't Ignore Marketing
Marketing is the number one way to grow your business, attract clientele and increase revenue. And the sooner you start your marketing efforts, the sooner they will pay off. Start with the three main verticals of blog content creation, social media channels, and email newsletters. You will want to ensure that the graphics, images, and text are consistent across these strategies, so your brand looks well-presented and cohesive. Marketing your brand on a consistent basis every month ALWAYS builds business within time.
4. Surround Yourself with the Right People
The right people will make or break your entrepreneurial venture. Having the right team behind you that complements your skills and ability will take your business to the next level. In addition, experienced vendors and other professionals such as business coaches and accountants can offer tremendous support through the ups and downs of business. Be sure to browse sites like Alignable (networking site), Facebook business groups and LinkedIn to find competent networking partners and support members easily.
Are you ready to get started on your business? We hope this article provided inspiration and helpful tips to get you along your way. If you ever feel overwhelmed, just take it step-by-step and follow your business plan. And remember, you've got this!