Kickstarting any new business can seem like a mammoth task for people without experience. That is why more than 50% of companies fail within the first twelve months of trading. However, there are lots of things an entrepreneur can do to secure the success of their operation. In most instances, it comes down to careful planning and attention to detail. With that in mind, the advice on this page could help anyone to increase their chances of prosperity. People who plan to build a new brand in 2017 should read this article before pushing ahead. It could make all the difference and help everyone to avoid common mistakes.
- Getting investment: Whether launching a side business or something more substantial, everyone needs to seek investment in the right place. Since the global financial collapse, banks were hesitant to lend money to entrepreneurs without a track record of success. However, they have become a little more flexible during the last twelve months. So, arranging an appointment to see a bank manager is always a sensible first move. If they refuse to help, there are other options on the table. For instance, private equity firms will often provide financial investment for a percentage of the company. People who aren’t sure about the best avenues should seek the assistance of a business advisor before signing any contracts. The last thing anyone wants to do is lose control of their new company before it has made a profit.
Image by Miran Rijavec/Flickr - Marketing the company: As with anything else in this world, marketing is the key to success. People could have the best products or services on the planet, but they’d never make a killing if consumers don’t get to hear about them. Employing the services of an advertising agency isn’t always possible for new firms. They often just don’t have enough cash in the bank to pay for it. That is why it’s so crucial for all entrepreneurs to educate themselves on the best promotional strategies. Social media has become a fantastic tool for most business owners in recent years. Online services like Google Adwords are also a must for anyone who sells via a website. It’s possible to drive lots of relevant traffic in the right direction without breaking the bank or working too hard.
- Building brand loyalty: Research shows that almost 80% of sales in the average business come from existing customers. With that in mind, it’s essential that company bosses focus on building brand loyalty. Thankfully, the process isn’t as complicated as it might sound. For example, offering deals and discounts to those who’ve purchased in the past is a wise move. They’ve already built a relationship with the company, and so they’re likely to open any promotional emails. Everyone loves a bargain, and that is why many customers will make repeat purchases if the brand keeps them engaged. Free gifts are also a sensible choice when building loyalty. At the end of the day, the customer just needs to feel appreciated.
Whatever happens during the next few months, this article should act as a springboard for further research. Getting things right isn’t always easy. However, with the right advice and guidance, anyone can build a profitable business that provides a stable income for years to come. Good luck!
