There are over 30 million small businesses in the U.S. If you’re one of the many, we congratulate you on keeping the American dream alive. If you do them right, they’re a great way to establish financial independence, make your own hours, and effect a positive change on the world.
However, it’s not easy to run a small company. It’s sad and shocking to learn .
Thankfully, you don’t need to be one of those failed businesses. This article will walk you through five tips to make your startup business a success.
1. Understand Demographics
One of the best ways to kill a business is to market to the wrong people.
If you want your business to have any chance at surviving, you need to make sure that you know exactly who’s interested in your services. Run analytics, conduct surveys, simply take note of people who walk through your door. When you understand who wants to shop with you, you can adjust your business to optimize it.
The internet age has made it easier than ever to understand demographics. There’s no excuse for not knowing exactly who your customers are.
2. Care About Every Customer
It’s easy to get lost in the big picture and forget that a business breaks down to plenty of personal interactions. A business is not greater than the sum of its parts — all of those individual parts are extremely important to making a business come together.
Make sure you do your best to satisfy every single customer who walks through your doors. If the client seems to be alright with you messing up, give them that free service anyway — they’ll tell all of their friends about how great you are. If a client is “just difficult”, be nice to them anyway — give them nothing to complain about.
3. Advertise Smart
While it’s visually impressive to put up large billboards, and it feels like “making it” to get a commercial on TV, are you aware that digital advertising pulls in more revenue than non-digital advertising?
When you advertise, you’re competing for people’s attention. Most people’s attention these days is on their phones and online. This is especially true if you’re dealing with young people.
4. Become Recognizable
Brand personality is one of the most important parts of business in the twenty-first century. If you want to stand out amongst the sea of competitors, you’re going to have to focus on helping your brand feel like a person and one that people can get to know and love.
Businesses that don’t become recognizable windup having a tough time. Check out this article on how many small businesses fail.
Make Your Small Company Do Big Things
While a lot of small companies, collapse, it’s entirely possible to make your small company go far. Understand the importance of demographics, focus on pleasing every single customer, do your advertising right, and care about your brand, and you’re far more likely to succeed.
For more articles like this, check out our “business” section.