Smart Tips for Starting a Small Business in 2018
Great Tips On Starting a Small Business
So, you've decided that 2018 is going to be the year when your small business dreams become a reality. Starting a business is exciting, but the real thrill is when your business becomes a success, and the only way to get there is to be smart in the early stages. Here are a few important tips to keep in mind for starting a small business.
Save Money Before You Launch Your Business
Even though business loans are usually out of reach until your business has been around a couple years and generated some solid revenues, there are still plenty of financing options to start a small business. You could get a personal loan or look for collateral loans on car title. It doesn't take long to fill out a title loan application online and have thousands of dollars at your disposal.
Just because it's easy doesn't mean this is the right approach, though. You're much better off saving your money and getting your business started without borrowing. Now, this can take some time, as even smaller businesses can cost $1,000 to $5,000 to start. But being able to save this kind of money is a good indicator that you're financially responsible enough to run a business.
Through this method, you can bootstrap your business and see steady, consistent growth. Here's how it will work:
- Save the startup costs you'll need for your business.
- Launch a business that can start generating revenue immediately, such as an e-commerce shop.
- Reinvest your profits to grow your business.
Find a Narrow Niche
There are more businesses than ever out there, especially since the internet has eliminated many of the most common barriers to entry. Hopeful entrepreneurs can get an e-commerce shop started in an afternoon, and with dropshipping, they don't even need to purchase the products upfront.
With all the competition that's out there, it's more important than ever to find a narrow niche for your business. Let's say that you want to sell fitness equipment. There are tons of businesses doing this already. You could narrow down that niche by focusing on fitness equipment for the at-home user who wants to do bodyweight training, such as pullup bars, resistance bands and weighted vests.
Know Your Target Market
Just like you need to find a narrow niche for your business, you also need to hone in on a specific target market. Many business owners don't bother figuring out much about their target market, and they miss out on sales as a result.
If you try to sell to everyone, what usually ends up happening is your sales and marketing techniques don't really apply to anyone. A better strategy is to determine from the beginning a target market that is most likely to purchase your product.
Let's use the example above about the fitness equipment for at-home workouts using bodyweight exercises. You could define your target market as men between the ages of 25 and 35 who live in rural areas without many gyms nearby and who have goals of getting in better shape without spending tons of time working out. This doesn't mean that these are the only people you'll be selling to, just that they're who you're tailoring your efforts for.
Choose the Right Marketing Methods
Without marketing, your business's reach is going to be very limited. The good news is that you can market your business affordably online. For online marketing, you could try:
- Search engine ads on Google and Bing
- Social media ads on Facebook, Instagram and Twitter
Pay-per-click (PPC) ads are a good choice here because you only pay when someone clicks on the ad and visits your site. You don't need to worry about paying for something, only to have no one check out your business.
Another popular option is influencer marketing, which is where you hire popular social media influencers to promote your business. If you can find influencers who get good engagement from the type of people in your target market, this works well for spreading the word about your business.
No matter how well you plan, it's unlikely that your business will be a massive overnight success. But if you're smart about it and you work hard, you could steadily build a brand and increase your profits. Keep the tips above in mind to get your business started on the right foot.