How to Get Started – July Small Business Survey
Every month I poll my readers to ask them what their biggest challenge is. This month’s survey went out to 24,855 entrepreneurs.
Some of the popular answers that came back included how to increase sales, retain customers, develop time management skills, get prospects to take action, and expand into new markets. The most common reply, however, was:
How Do I Get Started?
It seems this summer will be an exciting one for entrepreneurs as they come up with new ideas to start ventures. The optimism is back and budding business owners are excited to launch their companies. Some of the common words coming back were: “getting started,” “finding my own business,” “getting established,” and “surviving my first month.”
For some expert advice on the topic I’m turning to Robert Moment. Robert is a sought-after innovative small business and marketing coach and the author of Invisible Profits: The Power of Exceptional Customer Service and It Only Takes a Moment to Score.
The Top Ten Small Business Startup Success Secrets
Achieving small business success is yours for the taking. Turn your passions into small business profits. Small business startups around the world continues to grow exponentially, the success rate has remained fairly consistent. Are you ready to achieve small business success ? So what can you do to ensure lasting success for your small business? Take a look at our top ten small business startup secrets.
1. Market Research. Market research is the first step to starting a business, it is the last step, and it is an ongoing process. Market research tells you not only if you have a viable business idea, it keeps you in touch with your prospects and customers and helps you build your business so that it can continue to grow.
2. Master the Internet. The internet isn’t just a place to do business, though your business will definitely profit with an online presence. The internet is a valuable research tool, communication tool, payment tool, marketing tool and so much more. Master the internet and you will find numerous time saving, money saving, business building tools and resources – guaranteed.
3. Seek outside Advice. You can’t know everything and don’t expect yourself too. You certainly have specialized knowledge and that is your strength. Consult with others about their expert advice to build your business. For example, if you’re a software genius chances are your copywriting skills are not top notch. Gather advice and experience from copywriters who are at the top of their field. Seek legal advice from attorneys you trust and learn about customer service from experts. Gathering expert advice, outside of your area of knowledge, will help eliminate any start-up mistakes and set you ahead of your competition.
4. Follow your heart and passion it is vitally important that you enjoy what you do. Why? Because your passion and enthusiasm will not only carry you through the tough times, it’ll make it easier for you to be motivated to build a successful business and maybe most importantly your enthusiasm will be recognized and rewarded by your customers.
When business owners understand that marketing is the fuel that drives their business, and that marketing is merely an organized means of communicating with prospects and customers, then a marketing mindset will come naturally.
5. Develop a Marketing Mindset. Marketing is one of the areas where many business owners feel unsure of themselves. This uncertainty can lead to ineffective marketing or a complete absence. When business owners understand that marketing is the fuel that drives their business, and that marketing is merely an organized means of communicating with prospects and customers, then a marketing mindset will come naturally. You love your business and you want it to be successful, how are you going to talk with your prospects and let them know you’re there?
6. Make technology your friend. Technology can save hours of your valuable time every single day and when you’re running a business, those hours are worth money – lots and lots of money. Technology can help business owners automate purchasing, shipping, communicating with customers, evaluating data, testing marketing, and so much more.
7. Embrace the power of partnerships. Partnerships can enable business owners to leverage the strengths of others, they enable people to create unique and beneficial businesses, and they can save business owners time and money. For example, a nutritionist and a fitness trainer could combine their expertise to open a business that helps people develop a comprehensive and well rounded business. Another example might be a person with tremendous marketing experience partnering with a very technologically minded business owner to offer products or services.
As the business owner your time is better spent growing the business, not balancing the books.
8. Learn the art of delegation. When you own a small business you’re the CEO, the CFO, the administrative assistant, the customer service team, the research and development, the sales and marketing, the bookkeeper and everything else. It’s impossible to maintain your sanity and run a well oiled and successful business when you’re balancing 100 different responsibilities and tasks. Delegating responsibilities is the key to running an efficient and successful business. After all, as the business owner your time is better spent growing the business, not balancing the books.
9. Be flexible and open to ideas. There are opportunities presented to us every single day. Being able to recognize ideas and opportunities is the key to sustainability in business. If you the same product or service ten years from now, chances are your competition will be light-years ahead of you. Innovation and change will keep your business competitive.
10. Create a Financial Plan (cash flow). Cash flow or lack thereof, is the number one reason businesses fail. In short, they fail to plan how they’re going to get paid and how they’re going to pay their bills. The general rule of thumb is to make sure you invoice as soon as possible and you pay as late as possible. Of course this is a very simple plan and you’ll really need to sit down and evaluate your income and expenses to come up with a plan that works on a long term basis for your company.
Keep these ten small business startup secrets in mind when you’re starting your business and you’re on the right road to being one of the successful few that is around for the long haul.
What do you think of Robert’s advice? If you’re starting a new business what other questions do you have? If you’re already in business what additional advice would you give?
I’ve love to hear your thoughts if you leave a comment below!
Photo credit: dierken
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This blog is very nice. I like this. This blog is all about business and very useful for when I start a business of my own. Good ideas and innovation to apply in my future business. Thanks for sharing this.
Doing a survey is a great way to get honest feedback about your business. Thanks for sharing this idea!
This will be useful for enterpreneurs who like to do surveys of customers for their views.
This small business survey indicates that small business owners are missing out on online opportunities to enhance their business. More than half of small business owners surveyed do not have a business website. Small business owners are missing valuable opportunities to use the web to promote their business and build their customer base.
Hi, Evan:
I really enjoyed your post, “How to Get Started – July Small Business Survey,” and the Top Ten Small Business Startup Success Secrets provided by Robert Moment. Robert’s overview of each of the “secrets” serves as good advice as well as inspiration for all aspiring (and existing!) entrepreneurs.
One of my challenges, and the challenge I am hearing from many within my circle of influence, is “how to get more website traffic!” A few of Robert’s points touch on this, but do not elaborate within the short article provided. I am sure that he does have advice for this as well, and it is worth pursuing.
Thanks for this blog post!
:) GT Bulmer
Affiliate Power Central
Hi GT – thanks for the feedback! It’s a great idea for a future post!
Note the #1 start up success secret – http://ow.ly/27zgT
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Robert gives some very good advice in this article. Some of the problems that many entrepreneurs face when starting out is exactly what he addresses here and it is all listed clearly so that anyone can understand the problems. Thanks for posting this, Evan.
Hi Evan
Very interesting post and I think that most entrepreneurs when polled would come up with the same problems, none of them are unique. It is great when they are brought into the light so that all can benefit from the solutions.
MichelleJ
Nice Blog.
survey is the correct way to improve our business
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Hi Evan,
Thanks for sharing that. I have no doubt that’s a common question asked among aspiring entrepreneurs.
My advice would be to take your idea and turn it into a solid plan of action. Once you have a plan in place, then execute. Most people spend all of their time planning and making sure everything is perfect and down to the “T” but fail to ever execute their plan for fear that things won’t go as “planned.”
I think Nike said it best: “Just Do It”.
There are many opportunities out there for entrepreneurs to grab a hold of. Look to where you have the most passion for and see if there is an opportunity that presents itself in that area.
This will be useful for enterpreneurs who like to do surveys of customers for their views.
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