Looking at the statistics that come with opening a small business, you’d be forgiven for wondering whether your business could ever succeed. Around half of businesses have failed by the fifth year – knowing this fact, and similar stats, it’s all too easy to forget your dreams and try to come up with some other way to be happy. However, providing you plan well and you have the commitment and dedication needed to keep going, your business could very well be one that ‘makes it’.
Shutterstock Licensed Photo – By stoatphoto
Below, you’ll find what every small business needs to succeed. Pay close attention if you’re a budding small business owner!
A Plan
Not the most exciting part of starting a small business, but extremely important. Certain businesses have been exceptions to the rule, sure, but you’re always going to have a better chance of success with a plan. Let’s take a look at what you should include in your business plan if you want it to be taken seriously:
- The executive summary
- Business overview
- Operations plan
- Market analysis
- Products and services
- Sales and marketing
- Competitive analysis
- Management team
- Financial plan
- Projections
Remember, although your plan needs to be detailed, it shouldn’t be so detailed that it’s boring or unreadable. People still need to be able to sit through it, so remember that when you’re putting it together!
A Solid Marketing Strategy
A solid marketing strategy is probably something you’ll have to think about in great detail before you put it in your business plan. If you plan on using a small business SEO service, make sure you outline this in your plan and talk about what strategies and methods you will use.
A Business Owner Who Doesn’t Stop Learning
For your business to work, you need to be a business owner who refuses to stop learning. Knowledge is power, and the best thing you can possibly do is set time aside for self-development and learning something new each day. Read books, listen to podcasts, go to workshops and seminars…just don’t stop. Make it a compulsory part of your day! It can be best to get it done in the morning before the rest of the day gets in the way.
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A Strong Brand
You must know what your brand is about if you want to succeed. You should communicate this in all of your interactions with customers, as well as your marketing. Your brand is about so much more than your logo. It’s about your colors, how you interact with your audience, the language you use, and so much more.
The Right People
Every business needs the right people. You should focus on hiring talented and experienced employees that bring something unique to the table – don’t just hire people who are like you. They should have their own unique set of skills. Make sure you also look at hiring people who are in it for the long haul and have great values. You don’t want to hire people who see this as ‘just a job.’