Want to Build a Thriving Business? Follow these 10 Expert Tips.
Have you always dreamed of starting a successful business? For most people, it’s because you want to be your own boss and have the freedom to work on your own terms. But what most aspiring entrepreneurs don’t realize is that running a business is a lot harder than it looks. And most new businesses fail in the first few years.
Don’t despair just yet. You can avoid that fate by focusing on building a strong foundation and growing your business quickly so you have a thriving business. But what exactly does that involve?
In the following post, I’ll share 10 expert tips for building a thriving business, so you can concentrate on what matters most in achieving your goals.
Tip #1. Use Diverse Ways to Reach Customers
If your business primarily operates offline, such as a bricks and mortar store, try increasing the number of channels you use to reach out to your customers. If you don’t already have an online presence, that’s the first place to start.
One quick and easy way to do this is by signing up to a marketplace where your target audience is and trying to sell your product there.
Once you’re online, try reaching out to potential customers via email, social media, and forums.
For example, say you have a small business that sells handmade jewellery. To reach a larger audience, you could create an online store on Etsy or Amazon. Then use social media platforms such as Instagram, Facebook, and Pinterest to showcase your products and drive traffic to both your online and retail store.
The key is to use multiple channels for your new business and find the most effective way to get in front of your ideal customers.Use diverse ways to reach customers. One quick and easy way to do this is by signing up to a marketplace where your target audience is and trying to sell your product there. Click To Tweet
Tip #2. Know Your Finances
As a business owner, it’s important to have a good grasp of your finances. Analyzing your financial statements can help you identify where your business is overspending and help you save money that you can use for marketing or sales.
For example, a restaurant owner who wants to reduce expenses can analyze their financial statements to identify which menu items are not selling well. Then they can consider removing them from the menu to save on food costs.
Pro tip: If you don’t know how to analyze your financials, hire an accountant or a bookkeeper.Analyzing your financial statements can help you identify where your business is overspending and help you save money that you can use for marketing or sales. Click To Tweet
Tip #3. Increase Customer Retention
For a new business, customer retention is the easiest way to grow quickly. That’s because it costs five times more to acquire new customers than to keep existing ones!
Customer retention also helps in word-of-mouth marketing. When people like your product or service and buy from you regularly, they will likely tell their friends and family about your brand and persuade them to buy from you.
Consider offering loyalty programs, personalized offers, and, of course, exceptional customer service to keep your customers coming back for more.For a new business, customer retention is the easiest way to grow quickly because it costs five times more to acquire new customers than to keep existing ones! Click To Tweet
Tip #4. Hire People Who are Eager to Learn
People who love to learn are typically highly motivated, adaptable, and willing to take on new challenges. As a new business or startup, you can’t afford to have people who specialize in one task or who resist stepping out of their comfort zone. You need employees who can multitask and get things done efficiently.
By hiring people who always want to try new things and expand their skills, you can create a culture of continuous learning and development. This can help your business stay competitive and adapt to changing market conditions.
I use a service called Acadium Apprenticeships which provides digital marketing apprentices, handpicked for you. You pay Acadium but the apprentice is working for free so you’ll quickly find out how motivated they are. For 3 months and 10 hours per week, your apprentice can help with your marketing tasks in exchange for 1–2 hours per week of mentorship from you. Several of my Apprentices are now successful freelance members of my team and still have that great curiosity to learn.Hire people who always want to try new things and expand their skills and you can create a culture of continuous learning and development. Click To Tweet
Tip #5. Attend Networking Events
Networking events are a great way to meet new people, build relationships, and explore new business opportunities.
These relationships will help you gain insights into the industry, learn about potential clients and competitors, and create opportunities for collaborations and partnerships.
For example, if you have a brand new idea for a business, you can attend a networking event for entrepreneurs. That’s where you can meet potential mentors and business partners, get feedback on your business idea, and learn about the resources available to new businesses in the community.
If you want to find out more about networking then read this blog post: Networking Success – 10 Tips and 10 Mistakes to AvoidNetworking events are a great way to meet new people, build relationships, and explore new business opportunities. Click To Tweet
Tip #6. Build Partnerships
Building a partnership is a win-win situation for both parties involved as they use each other’s strengths and resources.
By collaborating with businesses that complement your own strengths and mission, you can create a mutually beneficial relationship that leads to:
Increased brand recognition
More opportunities for success.
For example, a local coffee shop could partner with a bakery to offer fresh pastries and baked goods in its store. With this kind of arrangement, the bakery can reach a new customer base, and the coffee shop can offer a wider variety of products to their customers.Building a partnership is a win-win situation for both parties involved as they use each other's strengths and resources. Click To Tweet
Tip #7. Leverage Google My Business/Google Maps
Google lets you create a Google My Business account for free that helps you manage your online presence across search results and Google Maps. It’s one of the quickest and simplest ways for offline stores to get foot traffic.
It’s a Friday night, and John wants to go out with his family for dinner. He doesn’t want to go to the same old restaurants and wants to try something new.
John heads to Google and searches for ‘Family restaurant near me’ and here’s what Google shows him:
What you see in the image are Google Maps listings. If you own a restaurant, you can list it on Google Maps via a Google My Business account. This will increase your restaurant’s reach in the neighbourhood.Google lets you create a Google My Business account for free that helps you manage your online presence across search results and Google Maps. Click To Tweet
Tip #8. Go for Quick Wins
The short-term goals you set for your business will help you achieve your long-term objectives. Examples of short-term goals are:
Talk to 2 new leads every week
Add a new feature to the product every month
Post on social media 5 times a week.
Next, set the metrics for tracking your progress and adjust your strategy as needed.The short-term goals you set for your business will help you achieve your long-term objectives. Go for quick wins! Click To Tweet
Tip #9 – Take Calculated Risks
Growth and innovation require taking calculated risks. A calculated risk is a decision you make after thoroughly analyzing the pros and cons of an idea. For example, a software developer will often test a new feature with beta testers before rolling it out to all customers.
Evaluate the potential benefits and risks of any new tactic you’re considering before making a decision. Then be prepared to fail! Remember, every successful business fails multiple times along the way, learning each time.
According to Investopedia:
“Approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more.”
To get to 15 years, you have to face failures every now and then. The businesses that don’t give up succeed.According to Investopedia: “Approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years.” Click To Tweet
Tip #10 – Use Social Media Strategically
Social media can be a powerful tool for growing your business, but most entrepreneurs use it randomly without any clear strategy in mind. Or they jump straight into promoting their products without nurturing relationships with their audience.
Rather than simply pushing your offers, educate your target audience about how your product or service solves their related challenges, problems, or dreams. Once you’ve built engagement, you can start promoting your products or services more directly.
For example, a skincare brand can educate its audience about the benefits of using natural ingredients and how those ingredients can improve their skin health. They can use social media sites like Instagram to showcase before-and-after photos of their customers. In addition, they could offer tutorials on how to use their products effectively. And only then would they start sharing links to buy their products.
Find out more about social media in these blogs:Rather than simply pushing your offers, educate your target audience about how your product or service solves their related challenges, problems, or dreams. Click To Tweet
Become a thriving business
If you’ve already made the jump into starting a business, you know it can be hard work just to tread water, let alone start earning a healthy profit. Just be aware that you’re guaranteed to face challenges and setbacks along the way.
On the other hand, if you stay focused on your goals and follow the tips in this post, you can definitely achieve your entrepreneurial dreams and you’ll build the thriving business you want.
The most important thing to remember is to stay flexible and open to new ideas. The world is always changing, and that means your customers’ needs will change too. By staying curious and willing to learn, what started as a dream will become a thriving business and continue to grow and scale for years to come.By staying curious and willing to learn, what started as a dream will become a thriving business and continue to grow and scale for years to come. Click To Tweet