Every year in the U.S. more than 600,000 new small businesses are launched. Unfortunately, just a year, five years or a decade down the line, only a small fraction of those new businesses will remain.
If you’re an aspiring small business owner looking to break the cycle and launch a successful business, keep reading. We’re bringing you a few top tips to help you do just that in 2024.
Get Your Finances in Order First
Before you ever begin taking the steps towards launching your own business, regardless of the industry that you’re targeting, it’s essential to get your finances in order.
Financial hurdles are the top reason why new businesses fail.
This includes overspending, as well as overpricing products and services, failure to account for everyday expenses or simply lacking the capital that it takes to launch a new business.
Perhaps the best advice that an aspiring small business owner can follow in 2022 is to get your finances in order right from the start.
Then, check back often. Whether your business hits the ground running and is immediately successful or not, checking in to see where your finances are frequently will give you time to make a plan when things go wrong.
Protect Your Devices and Internet Security
Whether your business will operate on a system of tablets, computers, kiosks and other tech, or you’re working from your own personal laptop, ensuring both your device and internet security is key to avoid costly, lengthy disruptions.
Thanks to the partnership between Lifelock and Norton, you can monitor both your personal and professional online presence, reduce junk mail to your business e-mail and prevent identity theft that could derail your small business.
If you think that your small business is too small to be a target for online criminals, think again. Over 40 percent of all cyberattacks are on small and medium-sized businesses.
And the fallout of these attacks may be felt more strongly by small companies that lack the infrastructure and team that it takes to recover.
If you want to see the difference that investing in your security can make, use this Lifelock promotion code to give it a try.
Learn From Your Customers
Thanks in part to how easy it is now for individuals with shared opinions and goals to connect via social media, now more than ever before, customers are finding that they have the power to pressure their favorite brands into change.
From adopting a more socially conscious message to using environmentally friendly products, many businesses have faced backlash for failing to adapt to changing opinions of customers and the public.
As a new business owner with lots of training and research under your belt, it’s tempting to assume that you know more about what your customers want than your customers know.
And while this could be the case, it’s important as a business owner to look for ways to learn from your customers. Even after your product or services have become successful, check back frequently.
This is a great chance to give yourself time to adapt your product before they begin to face any backlash.
Invest in Lead Generation Techniques
Every small business needs a steady inflow of qualified leads to survive the fierce competition and make profits.
The process of lead generation can be complicated, but you can start small and scale your efforts as you begin to see positive results.
Here are some of the low-cost lead generation methods that you can implement today.
Cold Calling with a targeted approach
Cold calling can be a successful attempt to lead generation, only if done right. Don’t have the time to call up 500 prospects a day?
How about 5? But make sure you know who you are calling and their odds of doing business with you are high.
Getting the right exposure in your initial years determines your success in the future.
Create an online webinar to offer valuable information to your target audience and position yourself as an authority in your industry.
Build Social Media Presence
Let people know about your product or services through social media platforms. Post regularly and consider investing $25 to $30 a week in paid campaigns to boost your reach.
Launching Your Own Small Business
With lock-downs and supply chain delays, 2021 is a tough time to launch a new small business. However, if you’re willing to put in the work, you can beat the odds and launch a successful company for yourself.