7 Tips On Starting a Business That is Sure to Succeed
Starting your own business can be more than a little intimidating.
You’re about to invest loads of time and your own hard earned money into a project that is going to become a huge part of your life.
There are likely going to be many times during the early days of starting your business when you’re going to wonder what you were thinking, and worrying that you might fail.
But when you do succeed, all of that worry and work will have been worth it.
For now though, you’re likely wondering what you can do to help ensure that your business finds that success.
Learning the steps you need to follow and strategies that you can implement when starting a new business, before you actually start a new business, will help you create a solid foundation on which to grow.
To help you start building that foundation and creating a business that is sure to succeed, check out these seven tips!
1. Follow your passion, not the crowds
The most important tip for starting a business that is sure to succeed is to follow your passion — rather than the crowds.
At any given time, there are countless trends capturing the world’s attention. From fidget spinners to miniature desserts, these trends appear quickly and stay for a few weeks, months, or years before fading out.
If one of these trends just so happens to be centered on a hobby that you’ve enjoyed for years, then starting a business focused on that trend may not be a bad idea.
Otherwise, it’s better to skip on the trend rather than jumping on the bandwagon and starting a business that you won’t have the passion to follow through with.
Instead, ignore what’s trendy, and focus on what you’re passionate about.
Your business is going to take up a lot of your time, so it needs to be something that you enjoy.
Starting a business centered around a product or service you would buy will also give you a unique insight into what your customers will want and expect.
2. Start with a plan, but don’t be afraid to adapt it
Having a plan in place when you’re setting out to start your own business is essential if you want to succeed.
Your plan should include details like a timeline for starting your business, a budget with estimates on what your startup costs will be, and ideas about future expansions of your business.
While this plan is important, it’s also crucial to understand that things change over time.
Unexpected costs may cause you to exceed all of, or at least part of, your budget. Set backs will extend your timeline.
After you’ve launched your new business, you may find that certain aspects of it are more successful than others. Maybe one product or service option sells very well, while another is a flop.
Rather than trying to force yourself to stick to your plan, you need to learn to accept these changes and adapt your plan accordingly.
Not only will you save yourself stress, but you’ll also be giving your business a better chance at success.
3. Don’t quit your day job — yet
When you’re excited about your new business, it can be tempting to jump right into devoting your life to it.
But before you quit your job to dedicate your full attention to your new business? First, consider how long it may take for your business to get off the ground.
Besides the time you’ll spend planning, you’ll also need to devote time to finding a space to work.
You also need to think about hiring employees, buying product, setting up social media and technology, and more.
While quitting your job will give you plenty of time to work on these things, it’ll also leave you without a steady income.
Even if you have money saved, if it takes longer than you expect to get your business started, or if it doesn’t succeed right away, that money may quickly run out.
It may be tough to juggle, but try to stick with your day job while in the early days of launching your business. That way you’ll have money coming in, and have something to fall back on if your new business doesn’t succeed.
4. Never be afraid to ask for help
Starting a new business is tough, especially if it’s your first.
But you don’t have to do it alone.
There are tons of resources available that can help you get started. Many Canadian nonprofits, government agencies, and other companies offer resources for small business owners.
You can also join networks and groups on social media that offer help to small business owners. These are great places to post questions and receive advice for overcoming any problems you run into.
Finally, never be afraid to ask other professionals in your industry for help or advice. Everyone was new to business ownership at some point. You may be surprised to find that other business owners are happy to offer you help when you’re just starting out.
You don’t necessarily have to ask for the secrets to their success. Instead, ask them to tell you about hurdles that they had to overcome. Same thing goes for the challenges that occurred when they were first starting out.
Learning about their setbacks will also help you to overcome any of your own that might occur.
5. Network, network, network
Until your new business has an established social media presence and repeat customers, you’re going to need all the help that you can get to land sales.
That’s where networking comes in.
While your business is new, it’s important that you are promoting it everywhere you go.
Tell friends and family about what you’re doing.
Share links to your website and professional business pages on your personal social media accounts. Events and trade shows are also a great way to spread awareness of your business.
Don’t be afraid to shamelessly promote your business wherever you go. Most people will understand that you are passionate about what you are doing, and eager to share it.
6. Dedicate time to building your online presence the right way
There are more than 1.6 million digital buyers on the web today. By 2020, that number is expected to exceed 2.14 million.
If you’re not actively pursuing these buyers, your business is missing out.
Regardless of the type of business you’re building, it’s important to develop a strong online presence. You’ll also need a strategic plan for growth.
If you don’t have experience with digital marketing strategies, you’ll need to start by doing your homework. Start by learning what a successful content strategy looks like.
Then, focus on how to improve your ranking on social media, how to utilize keywords, and other digital marketing skills.
Once you’ve built a solid online base, stick with it. Keep creating quality content, and sharing it across your platforms. This way, you are continuously growing your following.
This is also the time when you should be developing your business’ brand. This includes choosing certain colors, fonts, and themes to use on your website and in any promotional materials that you create.
It also includes developing and then sticking with a set style for taking and sharing photos, a voice for your content, and other unique traits. Make sure you utilize these in all future materials that you create.
7. Check out the competition
If you want to succeed, you need to know what you’re up against.
Knowing what your competition is doing, and what works well for them and what doesn’t, can go a long way.
But while you’re checking out other companies’ social media accounts or websites, be careful not to fall into the trap of copying their work.
Learn from their successes, but stay true to your own brand.
Want to succeed? Start with the perfect name
These seven tips are essential if you want your business to succeed.
But you can give your new business an even stronger chance by starting with the perfect name.
Before you can name your business though, you’ll need to make sure that the name you have in mind is available.
If you don’t check to make sure that another Canadian business isn’t already using the names that you come up with, you may be disappointed when it comes time to register.
You may also be left scrambling to come up with a name at the last minute, or else delay launching your new business.
To avoid this, search for available names while you are still in the process of brainstorming.
If you’re ready to find the perfect name to help give your business the chance to succeed, check out our free Canadian business name search today!