Being a small business owner can be one of the most stressful things that you will ever do. Forget about raising children; a small business could have you tearing your hair out more than children ever could. The reason being is that there is a lot of pressure when it comes to being a business owner. Everything is riding on you and how profitable and successful it is will be what your future is going to look like.
The thing is, so many small business owners do come up with good ideas. On paper, they can work and the plan is to make it be profitable. But in theory and when practically coming to run the business, it can be a completely different thing. And having a good idea doesn’t mean that you have any idea about growing a company to make it even more profitable. But the good news is that while all small businesses are unique, there are some key things that all businesses can follow to help them to get some success. So if you want to succeed, then following some of these principles, as well as having focus and discipline, is what will help to see you through. Here are just some of those principles, that you can start working on right away.
Get Timing Right
To do well in your chosen business field, you need to get the timing right. Take WholeFoods founder John Mackey as an example. Nowadays, there are so many different products out on the market and everywhere from WalMart to Smiths are selling organic produce. But at the time, there was very little in the way of a vegetarian specific supermarket and organic foods. While there were things like farmer’s markets, it is bringing the look and feel of that, right to all consumers. So for timing, Mackey’s timing could have been better. You need to be the first, or one of the first to do something, in order for it really to grow.
One of the good things about small businesses is that there isn’t a long and exhaustive process to get approval for things to change or move forward. So in terms, of anticipating your customer’s needs, it can be an easier and faster process than it would be for larger corporations. So make sure that you use it to your advantage as you look to scale and grow your business.
Location, Location, Location
Where your office is will play a large part in how well it will do, depending on your business type, of course. But if you don’t even have an office, then it could be time to think about creating one. It makes it simpler to have client meetings, and literally puts your business on the map, making it feel much more trustworthy for consumers and clients alike.
That being said, you still want to make sure that you are creating an office that will suit your needs and be a sustainable place for your business to grow. There is no point setting up shop to then have to move shortly after as it doesn’t meet your needs. So it could be a good idea to grow your business by building an office if there isn’t something out there at the moment that suits. And when doing so, it could be worth looking at somewhere like east coast Geo Technical, as it is comprehensive soil testing and geo-technical services to help you design the building and the foundations, to make sure that it is the right place to be. It can help you make the most practical and cost-effective judgement when it comes to the construction of your structure, which is always a good thing when you’ve got a budget to meet, but have specific requirements for the project. In short, having a new business premises is going to help your small business to grow and be taken more seriously.
Know Your Brand
If you want to create a business that is scalable, then you need to understand your brand and have a clear brand outline. Like the WholeFoods example again, the customers know what to expect in each store, what will be on sale, and the impact that it will have on the environment when they shop there (paper bags versus plastic bags, for example, as well as organic produce, rather than chemical filled). So understanding the emotional attachment that customers and clients will have with your products or brand is important. That is what will keep them coming back to you again and again, rather than a competitor.
Some of the best ways that you can do just that are:
- Know your target customers. If you know who your target customers are, then you can better market products that will meet their needs. You do have to try and be niche; trying to be all things to all people is on the route to failure.
- Inspire and influence. If you can have a brand that is inspirational, then you’ll get loyal followers of the brand, not just of your products. Along the WholeFoods line, Ella Mills of Deliciously Ella fame, has an inspirational message to her followers about eating a plant-based lifestyle that helped her with her illness. From there, she has been able to grow the business through apps, books, delis, and now food products. But it started with a loyal fan base that found her inspiring.
- Enforce your brand image. Everyone in the company, no matter how small you are, should know your ethos as a company and what your message is. From you at the top to a secretary, you should enforce your brand image along the way.
The day to day running of a business can be the stressful part. But when you put plans in place, and are based in the right office, then as long as you’re prepared to work hard, you will be able to grow your business. Investing time in the business is going to be just, if not more important, than investing money.