The Most Important Things to Know Before Starting a Business
4. Not Knowing How to Market Your Business: Marketing is critical for every form of business. A strong web and social media presence and understanding how to use them to drive traffic to your business are critical. In today’s digital world, a well-designed and easy to find website can be one of the most critical assets your company has. If you hesitate to invest in this form of marketing because of the cost, or from lack of understanding, your business has a significantly lower chance of surviving the first few years.
5. Do Not Become Complacent: This is an easy trap for new business owners to fall into. You have opened your doors, physically or online, established a customer base and revenue is coming in. Although you should feel proud of your accomplishment in making it this far, now is not the time to set back and relax. Make sure you are still on target with your business plan and update it if you need to. Monitor any ways that the market is changing and adjust your business strategy to change with it. Keep searching for ways to improve your service or products.
2. Keep Your Expenses as Low as Possible: While there is truth in the old adage that you have to spend money to make money, make sure you are not spending more than you need to. Define the necessary expenses for the growth and well-being of your business and figure out what expenses are unnecessary. Look at even the minor details. Are you paying dues to a professional organization that you do not utilize at all? Are you investing in expensive bookkeeping software, but outsourcing all your accounting work to a company that has the same software at their disposal? If you do all of your business online, why spend money on an office? Virtually every business wastes some amount of money in unnecessary expenses. Take a hard look and shave off everything that isn’t directly impacting the bottom line of your business.