Quick Tips for New and Aspiring Entrepreneurs
As far as dreams go, opening a new business is a big one. Fortunately, it’s also one of the most attainable, especially given the technology available today. But just because it’s something you can achieve with relative ease does not mean you don’t have to put work into the process. Here are a few things to keep in mind as you navigate the early days of your startup.
Before You Launch
Your business does not simply start the day the idea pops into your head. There’s lots of planning that goes into the process. Two of these are knowing how to establish your online presence and doing research to ensure that your product or service is viable in your market.
Plan your website to cater to today’s online shoppers. Jackson Hedden makes web design easy, with website designs that convey ideas clearly, concisely, and attractively. Ideally, you will have a mobile- and desktop-friendly website that gives your customers exactly what they want. What this is is determined by your business. If you are planning an ecommerce business, for example, you’ll want to ensure that your website is secure for online purchases.
Market research is another piece of the puzzle that you can’t overlook. Start by defining a problem. This might be something as simple as a lack of a specific type of service in your area or something more niche, like a product or service that caters specifically to parents with teenagers in gymnastics. Marketing agency SmartBug notes that your next step is to develop a plan by interviewing potential customers and running tests on beta users. You also want to collect data on the local demographic, including the income and shopping habits of your ideal customer.
Ongoing Administrative Hurdles to Overcome
Great, you’ve done your research, have your website up and running, and you’ve started to take on customers. Now, it’s time to hire a staff. You likely already have an idea of the type of person you’d like working for you.
Before you start to interview, make sure that you know how you’ll handle payroll related services, such as taxes and weekly or bi-weekly paychecks. Processing payroll isn’t as straightforward as it seems and involves complicated withholding calculations, tax reporting, and timekeeping. You also have to manage your employees’ contributions and, if applicable, any reimbursements you offer on- and off-site workers for travel, internet, or other business-related expenses that you pay for. Plan to use a payroll service that already has the infrastructure in place to keep up with all of your financials, payroll included.
Now, as you keep getting more and more orders, you’ll want to ensure that you're organized in your warehouse and the place from where you ship. You can keep up with inventory by implementing a barcode labeling system that automatically adjusts your stock levels as you pack and ship orders.
Refining as You Go
No matter how successful you become, never lose sight of the fact that the world changes at a rapid pace. Your customers' wants and needs will morph with changing times as well. Because of this, you want to ensure that your products are continually revised to appeal to each new generation of customers. Product branding and design is not a one-time process, but an ongoing refinement of your offerings that will help you continue to grow.
Another way to continue to appeal to your customers is by implementing programs that keep them coming back. My Creative Shop shares a simple but profound truth, “The easiest customer to sell to is one you’ve already sold to.” With this in mind, look for ways to create brand loyalty. This could be anything from a punch card that offers a discount after X number of purchases or special shopping days reserved for current clients. This is another area that warrants research, so don’t be afraid to ask your customers what would keep them coming back.
Launching a startup is a tedious business. But you can take some of the hurdles out of the way by tackling challenges head-on before they arise. From having a user-friendly website to making sure your products keep up with the times, the tips above will give you an edge in the competitive world we live in today. Book an intro call with Jackson today.
Author,
Lucy Reed
