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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
5 Things Every Small Business Must Have To Succeed
Did you know that 99.7% of all U.S. businesses are small businesses and they create over 55% of all jobs? Owning your own enterprise is a dream come true; it grants you the freedom to explore your ideas and run things your own way. However, with many startups popping up each day, you need to know how to keep your brand afloat and relevant. If you are considering venturing into entrepreneurship, these five things can help you.
A Written Plan
As simple as it looks, a concrete plan can be the key to growing your business empire. It is the roadmap to your success. Without a plan, your vision just remains an idea. Write down a detailed plan outlining your goals, objectives, strategies and time frames. A good plan should comprise all steps that you will take to manage and grow your new business. With this, you will be able to easily review it, monitor progress and adjust it depending on the ever-changing market.
A Marketing Strategy
How you market your business is essential to its success. As every business is unique, you need a strategy that can help you reach your target audience. Depending on the product or service you are offering, conduct an in-depth market research to know where the best opportunities lie. Look at how you can make your brand stand out and attract clients. With the right marketing strategy, you will reach more potential clients, save resources, and always have an edge over your competitors.
Business Credit Card
Acquiring a business credit card can boost your startup in many ways. First, obtaining one can give you impressive sign-up rewards and bonuses. When you are not able to access a loan from traditional lenders, a business credit card can act as a financial cushion. By looking around, you can also find a 0% balance transfer credit card. With such a deal, you will save a lot. Business credit cards also have a higher limit compared to personal credit cards, which makes it easier to build a positive credit score for your organization. A credit card will also help you manage your finances by tracking expenses as you can get instant access to any transaction records you want.
An Online Presence
In this age of technology, your business needs to have an online footprint. Many consumers today are increasingly relying on search engines to search and buy products and services. As a startup, you can take advantage of the internet’s reach and cost-effectiveness. You can utilize a responsive website and use social media networks to expand your client base. Make sure you regularly update all the important information and ensure it is easily visible and accurate. Include contacts, directions, hours of operation and what you specialize in.
Reliable Customer Service
To keep your brand relevant, you should constantly create a channel of communication with your clients. Whenever customers make inquiries, ensure you give a quick and clear response. Give your clients a platform to leave reviews and testimonials. You can incorporate customer support software and use technology such as web analytics to monitor patterns in your online platforms. This way, you will surely retain clients and gain new ones.
If you just launched your new business, you don’t have to worry about inexperience, lack of funds or competition from marketing giants. By properly organizing your work, keeping your customers’ interests ahead and properly marketing your brand, you are set for a solid start and a profitable enterprise. With these essentials, your business is set to thrive.
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