The pandemic didn’t just change the way people worked. It also transformed what people did for work. In 2020, the United States experienced a wave of entrepreneurial activity, with Americans filing paperwork to create 4.3 million businesses. That’s the biggest increase the country has seen in the last decade and a half, and that entrepreneurial spirit hasn’t waned.
According to the Economic Innovation Group (EIG), Americans filed 1.4 million applications through September of 2021 to start new businesses, setting a new record. Many of these companies will help create jobs. The people starting them aren’t freelancers who usually work independently but are new business owners who have quit their jobs to build startups in fields like retail and manufacturing.
But creating and managing a company isn’t easy. Entrepreneurship comes with many challenges, so much so that 65 percent of business owners fail within the first ten years. That’s why it’s imperative to seek and take advice on how to start a successful brand.
If you’re one of the people who applied to create a business, don’t go into entrepreneurship aimlessly. Replacing the income from your previous job will require you to work hard and follow several steps to experience entrepreneurial success. In fact, here are nine ways to start a winning business after you’ve applied to create a company.
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Develop a solid business plan
A business plan will confirm whether your idea will succeed. It’ll include many details like your products or services, business structure, industry analysis, sales strategies, funding sources and needs, financial projections, and any leases, permits, or documentation you need.
With this document, you’ll not only know whether your business idea is worth pursuing but also the steps you should take to have the best shot at success. If you want to create a good business plan, make sure to include what makes your startup different and unique. Other key components of a business plan are the following:
- An executive summary
- Your business model
- Market conditions
- Information about your products or services
- Your company’s management and operation roles
- Your sales and marketing strategies
- A financial plan with business costs, revenue projections, and funding
- A summary of the above points
- An appendix
Also, keep the business plan short and never be afraid to revisit it and revise it if necessary. It’s a living, breathing document that you can and should update as your business and industry change.
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Understand your target audience
You can’t run a great business if you don’t understand your audience. Not everyone is your ideal buyer. While larger companies may target a bigger market, there’s a well-known saying: the riches are in the niches. It’s imperative to find a niche where your business can thrive and understand the consumers in that niche. Knowing their pain points, priorities, fears, dreams, and more will help tailor your messaging to ensure you speak directly to your audience’s needs and wants. When your target market sees how well your brand knows them, they’ll be more likely to buy from you.
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Emphasize your competitive advantage
A key component of business success is differentiating between your brand and competitors. Your target audience needs a reason to buy from you, so make sure to highlight your competitive advantages. What’s your value proposition? What do you offer and do that’s better than competing companies? Answering these questions and explaining the answers to your target audience will make sales that much easier.
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Build an intuitive website
Having a well-designed, user-friendly website cannot be understated. Your website is one of your company’s most important assets. With this platform, you can tell your brand story, showcase your products or services, and provide an easy way for consumers to contact you. Your website will be the landing page for all your organic and paid traffic and what helps people develop an impression of your brand. Without a functional and professional-looking site, your target audience will be less likely to buy from you, so invest in building a good platform.
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Create specific goals
A great company needs goals. Clear objectives will guide your business in the right direction, but it’s important to know what goals to set. With marketing and sales, there are many directions to go in. Things can easily become complicated when you try to cover too many bases, especially when you’re a small business. Instead of biting off too much, take time to identify the areas that can really enhance your company’s success. Maybe there’s a blind spot that prevents your marketing from delivering more growth. In that case, set a goal to address that specific area. Then, put your resources towards that to achieve the performance goal. Once you consistently see positive results, you can shift your focus to target a new objective.
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Promote your brand on social media
Regularly interacting with your target audience is possible with social media. In the early stages of your business, take time to figure out which social media channels your audience uses. Then, develop content to reach and engage your ideal buyers. Just make sure to dedicate an appropriate amount of time to social media. If you want to see results from these platforms, you need to post regularly, respond to comments, publish comments on relevant profiles, and watch and react to trends. It’s a lot of work, but it’s worth it in the end. Social media will not only provide a great communication channel with your audience, but it’ll also help boost your domain authority and improve your search engine rankings for keywords.
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Invest in advertising
Organic traffic is always great to have, but it takes a while to generate, especially in a crowded, competitive market. Ranking for one keyword could take three to six months, and while it’s worth achieving, you should put resources towards advertisements as well. Pay-to-play opportunities will target potential buyers and provide quick wins to jumpstart your business. Great channels to use for advertising are Google and social media platforms that your audience visits. The latter doesn’t have as many consumers with a high intent to buy, but with engaging, targeted advertisements and enough impressions, you’ll get your audience’s attention.
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Value your employees
A high-performing team is crucial for any successful business, but building one isn’t easy. Fortunately, How to Win Friends & Influence People by Dale Carnegie explains how to have solid relationships, whether it’s with team members or sales prospects. One of his recommendations is to make others feel important, which you should do consistently for your employees. Simple things like remembering their names, asking questions, and finding out what they enjoy will go a long way in showing your appreciation. Additionally, highlighting each of your employee’s strengths and talents will increase their confidence, engagement, and productivity—and those benefits will help your business have a great start.
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Capture and nurture potential leads
It’s not enough to get people to visit your website. If you want to have a successful company, you need to capture your website traffic and nurture leads. The best way to do both is with email marketing. On your website, you should provide opportunities for people to give their email addresses. You can attract subscribers with a discount code, gated resource, or a newsletter that contains regular updates. Once people are in your marketing funnel, you should nurture your relationships by offering educational content and promotions. Doing so will help increase your sales.
Start strong to jumpstart your business success
If you want to start a successful company, do the necessary work upfront. Don’t wait to look for ways to enhance your brand’s growth. If you take too long to implement tried-and-true tips, your business may not survive. So, start strong. Then, continue doing the things that work to enhance your chances of success and keep your business going for the long haul.