Thousands of new small businesses appeared in the last 36 months,during the lockdown, but only few are here to stay. Some will just fade out of existence as life returns to normal, while many others will sink despite their owners’ best efforts. Here are five tips on how to make sure your small business is among those that thrives and succeeds!
1. Start really small
We know you have big dreams for your business, and you want it to be flourishing, but Rome wasn’t built in a day. Start small, and we mean very small. Only buy the bare minimum you need to make something sellable, and after you have a few orders completed, shipped, and arrived to happy customers, go buy more. Spend no more money than you have available and can make thorough your business. If you make, for example, crocheted blankets, you only need a few popular color scheme threads before moving on to the ones you want to make.
2. Insure your business
As soon as you get a small market base, spend some money on insurance. Like this, if your business fails, or you are forced to shut down due to unforeseen circumstances, you don’t loose all the money you have invested. Eventsured can provide vendor insurance for your business quickly and easily, at the press of a few buttons. All online! And you won’t have to worry about not making profit in the first few weeks. You have insurance and if everything fails, that’s not a problem. You have your back covered! Besides, if you do make it big, you will be even happier to have insurance from the very beginning, because you can get better rates with loyalty.
3. Market as much as you can
Do not let a single moment pass! If you can advertise, do it. Do it now, loudly and aggressively, so you can show potential clients not only your work but also your enthusiasm. Which is not to say you should falsely advertise or hide important elements, like waiting time, shipping areas, or additional costs. Be honest but be open and outgoing too. Use every platform at your disposal, from Facebook and Twitter to TikTok and show the world your work. Remember to ask your friends to network and pass the word as well! Orders will soon come flying through.
4. Find your niche
Look for a specific market of yet untapped potential. Or if not fully untouched, maybe a little obscure, without being boxed in. Too mainstream and you will be drowned by other, slightly bigger small businesses. Everyone makes candles and crocheted animals these days. A quick browse on any social media platform will show you that. Instead, search for people asking for other things, like book covers, or soap, or a specific type of jewelry. At the opposite end, too niche will land you no clients and you will end up with a hole in your pocket. We are guessing very few people would be interested in buying handmade wicker baskets: the price would be too high for the average customer.
5. Study and learn from experts
Running a business, however small, is an entrepreneurship and you need to know what you are doing in order to succeed. There are online classes, and advice, and talks, and sites, all ready to help you with advice and tactics. On top of that, you should brush up on your economic skills and learn how to balance books and file taxes for small businesses. If you are in debt after the pandemic, for example, you can always look up advice from experts on how to handle that. Some even stay local, so you can have the most relevant advice for you.
It takes a lot of work to keep any small business afloat, especially in uncertain times like these, but with determination and brains, you can do it! All you need is the confidence that you can do it and to never give up. If you fail, stand up, brush yourself off, and try again. And share your experience in the comments, so others may benefit from it, too!