To many people, starting their own businesses always sounds like a great idea. Unfortunately, many do not realize their entrepreneurship dreams because they are afraid of failure; and considering that almost 90% of start-ups eventually collapse, it is justifiable.
Although it might be challenging – especially if you have to start from the beginning – it’s still possible, and you can make some money. Do you want to know how?
Here are four simple strategies to start a profitable small business from scratch:
1. Draw a feasible business plan
Creating your business plan marks the starting point for your entrepreneurship endeavour. It should outline your trajectory and your plan of action for the start-up.
Explaining how you can finance the venture and the kind of structure you want to operate are all must-do things for rising entrepreneurs. You will also need to define your goals, customers, and how to implement your strategies.
When you have a clear-cut plan, it guides you on how to run the business successfully. Investors may also be more willing to work with you if they realize that your business plan is feasible.
2. Budget and forecast
Nursing a business idea is not enough; you also need to budget and analyse your revenue generation potential. Doing this will allow you to know the expenses such as rent, utilities, and overheads.
For example, as these expert Chicago accountants put it, keeping track of every penny can save you a lot of money, in terms of taxes to be paid.
It is very likely that you may run into financial issues if the business is not generating cash from the onset.
So, make a reasonable budget, and have the foresight to predict when your cash flow will be maximum and whether you will need additional funding.
3. Connect with customers
Customers are essential for the success of new businesses as they drive operations. So, instead of waiting for your customers to find you, find them. You can do this by leveraging digital marketing strategies.
You may also want to employ email marketing campaigns and use the power of social media to drive customers to your business. There is proof that it works, with about 66% of end-users making purchases because they were touched by an email marketing advert.
4. Design a professional business website
Around 81% of shoppers head over to the internet to research before they order products. So, what happens to your business if potential clients cannot find any authority information on your brand?
The answer is you risk losing several customers to your competitors. So, register a domain name and have web developers build you a professional business website. This will help you boost your online visibility and attract buyers to your new company.
Bottom line: owning a profitable business is challenging, but with these four tips, things should be simple for you. If you think starting from nothing will be too much for you, you can consider acquiring a franchise for sale.
Franchises such as Visiting Angels can support you with training materials and detailed business models that guarantee high returns. So, why not start a business with the above strategies?