Nobody is born with entrepreneurial skills, Instead we learn everything once we get started but we do make a lot of mistakes on the way.So,If you are planning to open a small scale business, there are plenty of tips and tricks you might need to focus on. Small scale businesses are quite different from large corporations and big scale businesses.
Talking about small scale business, a lot of things have to be kept in mind like name, place , marketing, target audience , management etc. Without setting a proper goal, it all seems baseless and inappropriate.
In 2019, the failure rate of start-ups was around 90%. Research concludes 21.5% of start-ups fail in the first year, 30% in the second year, 50% in the fifth year, and 70% in their 10th year.
This undoubtedly concludes poor managerial skills and failed marketing techniques. So, to have a successful small business start-up or to make an ongoing small business more profitable and renowned, here are some tips and tricks.
- Listen to your Customers.
Over the time, it has become really important to listen and understand what your customer needs and what they actually expect. Acting on both positive and negative feedback is the utmost responsibility of the owner.
- Prioritize Customers
You should always prioritize your customers over anything else. It helps in attaining brand loyalty and customer retention.
- Prioritize Quality
Quality is something which attracts customers, never let your standard quality go away or get down for anything else. Focusing on better quality is the key to more customers and high profitability.
- Go Omnichannel
Omni channel is not a surprise anymore, build an ecommerce store for your new customers through Amazon, Flipkart , Instagram etc.
Digital platforms can drive in more customers and creates brand awareness. It is a must have to build a strong back.
- Don't fear established businesses
If you are planning to start a business, keep a mindset that your products are still needed in the society. This will let u go on in the market game.
You’re fresh meat in this competitive market and you have something that your competition lacks.
- Digital Marketing
Starting a business and organizing things can be very stressful. Focus on digital marketing which will lead you to steady but fruitful success creating name in the industry.
SEO, Email marketing , Consistent Blog posts on your official website can do the roles and be very helpful.
- Don’t follow the crowd.
You started your business because you thought you could do so.Take time out to interact with your customers and go live and chat. Take an idea of who, where and what your customers are.
Build a website, ask for feedbacks and start marketing.
- Flexibility
Learn to be more flexible with your work field and build a website which is user friendly and mobile friendly. Technology today is the key to success.
- Data Analysis
Data analysis is a good to go thing and must be done in order to conduct a favourable or unfavourable approach at the end of the year . It helps understand your customers by analysing it, you will be able to improve your job. This will boost your sales and brand name.
Trello, Slack and SEMrush are some of the tools which help with this.
- Digital Transformation
Digitally you need to be really strong and upfront for everything you do, new or old. Drink the Google Kool- Aid if you want your business to just be highlighted on the Google web browser, post a consistent content on all digital platforms, prepare a decent budget for marketing.
Final Thoughts
These are some very useful tips to build a scalable business. Success just cannot be attained overnight. You need to work with full dedication to make that happen. Working with all your heart and soul can help you build a successful brand.