Starting a business in 2018 will be a challenge. Every single day there are more and more entrepreneurs who start up their ventures and try to take the world by storm. If you want to be successful in this modern business world, you need to think like a modern business owner, and here is everything you will need.
1. You need to be good with money
The main issue every business will face during the first few months of doing business is the possibility of running out of money. Money is the driving force behind your business, and without it you cannot stay afloat and you won’t be able to succeed in your venture. As soon as you start your business you need to be making cuts to your costs, negotiating with your suppliers, and trying to make sure you can save money in every area of the venture. Be smart with your money and make sure you start saving from day one. Don’t buy things which you can get for free, outsource instead of hiring staff… do everything you can to save what you have.
2. You need to analyze
Now that we have access to a lot of amazing technologies and software, we are able to record data more easily and we are also able to analyze that data with ease. Making sure to analyze as much as you possibly can is important for your business and it will allow you to see what things are working for you and what things need to be improved. This will give you the ability to change and modify your business to be more successful overall.
3. You need to plan
Planning everything in your business is crucial if you want to stay on track during those first few hectic months of running a business. Use a Virtual Headquarters instead of your home address to avoid getting disturbed every day. Schedule your working day every single day and stick to your routine. Plan your marketing campaign and social media posts every week to make sure you have a consistent online presence each week.
4. You need to pay attention to margins
A profit margin is a difference between the price you pay for an item and the price it sells for. As a business, you will always want your profit margin to be high because this will give you a bigger profit on your investment. Make sure to pay attention to your profit margins and work to increase them when they seem far too low. For example, if you see a product which you think you are paying too much for, research new suppliers and see if there is anywhere you can buy it for less. Doing this will increase your profit and allow you to spread your wings much quicker.
5. You need to know how to recruit
When the time comes that you want to hire someone for your business, you need to find the right way of recruiting the best people. Sure, you could advertise your job on a board and get in touch with recruiters, but you might fare better by having a recruiter internally. Having your own recruiter can be a wonderful advantage because they will be familiar with your business and therefore they will know the kind of person who will fit with the team.
6. You need an online presence
Being online is the most crucial thing of all if you want to be a successful modern business. Having an online presence will allow people to get in touch with you from wherever they are in the world, and at any time during the day. Making sure that you are available and engaging online will mean that you need to check your social accounts out of hours. You don’t need to be working all the time, but checking your accounts once every evening can ensure that you are able to reply to questions or comments. When building your website and social accounts make sure you are totally transparent and give as much information about yourselves as you can. Always include your address and contact details for those who need to speak with you.
7. You need to be consistent
Marketing is at the absolute forefront of every modern business, and a good marketing campaign can set you apart from the rest. Make sure to be consistent with your social media content, and take the time every single week to plan and schedule your social posts on a tool such as Buffer. This will make sure that you are constantly popping up on your customer’s newsfeed, and this will ensure that you don’t lose their interest over time.
8. You need to communicate
Customer service is one of the most important departments of your business because it is here that your customers are able to talk to you and manage their inquiries or problems. If you don’t provide a good customer service you are at risk of making a bad impression and then being complained about online. Make sure you take the time to train your staff how to behave on the phone and make sure everyone goes the extra mile for their customers.
9. You need to know the competition
When you start your business venture, one of the first things you will want to do is assess the market and work out who your competitors really are. Researching your competition will allow you to see what kind of prices they sell products for, what their marketing campaigns are like, and the kind of people they are. Researching allows you to assess your own business and make changes and improvements in order to stand out from the crowd. Find what makes your company unique and use this as a pedal to your success. For example, you could be opening a beauty brand, but you might be different because your products are vegan and cruelty-free. Use this difference as your marketing tool to push you ahead of everyone else.
10. You need to look to the future
Always plan for a successful future for your business. Most successful brands will start to plan a new range of products more than a year before it launches. Make sure you always plan way ahead and get your idea nailed down to give you plenty of time to come up with ideas and to make sure it is perfect.
11. You need a good working ethic
Modern businesses have a wonderful working ethic, and the millennial way of working is much different from the traditional way of working. For your business to work and for it to be positive, you need to create a positive working environment and understand that people have more in their lives than their job. Be flexible to commitments, encourage a day working at home once a week for lower stress levels, and make the office a fun place to be. Think about bringing a communal area to the office where everyone can get together at lunchtime: add a games room where you can have office tournaments and you can relieve stress: and offer an outdoor space for people to sit in the summer. All of these things will help you be happier workers and will make your workers more loyal.
12. You need a good cause
Whether it be a charity, a local community cause you are passionate about, or a higher cause: dedicating time to good causes can be wonderful for your business. You can offer your employees 3 volunteer days a year with their favorite charity, make sure to take part in fundraising events and be a positive presence in your local community.