Starting your own small business sometimes gets a bad rep for being risky and unlikely to succeed. In reality, more than 80 percent of all small businesses survive past their first year. While that does mean that 20 percent don’t make it, with a little planning and the right strategies, you can set your new business up for success right from the start. Keep reading to learn four tips to help you do just that.
1. Have a Plan
Even if you opt to start a business by partnering with an established company, you’re still going to need a business plan. Your business plan should include things like what you plan to sell, where you’ll sell your products, and how you’ll market your company. This will help you better set a budget and start planning for future growth before your business is even off the ground.
When you’re creating your business plan, be realistic. While it’s always good to be positive, you should include back up plans in case you don’t sell as much as you expect from the start or if you hit roadblocks in opening your store or developing your web presence.
2. Be Transparent With Your Customers
There are plenty of start-your-own-business schemes out there that promise to make you your own boss while also earning you tons of money. But giving in to one of these will also mean lying to your customers if you want to make a sale.
Many pyramid schemes only allow “business owners” to turn a profit if they recruit friends and family. So while you may sell a few products, your focus will be on convincing your customers that they could be making money too if they would only start selling as well.
Transparency is essential if you want to build loyalty with your customers. To be transparent, you need to choose a business that allows you to be open with those customers about your goals. As an Amway business owner, you can be open about the Amway pyramid scheme myth, acknowledge it, and demonstrate to them why Amway is far from a scam.
3. Never Sell Yourself Short
When you’re just starting out, it can feel as though you need to do anything you can to win over new customers. But beware of offering too many discounts and deals right from the start.
Letting go of products and services for too little is not only bad for your bottom line, but it can leave customers undervaluing your business. Rather than offering discounts, focus on showing the value that your products and services could offer new customers.
4. Don’t Even Think About Failure
Mindset is everything when it comes to starting your own business. After all, if you don’t believe in your business and its message, how can your customers?
Before your business has ever launched, assume that it’s going to succeed. While it’s fine to have a plan in place in case your business falls on hard times, staying positive is the biggest investment you can make in your success.
Setting Your Business Up for Success
Setting your business up for success starts long before you make your first sale. From staying positive and believing in the value of your products to having a plan in place and being transparent with customers, following these tips before your launch can help you build a business that’ll be popular and successful for years to come.