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We often hear business owners say how they wish they had the knowledge they do now when they were startups. As an entrepreneur, it’s inevitable to learn something new from experience over the years. However, you’ll have a better experience when you learn from other people’s mistakes and successes.
Marketing tips
In the beginning, marketing was a big hustle, especially for startup businesses. Luckily, with the growth of social media, small business owners and upcoming entrepreneurs can be their own marketing team. No need for hefty fees on marketing agencies.
See below for more marketing tips to embrace as a small business owner:
- Build a great first impression by working with Triveo Media to create an effective digital marketing campaign.
- Familiarise yourself with your target audience. This can be done by spending time on social media and making personal connections through interactions.
- Do not treat your business account as a personal account.
- Don’t just sell; create content that brings value to your consumer.
- Share informative content created by your competition to encourage the same from them.
- Connect with a local newspaper and offer to write a free column on related topics.
- Set up Google Alerts to keep you informed on what’s going on in your industry and with your competitors.
Financial tips
Small business owners aim at saving as much money as possible to maximise profit. Legally, you must ensure that your business is registered. Failure to do so, and your business will be financially affected.
Below are additional tips:
- Protect yourself from personal liability by choosing the limited liability partnership
- Ensure you follow employment laws if you’re hiring.
- Maximise your profit by avoiding unnecessary expenditures. For instance, if there’s no need for an office, work from home.
- Review accounting software options to keep track of your business’s expenditures and income.
- Hire professionals when necessary.
General tips
There are a couple of tips every entrepreneur must know. These tips cannot be boxed in a particular category but are very important. Let’s look at them:
- Embrace self-care. This entails taking care of your mental health, healthy eating, regular exercising, and getting enough sleep.
- Fall in love with the idea of being your own boss and not with your product.
- Keep your day job for security.
- Write everything down.
- Keep up your energy levels. For example, if you are a candle burner, ensure you tackle all complex projects at night.
- Always come up with creative ways of increasing efficiency.
- Create a board of advisors consisting of willing customers to contribute to your ideas.
- Break big goals into small goals and reward yourself after every achievement.
- Be disciplined and stick to your routines and schedules.
- Work on your leadership skills and listen more to your employees.
Conclusion
There are many steps needed to develop a profitable business. We believe that the tips offered in this article will give you a great start when getting your feet off the ground.
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