Running a business can seem like a hard task; however there are many little things you can do to make life a little bit easier on yourself.
1) Write a business plan and stick to it. Your business plan should cover marketing strategies, your business strengths and weaknesses (SWOT Analysis), your break even figure, how many sales you need to make to break even, your goals and targets and much more information about your business. Sticking to this is important because it then allows you to plan ahead and always know what's coming. Once you have worked out how many sales you need to make to break even you must strive to reach or exceed that figure, keeping a diary or journal is useful because then you can see how many sales you have made in say three months, and then see how many sales you need to make in the next three months to be on target to break even. When you have met your targets, update your business plan and set new ones - this keeps you moving in the right direction.
2) Try to find your USP (Unique Selling Point) - what makes you different from the hundreds of other business that sell the same products or services? What do you offer that they can't? What is your main aim? If you don't have something unique then you will struggle unless you focus on customer satisfaction and listening to your potential customers ideas. Having a USP is a great way to market your business because you can offer what others can't, however you should try to find a way to prevent other companies from copying you, because if for example Sony copied you, they would take your sales as they are more well known and have a great reputation.
3) Many people say that cheap marketing doesn't exist, however there are many great ways to advertise that are either completely free or cost a little. Word of mouth is one of the strongest forms of advertising there is, yet it doesn't cost a penny. However it does cost time as you have to keep your previous customers happy and give them a reason to recommend your business. People are more likely to buy from a business that has been recommended by a friend or family member because they believe that they are more likely to get a good service. Other forms of cheap advertising include having your own domain name and website, using an email address that includes your website domain (many people overlook this but it is a great way to promote your domain when you give out your email), Google Adsense and the use of business cards. Many new entrepreneurs believe that marketing is vitally important and set aside massive budgets for marketing; however you need to have the reputation for your good products or services before your brand means anything.
4) Either hire a dedicated accountant or have someone else check your bookkeeping to ensure that it is error free - you don't want a fine or something more serious just because you made a small error which was overlooked. A professional can also help with any legal issues to make sure that you are always abiding by the law. It is a lot easier than you think to break a business law as it is very difficult to remember them all, and at least with a professional you can be sure that you are staying within your guidelines.
5) Ensure that you use contracts when selling your product or service. Contracts cover a variety of things including terms and conditions of sale (such as your refund policy), invoices, employee contracts, and many more. Contracts are a great way of ensuring that both you and the customer know what to expect after the sale - warranty, refunds, after sale support and so on. Using contracts protects both parties and ensures that the customer agrees to your terms and conditions, and the customer knows that you have to abide by your refund policy and provide the agreed amount of warranty.
6) Use a branding or colour scheme throughout your business as this looks more professional and can then be used during advertisements. It also helps to build on the brand as it will be easily recognisable. Building a brand is difficult because the majority of the time you are competing with much more established brands like Nike or Sony, who already have a large customer base and high reputation for their products. This means that you must use your branding in as many places as you can and make it look professional. Your logo should be easy to recognise as this will stay in your customer's mind.
7) If you are sure that your product doesn't have many faults you could borrow some of them out to reviewers or websites that will review it as this will then be noticed by millions of people online and could lead to increased sales. Only do this if you truly believe that you can compete with whoever the big brands are in your section, otherwise it could work against you. If you product receives mixed or negative feedback work on this to change and develop the product further until you have something that is very close to perfect.
8) Doing surveys before you produce a new product is vital as you can see what your potential customers would want in your product and what would make them buy it. Surveys can be put online, sent through email or letter or done in a public place such as a town centre. This is a great chance for you to interact with the people that would buy your product and really get into their minds and see what they would buy. You could also ask them how much they would be willing to pay for the product, what they look for in your particular product, what accessories they would like to see be available for new or existing products, and much more. By talking to the people that are going to buy your product you can get a better idea of what they want - doing this also increases their opinion of your business, as you are trying to give them what they want, and that is a big thing to a potential customer - feeling valued and listened to.
9) Don't make promises that you can't keep. Sometime it is all too tempting to promise a customer that their product will be delivered tomorrow, but if it isn't possible then don't do it. Customers would rather be told that they have to wait three days and get it early, than told they will get it tomorrow and not receive it. This goes with many other things such as calling a client back - give yourself an hour but call them sooner, this leaves a much better impression in their mind than being made to wait longer than they were originally told.
10) Don't be afraid to try new things - this is what made Richard Branson and many other entrepreneurs successful and famous. The fact that were innovative and were always looking to expand. Richard Branson, the owner of Virgin Media, now runs an empire that ranges from fizzy drinks to trains and aeroplanes. If you believe that you can expand and make it work then go for it. Just always weigh up the risk and make sure that it is worth taking.
11) If you employ staff then make them feel valued. Listen to their ideas and feedback. Give them the training that they need. Don't make them feel like they are disposable. Happy staff means higher workflow, so keep them happy. Nobody wants to feel unvalued and have their ideas dismissed before they have even been heard. Keeping your staff happy will pay off in the long run.
Running a small business successfully requires a few skills, including money management, time management, presentation and many more. You need to set out clear targets and really stick to the plan. Utilizing time is a great money saver, because in business, time really does mean money. You should have monthly or annual budgets - monthly are easier to manage for most people - and only spend what you need or can afford. It can be tempting to take out a business loan however you will lose out in the long run so my advice is that should try to avoid this route unless you really need it.