So you’re starting a new business?
Whether the main catalyst is pandemic-related redundancy or you’ve simply decided to bite the bullet and take a leap of faith, more power to you and the best of luck!
But these testing times are full of as many potential pitfalls as new opportunities.
So how do you make sure that the risk you’re taking is as carefully calculated as possible and has a better than average chance of rewarding you with financial stability and perhaps even a comfortable lifestyle?
There’s no crystal ball unfortunately, but reading these five steps to launching a lucrative small business will stand you in good stead.
1. Market research
First thing’s first – no matter how brilliant you think your new product or service is, you’ll have to be sure that there’s actually enough market demand to ensure it’s something you can monetize.
Especially if the initial time and cash outlay is considerable, hire a market research firm like DRG first – wherever you’re based globally, they’ll let you know if your big idea will be welcomed with open arms.
2. Product development
To make your new product as robust as possible, your product development process will have to be on-point – at every stage from those first flourishing brainstorming sessions to analysis, design, crafting/engineering and testing.
Whatever you’re making, follow these iterative steps and you’ll buff off the rough edges to create a smooth product that’s ready for the public.
3. Get a website
A website can really help your start-up/SME business punch above its weight and connect with ideal customers – without the massive cash investment required to advertise on mainstream media.
According to a Naples SEO expert, a well-designed, SEO-optimised website that includes polished, professional copy and content is a sales engine for your business, but as a first step towards caring your own niche of search engine real estate, claim your free Google My Business account.
4. Network daily
Networking is another essential step towards ensuring your new enterprise is successful in the long run – you’ll meet new customers and collaborators, and extend the reach of your marketing materials immeasurably.
Whether you network online on LinkedIn or Instagram, in person at your local Chamber of Commerce, or a bit of both, the important thing is you’re putting yourself out there.
5. Formal learning
There’s nothing like learning on the job with no safety net, as it were.
But earning a formal qualification online in your spare time while you apply lessons learned in your daily business is a brilliant way of building a solid foundation for your business.
For instance, an accredited online MBA from ARU Distance Learning can give you a cutting edge over competitors and inspire you to deliver that little bit extra for customers.
So there you have them – five steps to setting up a smash-hit small business.
When you make your millions, remember to send us some promotional freebies!
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