Did you know that in Australia, a new small business is created every 100 seconds? That’s more than 800 businesses a day! The number is staggering but also not surprising, what with the advent of e-commerce and the availability of more resources to young entrepreneurs.
Still, the fact remains that not many start-ups actually know what makes a successful business. It’s not all about having sufficient capital (although that’s a crucial component)—it’s also about certain things that one may think that only big businesses need but are actually quite important to ventures of any size.
Here’s a quick list of some of the things that you need—along with some things that you don’t need—to drive success for your start-up.
NEED: Proper Accounting
Any business, big or small, needs to invest in proper accounting. In fact, this is even more important if you have limited capital. With the help of a knowledgeable accountant, you can optimise your business’s cash flow and know if you’re making money or wasting it and wallowing in debt. Hiring a reliable third party entity to do your business’s accounting for you can also improve efficiency. With a professional accountant handling your finances and books, you can focus more on other business-critical tasks.
NEED: Public Liability Insurance
Public liability insurance isn’t a requirement for most businesses and trades, but it’s still something that you want to have. It doesn’t matter if customers come to you (restaurant, retail shop, or even a spa or salon) or if you come to your customers (plumber or electrician); getting public liability insurance will always be a good idea. This type of insurance covers three primary parties: the customers that you invite or go to your business willingly, the licensees that you visit when you conduct your services, and the general public who may just be passing by. These people are at risk of getting injured or having their property damaged, no matter how small that risk is.
When you have public liability insurance, your business is covered when the aggrieved party files a compensation claim. Of course, other types of insurance are also beneficial to your business, and these include personal accident insurance, employer’s liability insurance, and workers’ compensation. The latter two are especially important if you’re going to hire employees.
NEED: Marketing and Design
When your business achieves a certain measure of success, you can dial down on your marketing efforts. However, as a start-up, you will definitely need to invest in marketing to help you figure out your target market and to reach out to them. Once you do, you can tailor your advertising and communication efforts to that segment. Moreover, marketing can help you develop new products and innovate your services to help address your target market’s ever-changing needs. The thing to remember here is that effective marketing can help you optimise your engagement with customers and maximise sales.
Design is also something you have to invest in, especially at the beginning. Customers pay attention to your logo, the design of your website, and your marketing materials, among others. If you have a poorly designed brand identity, prospective customers might see this as reflective of the quality of your products or services. The benefits of good design to your business are usually non-tangible, like brand recognition and brand consistency. Nonetheless, these benefits are huge contributors to business success.
DO NOT NEED: A BIG Social Media Presence
A big social media following is nice to have, for sure. But that’s just it: it’s a “nice to have” and not a “must have.” Obviously, thousands or even millions of fans and followers on social media can be a huge driver of brand awareness. Still, awareness means little if you aren’t able to convert. Big numbers are good, but engagement is what’s truly great. Even if you only have a small social media presence and following, it’s possible to achieve success if you post content that’s helpful and relevant to your audience’s interests and needs. Focus on engagement and building a relationship with your audience. Be human and genuine, optimise your accounts, appreciate and leverage analytics, and stay active. An increase in followers should be your reward and not your goal.
DO NOT NEED: A Completely New Idea
First-time entrepreneurs think that they need something entirely new to succeed. However, you don’t actually need to create something that wasn’t there before. Sometimes, the key to success is to go where the market is and find out which problems you can address. You may also want to “imitate” something that works and make it even better. This is not to say that you shouldn’t go ahead with a unique concept. It’s only a reminder that sometimes, simple ideas that fulfill customer needs also have the potential to be successful. Start small. Once you’ve got everything laid out and your business is running, growing your business will be much simpler.
There’s no one “secret formula” to business success. It takes a lot of hard work and passion, not to mention focus and discipline. Still, this checklist can help you get your business off the ground. Good luck with your endeavours!
Author: I’m Jaylin: SEO Expert of Leelija Web Solutions. I am a content manager, and the author of elivestory.com and a full time blogger. Favorite things include my camera, travelling, caring my fitness, food and my fashion. Email id: email@example.com