One of the wrong perceptions many small businesses and start-up companies have is that they think they’re no match with the established brands in the market as these companies have already built their reputation from years of running the business and gained loyal customers compare to them.
Small companies, however, have so many things to prove. Aside from establishing awareness to their products or services, they also need to be sure that their business grows in the coming years.
The pressure is too much for starting companies that is why they tend to not last for too long. According to the study published by the Small Business Administration (SBA), half of the small-scale businesses only survive for five years while the one-third stays for 10 years and more.
This just shows how difficult it is to keep a start-up successful. But this does not mean you can never make it in the business world.
If you own a small company, or you are thinking of starting one, here are tips on how you can make your company successful:
Ask People to Help You – Whether a Professional, Freelancer, or Friend
Whether you are having problem with the manpower or your business model, do not hesitate to ask help from your friends or family. Your classmate in business school can help you with your business plan, while your niece or nephew can intern for your company. They can do it for free or you can give payment for their service. Regardless, their support will help run the company and boost your morale as well.
Ensure Stability by Securing Enough Business Finance
Before starting your business, make sure you have enough money to sustain it. Anticipate any changes in the economy and make sure you have a contingency budget to support your venture. So where will you get enough money to start your company? Here are some:
- Private and Commercial Lenders
- Loans from Family
- Bonds and Stocks
- Personal Savings
Intuitively, businessmen would ask banks for money but sometimes it is better to get money from private lending firms. This is because they have lesser strict loan policy and has payment models that perfectly fit a start-up. Companies like Kikka Capital for example, can approve funds in just a day, whereas banks need a lot of paperwork and time to assess your credit standing.
If you are eager to know if a loan repayment will be too much for you, utilize business tools like that of Kikka’s business loan calculator to help you assess your repayment. With that, you can measure how much money you can borrow and pay.
Invest on Different Marketing Strategies- Both Tradition and Digital
There are now plenty of marketing strategies to create awareness on your product or service. You can create flyers, promos or billboards, but you should also explore digital marketing. A website, e-mail newsletter or a social media account are modern ways of reaching out to your target market. These mediums can reach wider audience without spending too much money. Plus, combining it with traditional media can hold better results to your marketing campaigns.
Expand and Develop Product and Services to Give Something New to Customers
All successful businesses continue to develop their product and business model to accommodate the ever growing demand of the market. If you don’t, the interest of your customers will falter and other competitive business might win them over. Think of Friendster and Ensogo that went bankrupt because they failed to innovate their company before competitors swipe them away.
These are some of the ways on how you can make your small business grow. But if there’s one way to ensure company thrives, that would be your dedication. If you are a hands-on owner and you provide all your time to your company, it will flourish for the years to come.
One response to “4 Secret Weapons on How to Keep Your Small Business Thrive”
It is a very helpful post. Every business man wants to grow its business and earn profit.
Thanks for sharing this useful post with us.