Many changes are afoot in the way that people work with more and more individuals wanting to break out on their own and take control of their own destiny. You may be exploring the idea of opening your own business and wondering how you can ensure your entrepreneurial endeavor is a success. Read on for The Brand Castle’s three tips on how to do just that.
1. Choose Your Business Idea Carefully
Millions of people will start a business this year, but many of those companies won't last the first 12 months. To make sure yours is still here a year from now, your business idea needs to be a profitable and sustainable one. Do market research before deciding on what will work best for your area and skill set. For an idea to be worth pursuing, it needs to solve a problem that affects a significant number of people who would be able and willing to pay to have it fixed.
If you aren’t certain about everything you might want your enterprise to be, or if you hope to expand the services you sell later on, creating a “doing business as” or DBA name gives you some flexibility. This allows you some freedom to experiment with projects and branding while retaining a permanent business name separate from the one you use for operations.
2. Perfect Your Branding
Oberlo notes that the right branding is essential to marketing a successful company. Branding is the sum of your business's core values distilled down into a bite-sized phrase or image. It takes many parts to work together to create a consistent message that will appeal to the correct potential customers. Among these parts may be your name, motto, logo, slogans, and more.
If you don’t have a lot of money to invest in branding, you can take it upon yourself to create some of the marketing materials you might need. Design applications such as Canva allow you to make your own flyers, business cards, and logos. Instead of spending money on logo design services, you can use one of the many templates available and personalize the font, coloring, and words to reflect your company's style and branding.
3. Utilize Social Media
Search Engine Journal points out that it’s nearly impossible to be a successful company these days and not have an active and engaging social media presence. More importantly, an organization’s potential for growth drastically increases when it can reach the numbers that effective social media marketing allows. This isn't surprising, given that Facebook has a whopping 2.7 billion monthly users with Instagram's active monthly user statistics trailing behind at a billion.
That said, launching a new social media campaign is a must. By using a Facebook ads maker, you can reach a huge potential audience of soon-to-be customers! According to Business News Daily, social media provides you with ideal circumstances for targeted marketing with low costs compared to other kinds of marketing. With the popularity of social media these days, any successful advertising campaign makes the most of these free resources.
If social media marketing is unfamiliar to you, invest in a social media manager. These individuals understand the nuances of working with various digital platforms and can develop and execute marketing campaigns that can give you the results you want. Social media managers can be found on online job marketplaces and social media marketing pricing currently averages nearly $21 per hour. Depending on experience and training, though, it could cost much more, so do your research beforehand to see how much you are willing to pay to meet your needs.
Entrepreneurial success is within reach if you are willing to take the leap. Be smart about your choices, save money where you can, and embrace the professional help you need to meet your business goals.