By: Christina Metcalf, Writer/Ghostwriter Launching a business is a thrilling journey filled with possibilities and challenges. While no year is without challenges, the first few are particularly so for most businesses. Many naive owners think that if they can make it through the first year, their success is guaranteed. However, that isn’t the case. The first year actually has the lowest failure rate. According to the Bureau of Labor Statistics, approximately 20% of small businesses fail within their first year. The failure rate increases to 30% by the end of the second year, 50% by the fifth year, and 70% by the tenth year. That’s because there are challenges beyond bringing in customers. The main challenges (reasons businesses fail) like cash flow problems, lack of demand for the product or service, and insufficient capital in addition to sustaining growth while staying relevant in a competitive landscape, can make starting a business exciting and daunting. But you don’t have to go it alone. Your chamber of commerce is a wealth of resources for your new business and can help you with some of the ideas below. 9 Success Strategies for New Businesses Here are some strategies tailored to boost success for new businesses: Embrace Community Engagement Your local community is a goldmine of potential customers and supporters. Engage with them beyond just transactions. Host workshops, seminars, or events relevant to their needs. For instance, if you're in the wellness sector, offer free yoga sessions or health talks. Not only does this establish you as an authority in your field, but it also fosters a loyal customer base that feels connected to your brand. Leverage Digital Platforms Wisely Spend time cultivating a strong online presence and making an impact. Tailor your social media content to resonate with your audience. Share behind-the-scenes glimpses, customer testimonials, or even collaborations with other small businesses in your area. Have fun with your audience. Ask them questions. This creates a sense of authenticity and community, enticing customers to support a local brand they can relate to. Prioritize Customer Experience Exceptional customer service is a timeless strategy for success. Aim to go above and beyond in satisfying your customers. Providing good customer service is simply meeting an expectation. You want to exceed it. Personalize their experience, whether it's remembering their names or their preferences. Implement loyalty programs or exclusive perks for returning customers. For example, you could implement a “hometown” discount card for locals to encourage people to dine with you year-round instead of just during high traffic times. A happy customer is not just a one-time sale; they can become your brand's advocates, bringing in more business through word-of-mouth referrals. Collaborate for Mutual Growth Forge partnerships with other local businesses. Consider cross-promotions, joint events, or bundled offerings. For example, if you run a local wine bar (and don’t serve food), collaborate with a nearby restaurant on ways you can bring their menu to your establishment, possibly through discounted delivery service. Or offer a “wine and dine” discount or special deal for customers visiting both establishments. Such partnerships increase your reach and introduce your brand to a wider audience. Continuous Learning and Adaptability The business landscape is dynamic, and agility is imperative to survival. Stay updated with industry trends, attend workshops (your chamber probably offers very affordable learning opportunities), or enroll in online courses related to your field. Embrace change and be open to pivoting your strategies based on feedback and market shifts. The pandemic forced us all to evolve, but proactive flexibility and a willingness to evolve/innovate can set you apart from competitors and help your business thrive. Invest in Technology Invest in technology that will help make you more efficient. New businesses often have struggles with cash flow and recognition. Hiring a full staff may not be in the budget so use technology in ways that help you do more with less. If you’re not a tech guru, take some time to educate yourself about what’s out there or talk with people at your chamber. The staff there (as well as the members) can help you uncover affordable technology that will provide a good return on investment. Sustainability and Social Responsibility Consumers increasingly appreciate businesses that are environmentally conscious and socially responsible. Incorporate sustainable practices into your operations, whether it's reducing waste, using eco-friendly materials, or supporting local charities. Highlight these initiatives in your marketing efforts to attract customers who align with your values. Cultivate a Strong Brand Identity Your brand is more than just a logo; it's the essence of your business. Invest in building a cohesive brand identity that resonates with your target audience. From your website design to packaging, ensure consistency in conveying your brand's story and values. A strong brand identity fosters trust and recognition, essential for long-term success. Plus, many consumers look a business up online prior to visiting it. You want a website that invites them to visit and says you’re worth the trip. Track and Analyze Performance Utilize analytic tools to track your business performance. Monitor metrics like customer acquisition cost, conversion rates, and customer retention. Analyzing these data points helps in understanding what strategies are working and where improvements are needed. This data-driven approach enables you to make informed decisions and optimize your efforts for better results. If you are unclear on what metrics to track or how to do it, consider finding a business mentor. The journey of a young business can be thrilling, challenging, and sometimes terrifying. While it’s true that only 25% of new businesses make it to 15 years or more, by engaging your community online and off, prioritizing extraordinary customer experience, collaborating with other businesses, continuously learning, being socially responsible, cultivating a strong brand, and tracking performance, you can build a solid foundation for year-round success. These strategies create a roadmap towards sustainability and recognition within the local market. As the saying goes—success is a journey, not a destination. Consistent implementation of these strategies can pave the way for a flourishing enterprise. With these strategies, and a little luck, you may find yourself in the 25% who succeed through the long haul. Christina Metcalf is a writer/ghostwriter who believes in the power of story. She works with small businesses, chambers of commerce, and business professionals who want to make an impression and grow a loyal customer/member base. She loves road trips, hates exclamation points, and believes the world would be a better place if we all had our own theme song that played when we entered the room. What would yours be?
_______________________________________ Twitter: @christinagsmith Facebook: @tellyourstorygetemtalking LinkedIn: @christinagsmith By Tara Bitzan, Executive Director, Alexandria Lakes Area Chamber of Commerce You’ve likely heard many well-known statements about how one person can make a difference in their community, but it’s easy to think, “I’m only one person – how can I make something happen?”
First, let’s put it in perspective. No one actually makes things happen by themselves! What they do is believe in the possibilities, and then instead of dismissing every thought and idea that comes along, they turn them into action. Sometimes the action is as simple as a conversation with another person or doing some research that gets the ball rolling. Every business or organization, event or activity, building or park started with one person’s idea. But because the idea was studied, talked about, researched… the ball started rolling forward. Here are a few great things in our community that started with a simple idea:
All these examples started with a simple idea in one person’s head which could have easily been dismissed. We fail when we don’t put those thoughts and ideas out there and start taking steps to grow them. Each of these examples also proves that nothing is ever accomplished by one person. When you share an idea that is good for the community, there are countless hands there to help. But… they did all start with one person and one thought. So yes, one person can make a difference for this community! What are YOUR thoughts and ideas for our community? Start talking about them today! By: Christina Metcalf, Writer/Ghostwriter Starting and managing a business is no small feat. While you may feel empowered to start a business or work for yourself, it can be daunting. You may be facing a myriad of fears and uncertainties. Unfortunately, there’s no magical time that they go away. It’s not like once you pass the five-year mark, you become fearless. No, you must work at that and leverage your resources. So, let’s explore the most common fears for business owners and the strategies for addressing them. One solution that can significantly ease these concerns is working with your chamber of commerce. 1. Fear of Financial Insecurity Small business professionals often grapple with the fear of financial instability. The uncertainties of cash flow, profit margins, and economic downturns can be paralyzing. To address this fear:
2. Fear of Failure Fear of failure is a common psychological hurdle for small business professionals. It can manifest in self-doubt and reluctance to take risks. To overcome this fear:
3. Fear of Inadequate Marketing Marketing can be one of the most hated activities for small business professionals. It can feel awkward trying to toot your own horn in a way that people will come to know, like, and trust you. But effective marketing is vital for business growth and fear of not getting it right can hinder progress. To combat this fear:
4. Fear of the Unknown When you start a business, there are many things you might not know. Even after being in business for years, there are things that come up that you hadn’t considered. (Hello, COVID) You may also be concerned about legal and regulatory unknowns. There’s great unpredictability in the business world. Fearing those things can paralyze you, preventing you from making necessary decisions, embracing innovation, and seizing new opportunities. To address this fear:
5. Fear of Isolation and Networking Many small business professionals fear the isolation that comes with entrepreneurship, as well as networking challenges. Your core friend and family group may not understand what it’s like launching or running a business. To address these concerns:
6. Fear of Rejection Starting a business is very personal. You put your heart and soul into the organization. When someone doesn’t buy from you, investors turn you down, or potential partners don’t show the interest you were hoping for, it can feel like rejection. That’s uncomfortable for most of us. As a business owner, you’ll also face complaints and negative reviews. That can feel extremely personal. Plus, the fear of rejection can be paralyzing, leading to hesitancy in taking necessary risks. To address these concerns:
7. Fear of Success Surprisingly, the fear of success is a concern for some business owners. Success can bring its own set of challenges, including increased responsibility, higher expectations, and fear of the unknown. Fear of success can prevent you from reaching your full potential. To address this fear:
8. Fear of Burnout The fear of burnout is a genuine concern for business professionals who often find themselves wearing multiple hats and working long hours. To mitigate this fear:
9. Fear for the Welfare of Employees Entrepreneurs often fear for the well-being and job satisfaction of their employees. This fear may include concerns about providing a safe and supportive work environment, offering competitive compensation and benefits, and ensuring the overall welfare of their workforce. To reduce these concerns:
10. Staffing Concerns You may fear challenges related to hiring and retaining talent. These concerns include finding the right employees with the necessary skills, dealing with high turnover rates, and managing staff-related issues effectively. Working with the chamber can help you meet incredible potential employees who aren’t in the market for a new job, as well as introduce you to resources such as free job boards and more. While fear is a natural part of the entrepreneurial journey, you have numerous strategies and resources at your disposal to address these concerns. Don’t limit yourself through fear. Embrace it. Let it fuel you and know your business has the potential to thrive and grow. There’s someone out there wishing that there was a business like yours. Make sure they know about you. Christina Metcalf is a writer/ghostwriter who believes in the power of story. She works with small businesses, chambers of commerce, and business professionals who want to make an impression and grow a loyal customer/member base. She loves road trips, hates exclamation points, and believes the world would be a better place if we all had our own theme song that played when we entered the room. What would yours be?
_______________________________________ Twitter: @christinagsmith Facebook: @tellyourstorygetemtalking LinkedIn: @christinagsmith |
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