Published On: Fri, Oct 19th, 2018

5 Tips For New Business Owners

Opening a new business can be an adventure for any wide-eyed entrepreneur. Whether you want to be small, quirky or independent, or you want to start growing your business into a small chain, then you need to make sure that you have finished your research before you even think of opening your doors. Here are some ideas of how you should make sure you are fully prepared for your customers to enter your doors.  

business owners

Is your business truly unique?  

As Stephanie Burns – the CEO of Chic CEO – has said, “for every good idea you have, there are hundreds of people out there who have the exact same idea.” Thus, it is essential for you to look on the market for similar products. For instance, if you are in the salon industry, look online for similar makeup products or clothing styles on model channels on Instagram. If you do intend to focus on a trend, then think of what could make it unique and stand out.

Look to the past  

Whilst it has been said that 95% of businesses fail, this is merely an old wives’ tale, as the internet is filled with podcasts, websites and articles describing the history of entrepreneurs who succeed in their business ventures. It is essential that you look into these articles, as you do not want to be following in their failures. Instead, use it as an opportunity to learn from the past so that you can have a business that runs smoothly in its growth.   

Do you have the correct Insurance?  

When you open a business, you must have insurance just in case any problems do occur within your premises. Experienced insurers, like Be Wiser Business Insurance, know an accident can happen to even the most seasoned of businesses.   

Thus, finding insurance like Public and Product Liability insurance can protect your customers, workers and yourself from any harsh financial compensations that can occur if an accident occurs. It is recommended that you also branch out into additional insurance that can protect your business from any vandalism, fire or weather damages.   

Who is your target audience?  

You need to find a way to appeal to your target demographic. To do this, social media is your friend, especially if you are appealing to the younger generation. The older generation between the ages of 60 to 90 may not see the appeal of brands appearing online; however, advertisements on Facebook, YouTube, Instagram and Twitter can be useful to make your product stand out. You can even try sponsoring a YouTube star so that they can advertise your products on their channel in a shout out or quick advert break.  

The right staff  

Having the right team behind you can make or break your business. When interviewing your workers, be sure to ask yourself if they are truly the right people for the job. Make sure to ask them any essential questions during the interview, as well as provide them with the correct training or even pair them with an older teammate for the day, so that they can quickly provide the best service to your customers.