5 Tips When Starting Your Business

Published April 23, 2018

Business Invoice

It is without a doubt that turning a business idea into reality is at first very daunting but nonetheless still exciting. The initial stages happen faster than expected and almost everything is crucial to your success. But don’t let this scare you, we are here to give you a few suggestions to help put your mind at ease.

1. Know Your Market

It’s easy to say that you want to target everyone because you feel your product/service is and can be used by everyone. However, if that group is too broad, then you will end up spending money in areas that will not be beneficial to your company, alternately, hurting you financially. Therefore, it will be more efficient to focus on a specific group of people. For example, as a wedding photographer, your customer base would, of course, be, couples; for engagement and wedding photos. You will be surprised to find how a small group of people turn out to be very profitable for your company and help build up your revenue. Once you aim for a certain demographic, you will make better marketing decisions knowing that the customers you are targeting are in need of your product or service.

2. Focus on Your Service

The service you are providing should always be your priority. Don’t lose sight of why you started your business in the first place. Many companies tend to get lost in the glitz and glamor of web design, graphics, and keeping up with trends. While all this is key to your branding, if you focus too much on this, you may forget about providing great service, which can soon be a downfall. How do you stay focused then? A rule of thumb is that before making any marketing decision, always ask yourself - “But does this have anything to do with our service/product?”

3. Do Your Homework

We are not all experts in every aspect of starting a business, so it can truly be overwhelming when getting started. So just like learning anything new, you need to do your homework. That means seeking out resources and educating yourself on the necessary topics. The internet has made this process so much easier and more efficient in recent years. (sorry libraries!) So take advantage of services such as Fit Small Business, who do just that. They focus on helping small businesses and offer reliable information on everything from HR to marketing. They also write honest reviews on businesses and their services/products.

4. Use Social Media

Social media is not just for millennials, it is now a channel that is used by all successful companies- remember that! Social media is also a great resource for staying up to date with current trends. It gives you direct access to your followers and the hashtags that get your profile noticed, as well as the posts that get the most likes and comments. This is a great way to connect with your customers in a more relaxed setting, while also helping you build a strong relationship with them. Platforms such as Twitter, Instagram, Facebook, youtube, and Pinterest- to name a few, are powerful resources for learning about what kind of customers and areas in the country (or world), have a demand for your product. The marketing possibilities are endless through the use of social media. Don’t forget that you can also connect with other companies/influencers, willing to work with you and promote your product or brand. So if you’re thinking about putting Social media on the back burner, we suggest you think twice.

5. Stay Organized

We cannot stress this enough! Make it a habit to be organized with your legal/financial documents and marketing campaigns. Yes, tax season has ended and we are all pretty much fed up with hearing about it but it is still a very big part of running a business, even if it only comes once a year. If you are not prepared or are missing required documents, tax season can be brutal and stressful. Keep your finances in order by organizing your expenses and profits. Keep track of your documents and know where to find them, read up on updated policies and make sure you are abiding by them. If this does not motivate you enough, remember that taxes were what brought down Al Capone.

A few last words, never stop evolving and adapting to current market changes. As you grow and change, so will your customers.

If you need help or have any questions, send an email to support@invoicehome.com

Thanks for using Invoice Home!

1. Know Your Market

2. Focus on Your Service

3. Do Your Homework

4. Use Social Media

5. Stay Organized

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