Beating the Odds: Getting Your Company off the Ground

You have a product that people want or provide services people need, and that's a good thing. However, with competitors offering similar products or services, how do you stand out from the rest? It's a dilemma many new business owners face, time and time again. 

Keep Your Employees Loyal 

Many business owners lose sight of the fact that their employees can make or break their company. If employees feel that they are an important and valuable asset (which they are), they will work hard to achieve your goals. One way to keep them engaged in the business and its success it to offer incentives such as monetary rewards for going beyond your expectations. Many large corporations provide a hefty benefits package that includes things such as health care, a pension plan, and annual bonuses. If your company isn't large enough to provide, say, a pension, as of yet, you can provide smaller rewards. For example, you can afford to offer a gift certificate for holidays such as Thanksgiving or Christmas, through a company like Perfect Feast. While it's a small investment for your business, to your employees, it shows that they matter. 

Money Matters 

With any new business, having to spend money always plays a vital role in moving forward. And, in many instances, it prevents you from turning a real profit.Before going live with your business, it's essential to have a comprehensive plan for your business. Take into account what you will need to market the product or services, the cost of the supplies, the salaries for employees and other operational expenses. You should have at least 6 months of savings in reserve to cover not only unexpected expenses but also to keep the business running smoothly even if you experience a period of lull. 

Why Marketing is Important 

How you market your product or services is crucial to your success. Thankfully, there are many ways to launch a successful marketing campaign without breaking the bank. As a new business owner, you need to get the word out quickly that you are open for business. One way to achieve this is to have a presence on social media. Social media attracts millions of people each day and, even if you get less than 1% to actually show an interest, that’s hundreds of potential sales daily. Another way that's cost-effective is to acquire a local mailing list and send your message to all the homes and businesses within a 10-mile radius. Again, even if only a few respond, it's a great starting point. 

The Website 

Your website is ultimately where people will end up and, because of this, you should take the time to create one that engages your visitors. It should have a pull-down that states how the company started and a mission statement, as well as clear and concise policies for the business. Many companies also use whiteboard animation as a way of keeping visitors on their website longer. 

Excellent Service 

Of course, you can talk the talk, but can you walk the walk? In essence, you need to provide excellent service. No matter how many customers you acquire, if you don't provide good service or a high-quality product, you will not establish growth. And today word travels rather quickly, so if you disappoint a customer or don't honor your company policy, you may even lose some of your existing customers. Make sure that your product does what it says, or if you are a service company, that your contractors or workers know how to do their job. 

Nearly 50% of new businesses won't make it to their fifth year in operation. If you want to defy the odds, you will need to have an excellent product or service, a comprehensive business plan, a good marketing campaign and loyal employees.