Increase your Survival Rate: 10 Tips for Starting a Small Business

💰Everybody and their mother want to start a small business

….as one of my friends was fun of saying!

The reality is that starting a business is easier said than done.

Irrespective of age, gender, location, or educational level, entrepreneurship can be scary, exhausting, and frustrating,

Especially, if you are a beginner or a first-time BOSS!

Here’s the thing …

I won’t lie, it can be frightening,👻 but with the right information and mentorship can undoubtedly increase your business lifecycle.

Grab our “FREE” 31-Point Startup Checklist

Be sure to read our 10 business startup tips down to the last one, you don’t want to miss out.

 (+ I share a little bit of my Story!)

According to the SBA 20% of small businesses fail in their first year, 30% fail in their second year, and 50% of small businesses fail after five years in business. Finally, 70% of small business owners fail in their 10th year in… Click To Tweet

Here’s the catch…

Those numbers are across the board, failure doesn’t discriminate against, color, race, creed, or gender.💹 There are fundamentals that we must put in place to avoid the jaws of business defeat.

In fact….

There have been super smart people that open businesses only to fall flat on their faces…

Conversely,

There are the “C students” that Robert Kiyosaki talks about that were close to clueless when they got started.

But…. somehow, found a way to break through to business ownership stardom!✈🚀

This post was written to help you avoid becoming a downtrending statistic. To keep you from falling into the trap that many people fall into when entering the world of entrepreneurship,

So…

…if you want to join the millions of other entrepreneurs …… And………. If you want to start with EASE and Confidence… you don’t want to miss a single word of this post…

 Here’s the thing…

You’ve started YOUR  JOURNEY going in the right direction. Reading down this far means you’re serious about learning how to start your business on  “THE Good Foot”!

My hubby, use to say YEARS ago…. That everything you want to know is in a book…. I’ve updated that quote, “Everything you want to know is on the internet.”

Let’s Get Started

“Set your mind on a definite goal and observe how quickly the world stands aside to let you pass.”  Napoleon Hill

#1 Identify your Niche

Identify your niche to accomplish this task, start by brainstorming what it is that you want to offer…

what product or service. It’s also a good idea to look for gaps in the market. Don’t forget to consider your own skills, interests, and experience.

Think about how you can fill this gap or cater to your audience. This could involve developing new products or services, adjusting your marketing strategies, or building partnerships with other businesses that complement your offerings.

Don’t overlook where you are standing. In your current job or interest, can you carve out a business? Currently don’t worry about market availability or feasibility, you are in the beginning stage.

#2 Develop a Strong Brand  

Develop a strong brand – create a unique brand image and mission statement to differentiate your business.

You may ask why is this important. …

Your brand mission and image do a few things very well.

• Define your brand values.
• Explain your mission statement.
• Showcase your unique selling proposition.

Those factors help you establish a clear and consistent branding that sets you apart from your competition.

And…

The visual elements of your brand, such as:

• your logo
• website
• packaging
• and marketing material

These should all reflect your brand values and mission and should be consistent across all touchpoints to reinforce your brand image in the minds of your customers.

#3 Conduct Market Research  

Now we’re getting into the nitty gritty. This is the most crucial element when starting a business.

But… it’s the most overlooked area for first-time business owners and many existing owners.

Why…

Because it’s not Sexy… at least it didn’t use to be… some deemed it as labor intensive, and boring… and it can be…

But there is a catch…

If you omit this step all of the other steps become null and void…

Many people won’t tell you this but it’s true.

In fact…

According to the SBA (small business administration) 42% of all new businesses close down/ shut their doors because there isn’t a market for their product or service.

Honestly…

The information that I’m sharing within this article isn’t enough…

…., I cover a lot more in detail in my last book…, YOU can get it Here!!!

Here’s how you can start your market research. Gather info on your target audience, competition, and industry trends.

Collect data including their needs, preferences, and behaviors. This could involve surveys, focus groups, or online research.

After which, collect information on your competition, including their offerings, pricing, and marketing strategies.

This will give you insights into how you can differentiate your business and reach your target audience more effectively.

To identify your audience,

• Google search your keywords,
• Find related books on Amazon.
• Look for top sellers on eBay

For a start, ….

#4 Create a Solid Business Plan  

Create a solid business plan by outlining your goals, strategies, and financial projections.  Include your financial projections, and tally up your start-up costs, operating expenses, and revenue projections.

This will help you understand your cash flow needs. This will also impact the decision you’ll make regarding funding and growing your business.

Lastly, your business plan is especially important and is needed to secure bank funding or for investors.

Their mindset is, if you won’t take time to create a business plan then I can’t trust you with my money. Business plans are extremely helpful!

#5 Utilize Technology  

Leverage technology to streamline your business. Start by identifying the tools and platforms that can help you increase efficiency and reach your target audience more effectively.

Tools and software such as:

• your website,
• e-commerce platform,
• (CRM) system,

Personally, when I incorporated our (CRM) customer relationship management system, it changed my whole business. I don’t want to take a lot of time, talking about it. Plus, I share this story on my about me page,

….I’m serious you’d never know what can happen as a result of acting.

What used to take hours to finish, using the CRM I could complete in 10 minutes, I used to say that I could do a commercial, but I would end up sounding like everyone else. CRMs are all that and a bag of chips!!!

#6 Networking & Collaborating

Network and collaborate – build relationships with other business owners, suppliers, and industry experts to gain new insights and opportunities.

This is another biggie. Regardless of what you do or what you want to do there is someone that has been there and done that!

I massively, increased my income once I started to network.

In one of my previous businesses, I started conversing with another vendor that had more experience. He showed me the ropes. I would bid a job for $3000.00; he would bid the same types of jobs for double and WIN!  We’re still friends and talk often.

To build relationships with other business owners and industry experts, start by attending networking events, joining industry organizations, and participating in online forums and discussion groups.

Include collaborating with those that offer complimentary services. You can cross-promote each other’s products or services or work together on joint projects.

#7 Focusing on Customer Satisfaction

Prioritize customer satisfaction. Start this by clearly defining your customer service standards. regularly train your employees to meet set standards.

Illicit feedback from your customers through surveys, reviews, and other means. Use this feedback to constantly improve.

Believe it or not, customer service is becoming the great equalizer. It gives the extra your businesses will need to set you apart.

Focusing on superb customer satisfaction helps to deliver high-quality products and services which keep customers coming back.

        #8 Continuously Innovate  

Constantly innovate – stay ahead of the pack by regularly introducing new products, services, or technologies to your offerings. To stay ahead of the curve, start by regularly monitoring industry trends that could benefit your business.

Keep in mind that you can offer those new products, services, or technologies to your customers. Constantly look for new and creative ways to reach your target audience that delivers value to them.

Be mindful that businesses have gone out of business because once they gain popularity and huge profits, they think they have arrived.  Which they have,

But…what they’re unaware of is once you get to the mountain top…  you must fight to remain there. Back in the day, we would say it like this, you may take my man, but can you keep him…LOL!!!

😊 Even better example: does anyone know where Blockbuster is today?

        #9 Staying Flexible

To remain flexible, start by regularly reviewing your business strategies. Be open to adjusting your plans based on feedback from your customers, market trends, and other factors.

Have in place a contingency plan. Unfortunately, unexpected things do happen, such as;

• changes in the market,
• competitors entering the market,
• or fluctuations in demand for your products or services.

By being flexible and proactive, you can quickly adapt to these changes and continue growing your business. Lessons we should have learned from Covid 19. The businesses that made early adjustments not only survived the pandemic but some even thrived!

        #10 Managing Finances Carefully

To manage your finances effectively, start by creating a budget and tracking your expenses, sales, and profits regularly.

Seek the advice of a financial advisor or accountant to help you understand your financial statements, taxes, and other financial considerations.

This is another one of those areas that many small business owners take for granted.

Here’s the thing…

You can create the greatest products and offer the best services.

But….

The last thing you’ll want to do is give Uncle Sam more than you have to.

Finding a competent CPA in my opinion and from experience is money well spent. Quick story. I hired a CPA who ran a large accounting firm, with about 7-10 employees…

…after around 3 years, I felt like he could care less about trying to help me minimize my tax burden,

In fact, …

The last year he prepared my taxes, my tax bill was over $13,000.😮 His words were, see that’s what happens when you earn x amount of dollars.

I’m thinking, there are others who earn billions more than me and pay zero taxes.

I paid for the service rendered and asked him to not electronically file my taxes. I took the same info to another tax preparer and the tax bill dropped to 10,000 less!🤑🤑🤑

The moral of the story, keep trading until you find someone who wants to be on your team.

……I could say more but I’m a Christian 😊

Conclusion:

By following these unique and impactful tips, you’ll be well-equipped to start a small business that thrives.

Remember, success in business requires hard work, dedication, and a willingness to adapt to new challenges and opportunities. With the right mindset and approach, you’ll be able to turn your dream into a reality.

Here’s one other thing…

According to the SBA one of the most overlooked resources first-time business owners miss is the importance of working with a mentor. Learning proven tactics and techniques can improve your chances of business survival by 25%.

If you are wanting a jump start, get on the fast track, or not lose a bunch of time and money, we have a simple solution… the best part it’s free for now.

Check out our 31-point business startup checklist here. it’s: FREE”. Undoubtedly, you’ll come out of the gates running, and start with ease, less stress, and uncertainty!

START Today!

👇👇👇

 Grab our 31-point Small Business Checklist and get started building and living your dreams~