Starting out is the hardest part when starting a business. It doesn’t matter if you’re establishing a LinkedIn marketing solutions company online or a dental clinic. Taking that first step will always be challenging and confusing.
But in case you’re feeling anxious, know that successful entrepreneurs once felt the same, too. What set them apart from the rest are the things they did despite the obstacles in their way. Below, you’ll find a list of great tips that will help your business enjoy a great head start.
Start With An Imperfect Version
A lot of new entrepreneurs tend to fall into what is called the "perfectionist trap". That is, they want everything in order before they open shop. But the truth is, no business is perfect. And the sooner you get your product or service in front of your customers, the quicker you can improve it.
Reid Hoffman (founder of LinkedIn) once said, “If you are not embarrassed by the first version of your product, you've launched too late.” If you intend to start your own LinkedIn marketing solutions company, then take these words to heart. Launch your business now, even if it’s not as perfect as you want it to be.
Set Bigger Goals
For your business to succeed, you need to set the right goals. Oftentimes, entrepreneurs use the SMART model when defining theirs to keep it realistic and achievable. If you’re just starting out, then you should do the same. However, that doesn’t mean you shouldn’t set bigger goals.
As long as your goals are realistic and actionable, size doesn’t matter. Just be prepared to wait and hustle. For example, if you’re starting a business because you want to be financially independent, then you’ll have to spend seven to ten years before realizing your goal. To make it more achievable, break down your goal into smaller tasks. Then focus on completing these tasks one at a time.
Know Your Customers
The more you know who your customers are, the better you’ll be at providing them products and services. Don’t assume what your target audience wants. Otherwise, you’ll end up investing tons of money into things they’ll ignore.
Instead of assuming, do everything you can to understand your customers better. This will help you anticipate their needs more effectively, leading to products or services they’ll actually want. To get to know your customers, you need to commit to:
- Interacting with them regularly (face-to-face or via social media)
- Conduct surveys and give out feedback forms
- Host events where they can interact with your product or service
- Show your appreciation by dishing out exclusive promos and discounts
Ramp Up Your Sales Strategy
There’s only one thing that matters in business, and that is sales. After all, what’s the point of running a LinkedIn marketing solutions company or any other business if you can’t get a buck from it? Unless your brand sells, your business is nothing more than a hobby. So step up your sales strategy if you haven’t yet.
One of the techniques you can use to boost sales is the 100-Calls Method. This involves reaching out up to 100 customers as fast as you can. You can either call them or email them. Aside from helping you generate new leads, it will help you get over your fear of rejection (something many entrepreneurs deal with).
Hire Fast, Fire Faster
It’s human to want to be friends with the people you’ll work with in your business. But you need to remember that relationships with your friends have different dynamics from those you have with your team. Sure, you’ll treat them with respect, and you’ll assist them whenever you can. But you’re still running a business, and they must deliver on their end if they want to get paid.
As the business owner, it’s your responsibility to make sure the people under you do their job. If they can’t do that, then look for someone else who will be a better fit for your team. Hire new people fast and test out their skills. If they don’t fit in, then best let them go.
Talk to Your Lawyers
Now-a-days, there are standard legal procedures to follow when starting a business. From contracts to by-laws, there’s a template available for all entrepreneurs to follow. The problem is, only a few people know these procedures by heart. If you’re not careful, you might end up doing things or signing documents that could spell disaster for your company.
So if you want to spare yourself time and pain in the long run, then you need to invest in a good lawyer. Getting sound legal advice may cost you hundreds if not thousands of dollars. However, the rewards you’ll reap will be worth every cent of it. Plus, they will help smooth things out in case you decide to sell your company at one point.
Hire a Good Accountant
At the same time, you need to find a good accountant who can take care of your business’ money matters. Aside from tracking your company’s income and expenses, they can also ensure your financial records meet state regulations. They can even provide you and your investors (if any) quantitative financial information, allowing you to make better decisions.
Hiring a good accountant involves several factors. For example, you have to identify your business’ needs and decide whether you hire a full-time or part-time accountant. Your candidate’s skills, qualifications, and certificates will also come into play, so better include those in your interview questions.
Keep Yourself Motivated
Give Your Business a Good Head Start
For your business to succeed, you need to have the right combination of luck, drive, and advice. By following the business tips listed above, you’ll be able to kick off your LinkedIn marketing solutions company or ecommerce startup with a bang. So better keep them in mind while you set up shop.