06 Nov 3 tips to avoid small business failure
Running a small business is hard work and very time consuming. Whilst you cannot guarantee that your business will not fail, you can do certain things that will increase the chances of it being a success.
Take a considerable amount of time to research your intended target market and build up a strong understanding of your competition and also the expectations of your intended customers. Think carefully about how your business will differ from your competitors and why someone would choose your products/services over the many other businesses out there. Build up a detailed picture of who your ideal customer will be, thinking about their activities, characteristics, social background etc… By doing so, you will start to understand how you can look to attract this type of person to your business.
A great way to spread the word about your small business is through business networking. There are many business networking events within Leeds that will allow you to meet likeminded small business owners and expand your business connections. You can look to build strategic partnerships with businesses that can complement your own and also meet prospect customers.
As well as small business networking events, you can also make use of social media platforms such as Linked In, Twitter and Facebook. These social media platforms will allow you to reach a much wider range of businesses and can prove highly effective at gaining exposure from your target market. Utilise these social media platforms to build up a following and establish yourself as an expert within your field of business.
3. Build your Brand Identity
To ensure that your business is noticed and remembered amongst the masses of competition, your brand identity is something that must be given a great amount of thought. Your small business brand identity consists of much more than just your logo design. As a small business owner, you personally are often the brand of your business. Your personality and activities are all part of this, including the clothes that you wear and the car that you drive. By building a consistent brand image you will gain trust from your existing and prospect customers. Your brand will stay in the forefront of their minds and you will be their first point of call when they next require the services that you provide.