Prospective entrepreneurs are beginning to feel more confident about launching businesses as we come out of the pandemic and approach some level of normalcy. With increasing economic stability and loosening pandemic restrictions, business ownership is looking more and more feasible! Are you thinking about starting a business? Here are some great tips to help you get the ball rolling on your new venture!
Blend Online and Offline Marketing
Many business owners grapple with the decision between online and offline marketing. But the truth is, you don’t have to pick one over the other! Both online and offline marketing have their place, and blending the two is a great option for local businesses. For example, Socialnomics suggests printing business cards to share with potential clients and including a scannable QR code so they can check out your website as well. You can also give your brand a boost with an eye-catching logo. A well-designed logo can make a strong first impression and make customers aware of your brand and Millennium Agency can help you develop a new brand strategy.
Establish Scalable Business Practices
Too many businesses run into operations problems as they grow. These growing pains can cost you a lot of money in lost revenue! Right from the start, establish some best business practices that will scale with the growth of your company. For example, using an online payroll platform to process employee payments and taxes is much more scalable than maintaining complicated spreadsheets. A great payroll platform will also ensure timely payments and happier employees.
Give careful consideration to your business’s structure. LLCs are a great option for small business owners as they protect personal assets and offer tax advantages and extra flexibility. Forming a NH LLC typically requires five steps, including appointing a registered agent, creating an operating agreement, and applying for an EIN.
Keep an Eye on Your Competition
Performing competitor research is an essential part of developing your business plan, but it shouldn’t stop there. Keep an eye on your competitors as you work to grow your business. Awario stresses the importance of watching your competitors’ social media accounts. Monitoring your competitors on social media will help you discover which platforms are performing best in your niche, what kinds of marketing campaigns resonate with your audience, and what type of content your followers tend to engage with the most. It’s also equally important to build out a social media strategy and here are 5 tips on building an effective social media strategy for your new business.
Be Receptive to Customer Needs
Another reason to be active on social media is so that you can stay up to date on your customer needs. Encourage your customers to share comments and feedback online so you can implement their suggestions and improve your business. As hard as it may be, try to welcome complaints and constructive criticism. Jump on every chance to improve your business and offer more value to your customers.
Pursue New Ideas to Add Value to Your Business
The best way to grow your business isn’t to shovel more money into marketing. To encourage organic interest in your brand, always be on the lookout for new ways to provide value to your customers. This will keep your existing customers coming back while encouraging them to recommend your business to others! Some great ways to add value to your business include increasing the quality of your product, making the shopping experience more convenient, or adding elements of personalization to your offers. Consumer behavior naturally shifts with time — and with major events like the pandemic — so you should always be looking for new ways to provide value to your customers!
Ready to become an entrepreneur? Starting a business could be a great way to get back on your feet after weathering a year of pandemic-related challenges. Right from the start, establish business practices that will set you up for scalable long-term growth so you can see your business thrive in the post-pandemic years ahead.
About Millennium Agency
Millennium Agency is a national, award-winning boutique branding, messaging and strategy marketing firm for the software technology and manufacturing sectors. A top-led women-owned business, we take your brand and vision seriously and build a strategy that helps drive brand success. Our expert team unites creative branding, storytelling and data analytics to accelerate your business growth. With offices in Boston and New Hampshire, and a worldwide presence, the professionals at Millennium Agency would like to learn more about your business.