Tips on Making Your Post-Pandemic Business a Success
By Eleanor Wyatt
Remote Work Wellness
If you’re one of the millions of Americans that lost a job at the onset of the pandemic, you’re likely looking for ways to mitigate your future financial risk. One of these is to launch your own business so that you are in control. But, if you’ve never indulged in the world of entrepreneurship before, you should know there’s much work to be done. Here are a few business tips to help you stand out and step ahead:
Structure Ahead Of Launch
Forming a legal business structure is a relatively inexpensive process, but it’s important that you make the right decision — meaning it’s worth the investment to consult an expert. Depending on where you live, you might be able to register your business LLC, for instance, with very little paperwork. Regardless of location, an LLC will offer you a few perks, including a more equitable tax structure and management flexibility. Some other popular choices include sole proprietorships, S corporations, and partnerships.
Refine, Refine, Refine!
If you’ve never heard of niche marketing, now’s the time to brush up on your business terminology. The idea of creating a niche is crucial across all areas of business, from blogging to medical sales, to fashion, and everything in between. For your best chance at success, narrow down your service selection to target potential customers with a problem that needs to be solved and that are actively looking for a way to solve it. A few examples here might include custom leggings for short women, hair removal products for people with sensitive skin, or an online dating service targeting people with physical disabilities. The point is that the more specific you are with your product and target market, the more likely you are to capture business.
Stand Out With Branding
Your business visuals start with your logo, fonts, and color scheme. Your brand helps get your business in front of the right people and makes you stand out. Think McDonald’s, Walmart, and Dodge. Each of these major brands is easily recognizable by just viewing their logo. If you do not have the type of budget these do, you can use a logo creator online that allows you to customize your brand and render files that are scalable across all platforms from the web to printed materials.
Maintain A Social Presence
Once your logo and marketing materials are together, you’ll want to further showcase your business’s personality with social media. According to email collection software developer OptinMonster, social media drives revenue, grows your mailing lists, and, most importantly, builds brand awareness while connecting with customers.
Balance The Budget
Just as you maintain a budget in your personal life, your business should also have an operating budget that you follow to the letter. Your business budget should include money set aside for marketing, overhead, and operations — not to mention small necessities like good but affordable headsets and webcams for conference calls. When you find that you are continually spending more than you’ve allotted, look for areas to cut back or for growth opportunities that allow you to generate more income.
Growing a business is never a hands-off project. For first-time entrepreneurs, getting off the ground may be an intimidating task. But it is entirely possible to take control of your financial health and wealth, and the tips above can help.
With 21 years of accounting and bookkeeping experience, Dole Accounting Services specializes in remote, virtual, and cloud-based bookkeeping and accounting to meet the needs of today’s busy small business owner. Call 603-632-3980.