Getting a startup off the ground is difficult for anyone because there are various obstacles ranging from local bureaucratic red tape to limited financial resources. However, following the five tips below will help your startup successfully stay open for business.
Committed Passion
According to Inc. magazine, entrepreneurs need passion, commitment and smart financial strategies. For example, entrepreneurs should be prepared to work up to 80 hours a week during the initial stage with low pay. While this may be stressful and hard, a truly committed entrepreneur will have the committed endurance to stay focused, follow the business plan and reach their goals.
Marketing
Every startup needs an ongoing marketing campaign to raise brand awareness. Startups should consider traditional methods, such as affordable direct mail, and alternative methods, such as hosting local events and online strategies. For example, SEO marketing should be a priority for every company that does business online. Creating an SEO friendly website is much easier and cost-effective than traditional methods. Keep in mind that the Internet provides access to a global market, but direct mail will only reach local consumers.
Social Media
Social media platforms are the virtual meeting place of online consumers. Every startup must have an interactive social media site that welcomes visitors and consumers. In fact, a social media site is an excellent way to raise brand awareness, engage potential customers, provide customer service and build an online community. For example, credibility can be established through posting informative and helpful articles related to the target industry.
Networking
Maintaining a digital and real-world network of friends and associates takes a lot of time and energy. However, there are proven benefits of having an extended network of people, such as being able to suddenly ask for help to cover the store and pick up supplies. Because an entrepreneur will have to take on so much by themselves, they should be willing to ask help from their friends and family members.
Business Loans
Modern startups are fortunate to have a variety of financial resources to seek capital for their entrepreneurial dream. For example, the U.S. Small Business Association (SBA) has their 7(a) small business loan program and their CDC/504 real estate & equipment loan program. On the other hand, there are globally popular websites, such as Kickstarter, that allow anyone to campaign for business funds. Even better, there are companies like Loan Builder that provide unique online loans that are paperless, flexible and convenient.
Starting a business is tough, but can be successfully accomplished through passion, marketing, social media, networking and of course, business loans.
