Small businesses owners are some of the hardest working entrepreneurs around. You work round the clock building up your customer base, finding the best wholesaler and distributor making sure you have great products or services and you spend time and money helping your business to stand out from the crowd. It is no easy feat. However, do it right and the payoff can be massive. Whether you have just started on your quest to be the next Alan Sugar or are well on your way to your first mill, here’s a few tips to help you stay ahead of the game.
- Keep track of your spending
Keeping your costs down ensures better profits and less bills so be as frugal as you can. If you can work from home without premises then do it, it will save you thousands in rent and furnishings. Choose wholesale dealers that offer quality and value for money. Make a note of what you spend and when. Set a budget for each item you need and don’t go over it. It is strict but it is a good habit to get into.
- Be aware of customer trends
Whether you are offering services or products it is important to always remember your customer and what they want. If there is no demand for what you are selling, you will go out of business quickly. For example if you sell jewellery online look for popular items and what is trending on social media. If you are a hairdresser make sure you know how to do the most fashionable cut or style because people will ask for it.
- Use social media
Everyone and their dog uses social media these days and it a great place for business. You can use it not only to interact with your customers but also to find new ones and build a following. Have profiles on all the major sites and post photos and updates of your latest work or offerings. Don’t forget the hashtags #. You never know who might see them.