Finding success as a small business is hard. So hard in fact, that around 50 percent of small businesses fail within the first year of launching. Of course, just because half of all startups fail, that’s not to say that your venture has to be one of them. There are thousands of business owners that make successes of their startups; it’s just a case of knowing what you’re doing.
You can’t go into business blind; you need to understand what it takes to be successful. You need to know what you need to do to ensure that your brand stands out from your competitors and is appealing to customers. According to the experts – aka seasoned business – the key to making it past that first year is investment.
That may sound a little strange seeing as budgeting is also crucial for startups, but if you want your business to be successful, it’s crucial to invest in the right things. You see, there are certain factors that are essential for business success, and without these, the chances of your business making it past the first year are low.
With that in mind, let’s look at the areas are that every small business should invest in.
Help with accounting
A lot of startups put off using an accountant to deal with their taxes because of the cost. However, what they don’t understand is that although it costs money to outsource your accounts to an accountant, the money that they can save you on your annual tax bill makes it more than worth the cost of using them. (Don’t hire an accountant, outsource – you don’t need to add an extra person to your payroll.) Believe it or not, a good accountant will be able to save you hundreds in tax fees, if not thousands. So although they might seem expensive, they’re worth the cost.
An effective marketing plan
You could have the world’s most incredible product or service on offer, but if no one knows about it, your chances of success are low. If you want to make a success of your venture, it’s crucial that you invest in an effective marketing plan. Otherwise, you can’t expect to be successful because no one will know about what you’re offering – or at least, not enough people will know about it. So if you’re serious about being successful, it pays to invest in a professional marketing plan. This should include the use of content marketing and SEO. If you’re wondering ‘what is SEO’ or ‘what is content marketing’ there are plenty of resources online that can give you a better understanding of these types of marketing and the benefits.
Although it can be part of your marketing plan, a lot of entrepreneurs choose to separate their social media marketing from their regular marketing. Unless you are a social media pro, it makes sense to hire someone to deal with your social media needs for you. Otherwise, you may struggle to use your social media to market your business and products or services effectively.
So there you have it, the crucial investments that every small business should make.