It’s tough to launch a new business these days. It requires a tremendous amount of work to keep current businesses going in today’s environment. Some reports say businesses last about four to five years while former Democratic presidential candidate Rand Paul has said in the past that nine out of ten new businesses fail.
But we’re not here to be the voice of doom. There are still a lot of successful businesses in the United States, and we’ll give you five ways that you can be one of them.
1.) Keep your costs and expenses low
Everyone cuts costs. Don’t argue with a plan that works. You can get office furniture and supplies at lower rates that are currently on the market. And you should be able to get better prices from your vendors if you pay them right away. Make significant research on vendors a part of your business marketing plan.
2.) Consider Developing a New Marketing Plan
If your current marketing plan isn’t generating results on your company’s bottom line, draw up another one with fresh ideas. You may be marketing to the wrong demographic, or just doing a bad job of marketing overall.
You can add redesigning your website to that idea, or make better use of social media outlets. Adding newer apps or business solutions may be a different way to go. Perhaps you’d even want to rebrand your business, employing a different logo and a whole new look.
3.) Get Ideas from Your Business Work Force
What better place to look for ideas than from people who have a financial stake in your company’s future? It would help if you already had an open line of communication with employees and staff, but many may be glad to offer serious suggestions.
Your office should have a suggestion box if it doesn’t already. The box should be monitored regularly. And perhaps you could hold a contest awarding a prize or bonus to the employee who submitted the best idea.
4.) Provide Something New for Your Customers
You really don’t want to open a new delicatessen within easy reach of local Wawas or a number of other convenience stores. If you’re operating a restaurant, you might want to specialize in exotic ethnic fare not available anywhere in the area. Caribbean, South American, and Peruvian foods are only three of the foods that have been found in New Jersey.
Take a look at what you are selling, and determine if there is any way to update your product. Show the people a solution with a product they didn’t know they were missing.
5.) Get a Buzz Going About Your Product
Get your ideas going. Have a presence at events people are talking about, and make them talk about you. Put your advertising all over social media for the particular event, and have plenty of literature available for attendees.
Tell your story. Write blogs, newspaper articles and make presentations. Don’t forget your email list, but do what it takes to get your company’s name out there.
You’ve got to work hard to operate a successful business, but you can beat the odds. Most important is that people know who you are, and there is a need for your product or service.
No matter what the numbers may say about unsuccessful businesses, owners of companies that work don’t listen to the odds makers anyway.