4 business tips for the entrepreneur that will increase your chances of success

The idea of saying a permanent goodbye to your boss and forging your own path in business is intoxicating. It’s no wonder that thousands of people make the decision to start their own companies every year. 

However, this path has its share of daunting challenges. Take the following suggestions to heart to maximize your chances of thriving amidst stiff competition and a difficult economy.

1. Know your audience.

For our purposes, we will assume that you already have a solid idea of the products you want to sell, as well as a business plan that acts as the road map for your future decisions. 

With these elements in hand, your next job is to find the audience that will be the most receptive to the products or services that you want to offer.

Start by identifying your potential rivals, focusing on merchandise they sell that is similar to yours. Peruse customer reviews and social media testimonials to figure out what these businesses are doing right, as well as where the gaps lie. 

Then come up with a plan for how your company will seek to relieve those pain points and fill the holes.

2. Concentrate on building a rock-hard foundation.

With your plans now well-formulated, it’s time to build the basis for your successful business. This involves finding the best provider of payment processing for mobile entrepreneurs. 

Although this decision might seem relatively unimportant at first glance, it will be this company that walks with you and your store on its journey toward wide brand recognition and profitability.

It is also this vendor who will furnish you with the point of sale system for small businesses that will become the command center for your operations. A good payment processor will guide you every step of the way toward choosing the right system and customizing its capabilities to best meet your specific needs and challenges. 

As you look over the various capabilities that are available to you, focus on tools that will allow you to communicate with and engage customers, manage your products and employees, track your progress, and create actionable reports that you can use to create your next successful marketing campaigns.

Since the products you sell are at the heart of your company, be sure to invest in a system that allows you to keep track of your inventory at every stage of its journey with your business. A good POS should interface with a barcode scanner peripheral, allowing you to enter items into your database upon arrival in your warehouse. 

The system then keeps track of each product, ultimately recording when it has been purchased and by which of your customers. When supplies of a particular product meet a benchmark that you have pre-set, the system should be able to alert you that it is time to re-order. 

These tracking capabilities ensure that you always have inventory on hand, minimizing over- and under-ordering.

3. Establish a social media presence.

You know your audience, and you have determined what they need and how to best help them get the goods and services they want. However, all of your hard work will be useless if you don’t engage with the people you have set your sights on serving. 

The social media platforms preferred by your target customers are one of the most effective vehicles currently available to achieve this goal.

Begin by launching pages on your customers’ preferred sites. For many visitors, your page will forge their initial impression of your brand. Therefore, load it with rich and dynamic textual and visual content, including reviews, customer testimonials, educational clips, and demonstrations. 

Keep everyone engaged with enticing details about upcoming sales and promotions, and play into the human love of winning by sponsoring fun contests. The ultimate goal, of course, is to obtain contact details and inspire people to click on links that take them to your product pages.

4. Collaborate for sales magnification.

The great news is that you don’t need to operate in a vacuum. Your success can be magnified when you reach out and network with others in your community and even around the world.

In your local area, connect with your chamber of commerce, and talk with other entrepreneurs selling products compatible with yours to see if you can join forces to sponsor an event that will bring everyone’s loyal customers into a common space. 

Nationally or internationally, consider employing influencer marketing to get the word out about what you have to offer. This strategy involves contacting a micro- or macro-celebrity with an already-established fan base that aligns with your brand and products. 

When they endorse you and what you are selling, their fans will instantly become interested, representing a terrific sales opportunity for your company.

Being your own boss can be as rewarding as it is challenging. When you are keyed into your customer base, have a strong infrastructure, and get the word out about what makes you special and sets you apart, your fledgling company can soar.