Owning your very own business can be an exciting endeavor, and if you’re able to manage it successfully, it can be extremely rewarding as well. If your dream is to own your own business, your first step to achieving your dream is to turn your goals into plans. The start up phase can be challenging, especially for small business owners, but we are here to help you plan for success. Here are four ways to help you achieve success for your small business:
- Hold Different Platforms of Business
A restaurant, shop or office building is a wonderful place to house your business, but you shouldn’t limit yourself to your physical location. Sell it beyond the doors of your business. Create a website, and make your product or service available to anyone, anywhere, anytime. During a digital age, in an online world, your own platform can make all the difference for the growth of your business. It’s also important to network and spread the word about your business on the most popular social media networks such as Facebook, Twitter, Instagram, Tumblr, and YouTube. Use social media to create engaging content at least once a week. Your customers want to get to know your business, and social media is a great way to show your company’s personality. Another important aspect of social media and online marketing is reviews. Work hard to satisfy your clientele, and you will earn a very valuable reward in the business world- a good review. On sites like Yelp and Angie’s List, the reviews can build your credibility and your customer base.
Broaden your scope and diversify your business. Don’t limit yourself to what you know. Instead, let that be your specialty. With your main product at center focus, provide add-on services. For instance, it may be in a restaurant owner’s best interest to provide catering or delivery services, entertainment services or event hosting. A clothing store owner could hold sewing classes once a week. Brand yourself by creating unique business merchandise. If you want to grow your coffee shop, add on retail products such as coffee mugs, kitchen décor or other small gifts.
- Make A Plan
Another great plan for success is a plan in general. A professional business plan is the roadmap to success. This starts with your Executive Summary. If your business is just starting up, you should write out your background and experience, and explain to the world your hopes and goals for your new business. If your business is established, you should include your mission statement- about a paragraph explaining what your business is and the products or services you provide. Next, you will want to include brief information about your company such as when it was formed, the names of all its founders, how many employees you have and all of the locations of your business. You should then highlight any growth of your business, either in text or illustrate it by using charts and/or graphs. Finally, you should summarize your future plans in realistic terms. Explain where you want to take your company. This plan should include all of your goals, big and small, for the next five years.
- Save All You Can
We all know that starting up your own business includes a lot of time, hard work and determination, but it also requires a great financial investment. You want to use your money in the smartest way possible and take advantage of every opportunity you can to save. Many people are familiar with the tax credit incentives for filmmakers who film their movies in the state of Georgia, which is ultimately designed to bring more opportunities to the state. But did you know that a similar incentive program was created for business owners in Georgia to ultimately bring more businesses and jobs to certain areas of the state? If you own a business in one of the qualified zones designated by the local government, you are qualified to receive tax credits that can potentially offset 100% of your income taxes. The government has granted these tax savings with the goal of promoting economic growth of the local economies. Instead of paying a lot of money each year to the state in corporate taxes, you could take advantage of incentive programs like this, and put that money back into your own business to help it prosper. Educate yourself about incentives and tax credit programs and check with your local government to find out if you qualify.
For more information and for further reading, please check out the links below.
Georgia Tax Credits
More Advice from 5 Successful CEOS