For the first time you may be taking a new step as an entrepreneur. Even if you do not have a strategic workflow plan, even if you have experience in business life, your initiatives may end very soon. Cash flows are very important, especially for new ventures, and the shortage of cash reserves allows new initiatives to survive for just as long as 6 months. This time may be slightly shorter or longer than the project.
Of course, the success of a new initiative does not only ensure the healthy use of the budget. It provides long-term and permanent new initiatives in different factors.
Let’s see how a new initiative in titles will be successful.
1. Avoid Unnecessary Expenditures
Due to wasteful expenses, you can end your dream job before you start. For example, paying thousands of lira deposit + rent for a flashy office may put you in a difficult situation, you haven’t started to sell yet, and you’ve incurred more expenses than your income.
When your business reaches a more mature level, it will be more reasonable to maximize your level of spending.
2. Measure the demand for your service
If you are planning to offer a physical or digital product, follow the interest in your service before you invest and complete production.
In general, demand measurement processes are carried out via funding sites such as Kickstarter in accordance with current trends. Both the source of material service and the interest for the product is measured.
Take care to collect ideas without funding your products through funding sites or through a different analysis plan. Especially those who will invest in the million liras levels should insist on this item.
3. Take Care of Marketing
Sale of products without advertising is really difficult. In particular, entrepreneurs who offer digital products need to pay great attention to marketing design.
Even if you do not put your product on the market, early marketing will help increase the success of your business in the medium term.
4. Become a Negotiator when Trading
Be a researcher while buying products and try to get the highest quality product at the cheapest. If you are buying in bulk, negotiate with your supplier for a discount.
You can make a little sacrifice from your profit while making a sale. But never sell the product at a loss. Promotional prices can be created in new products for marketing purposes, but keep your expenses under control.
5. Whether Your Business Is On The Internet
If you offer a physical product, take care to be online. 4 billion people in the world every day access to the internet and this is a very fascinating figure.
Get a Web Site
Creating your own website is not as costly and complex as you think it is. You can create a website with open source software such as WordPress, or a system that is completely ready for Wix infrastructure, without any designer.
Use Google My Business
Google is the world’s largest search engine and is the first place most customers look for your business. With Google My Business service, you can save your business on Google Maps. This way, you can let your customers find your business, read reviews about your business, and view important information such as working hours.
Create Social Media Accounts
Especially Facebook and Instagram today are very popular platforms for all age profiles, content about your business must be presented to your customers through this platform.
Use Internet Ads
With Facebook Ads and Google Ads, you can provide traffic to your website and promote your business. TV, Radio and Newspaper advertising is also very financially appropriate.
6. Focus on Sales
Sales revenue is an important step that will lead your business to success in the long term. We mentioned the importance of cash flow both at the entrance of our subject and at the beginning of our recommendation items.
First of all, never fear your sale. In the short term, maybe your business will not have an efficient sales process, but you can increase your sales with the measures you will take and the steps you will take.
7. Collaborate with Other Businesses
As a small business, your luck may not go well. Many other small businesses face a similar situation. Collaborating with businesses that have similar customer demographics can help you gain profits.
For example, acquiring new customers is a stressful and time-consuming situation for businesses. The best way to mitigate this burden is by cross-campaigning with other businesses that do not compete directly with similar customers, enabling customer acquisition.
8. Enhance Your Business
Sürekli olarak yerinizde saymayın, yeni trendleri takip edin ve uygulayın. Keşfedilmemiş bir ürün ortaya çıkarırsanız yeni işletme olsanız bile rekabet halinde olduğunuz sizden daha deneyimli işletmelerin birden önüne geçebilirsiniz.
Sadece üretim odaklı değil pazarlama faliyetlerinde de aynı şekilde yenilikçi olmak size kazanç sağlayacaktır.