The first year of business is a struggle for most companies.
You’re working on building up your reputation, getting your name out there, and dealing with all kinds of overhead costs — without much money in the bank.
It’s the reason why so many businesses fail early on, even if there’s promise for them to do well.
Here are three things you can do to help minimize this.
Take Different Kinds of Payments
If you’re a small business that trades in person such as at a shop or some kind of retail unit, then it can be tempting to go down the cash-only route. There are no fees to pay, and it can feel like the most simple and practical option.
However, by not accepting other kinds of payments, you could be putting your venture at risk. Research is showing that people are moving away from physical cash more and more. Most people prefer to pay using a card.
And further still, they want to be able to pay using contactless methods, or through their phone such as Apple, Android, or Google Pay.
If your business only accepts cash, you put an obstacle in people’s way, they won’t always go to the cash point and come back and you could end up with them walking away and shopping elsewhere.
While there are fees to pay for card payments, it’s a worthy investment this day and age. It’s safer too. Having physical cash on your premises is always going to increase your risk of being targeted by criminals.
It sounds obvious, but are you letting buyers pay you the way they want to? Or are you forcing them into one or two modes of payment only?
Spend Money On Your Website
Your website is vital to your success as a business. As a small company, you might be reluctant to spend a lot of money on it right away. However, you’re best off taking the plunge and getting it done properly.
Invest in the services of a web designer and copywriter. Have them create you something responsive, beautiful, and conversion-focused. Publish a blog in your site, and look into software like Jumio, which allows you to quickly verify the digital identities of your customers which can link to your website.
Make sure all of your information and social media links are present, and invest in high-quality images to bring it all to life.
You cannot afford to skimp on your website -- not if you want to be perceived as a legit business in today's marketplace.
Always Be Marketing
As a new business owner, you might have assumed that if you sell good products or services then your company will be successful. However, this isn’t the case.
With so much competition out there, you need to utilize the right marketing methods to get your name out there to potential customers who are going to be interested in your business.
If you’re not highly knowledgeable in this area yourself, you always have the option to outsource to a professional marketing company to take care of things for you.
As Peter Drucker said, a business has only two jobs: innovation and marketing.