Have you always dreamed of starting a successful business? For most people, that’s because they want to be their own boss and have the freedom to work on their own terms. But what those aspiring entrepreneurs don’t realize is that running a business is a lot harder than it looks. In the following post, I’ll share 10 expert tips for building a thriving business, so you can concentrate on what matters most in achieving your goals.
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10 Expert Tips for Building a Thriving Business
It’s a fact that most new businesses fail in the first few years. Don’t despair just yet. You can avoid that fate by focusing on building a strong foundation and growing your business quickly.
But what exactly does that involve?
Here are the top 10 tips for building a thriving business that will thrive for many years to come.
Tip #1. Use Diverse Ways to Reach Customers
f your business primarily operates offline, such as a bricks and mortar store, try increasing the number of channels you use to reach out to your customers. If you don’t already have an online presence, that’s the first place to start.
One quick and easy way to do this is by signing up to a marketplace where your target audience is and trying to sell your product there.
Once you’re online, try reaching out to potential customers via email, social media, and forums..
For example, say you have a small business that sells handmade jewelry. To reach a larger audience, you could create an online store on Etsy or Amazon. Then use social media platforms such as Instagram, Facebook, and Pinterest to showcase your products and drive traffic to both your online and retail store.
The key is to use multiple channels for your new business and find the most effective way to get in front of your ideal customers.
Tip #2. Know Your Finances
As a business owner, it’s important to have a good grasp of your finances. Analyzing your financial statements can help you identify where your business is overspending and help you save money that you can use for marketing or sales.
For example, a restaurant owner who wants to reduce expenses can analyze their financial statements to identify which menu items are not selling well. Then they can consider removing them from the menu to save on food costs.
Pro tip: If you don’t know how to analyze your financials, hire a bookkeeper.
Tip #3. Increase Customer Retention
For a new business, customer retention is the easiest way to grow quickly. That’s because it costs five times more to acquire new customers than to keep existing ones.
Customer retention also helps in word-of-mouth marketing. When people like your product and buy from you regularly, they will likely tell their friends and family about your brand and persuade them to buy from you.
Consider offering loyalty programs, personalized offers, and (of course) exceptional customer service to keep your customers coming back for more.
Tip #4. Hire People Who are Eager to Learn
People who love to learn are typically highly motivated, adaptable, and willing to take on new challenges. As a new business or startup, you can’t afford to have people who specialize in one task or who resist stepping out of their comfort zone. You need employees who can multitask and get things done efficiently.
By hiring people who always want to try new things and expand their skills, you can create a culture of continuous learning and development. This can help your business stay competitive and adapt to changing market conditions.
Tip #5. Attend Networking Events
Networking events are a great way to meet new people, build relationships, and explore new business opportunities..
These relationships will help you gain insights into the industry, learn about potential clients and competitors, and create opportunities for collaborations and partnerships.
For example, if you have a brand new idea for a business, you can attend a networking event for entrepreneurs. That’s where you can meet potential mentors and business partners, get feedback on your business idea, and learn about the resources available to new businesses in the community.
Tip #6. Build Partnerships
Building a partnership is a win-win situation for both parties involved as they use each other’s strengths and resources.
By collaborating with businesses that complement your own strengths and mission, you can create a mutually beneficial relationship that leads to:
Increased brand recognition.
More opportunities for success.
For example, a local coffee shop could partner with a bakery to offer fresh pastries and baked goods in their store. With this kind of arrangement, the bakery can reach a new customer base, and the coffee shop can offer a wider variety of products to their customers.
Tip #7. Leverage Google Maps
Google lets you create a free Google Business Profile (formerly Google My Business) account that helps you manage your online presence across search results and Google Maps.
It’s one of the quickest and simplest ways for offline stores to get foot traffic.
It’s a Friday night, and John in New Port Richey Florida wants to go out with his family for dinner. He doesn’t want to go to the same old restaurants and wants to try something new.
John heads to Google and searches for ‘Family restaurant near me’ and here’s what Google results show.
What you see in the image are Google Maps listings. If you own a restaurant, you can list it on Google Maps via a Google Business Profile account like Beef ‘O’ Brady’s, Kickin Wingz, and Applebee’s Grill. This will increase your restaurant’s reach in the neighborhood.
Tip #8. Go for Quick Wins
The short-term goals you set for your business will help you achieve your long-term objectives. Examples of short term goals are:
Talk to 2 new leads every week.
Add a new feature to the product every month.
Post on social media 5 times a week.
Next, set the metrics for tracking your progress and adjust your strategy as needed.
Tip #9. Take Calculated Risks
Growth and innovation require taking calculated risks. A calculated risk is a decision you make after thoroughly analyzing the pros and cons of an idea. For example, a software developer will often test a new feature with beta testers before rolling it out to all customers.
Evaluate the potential benefits and risks of any new tactic you’re considering before making a decision. Then be prepared to fail! Remember, every successful business fails multiple times along the way, learning each time.
According to Investopedia: “Approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more.”
To get to 15 years, you have to face failures every now and then. The businesses that don’t give up succeed.
Tip #10. Use Social Media Strategically
Social media can be a powerful tool for growing your business, but most entrepreneurs use it randomly without any clear strategy in mind. Or they jump straight into promoting their products without nurturing relationships with their audience.
Rather than simply pushing your offers to everyone, educate your target audience about how your product solves their related challenges, problems, or dreams. Once you’ve built engagement, you can start promoting your products or services more directly.
For example, a skincare brand can educate their audience about the benefits of using natural ingredients and how those ingredients can improve their skin health. They can use social media sites like Instagram to showcase before-and-after photos of their customers. In addition, they could offer video tutorials on how to use their products effectively. And only then would they start sharing links to buy their products.
These top 10 expert tips for building a thriving business is just scratching the surface. Just be aware that you’re guaranteed to face challenges and setbacks along the way.
If you’ve already made the jump into starting a business, you know it can be hard work just to tread water, let alone start earning a healthy profit.
On the other hand, if you stay focused on your goals and follow the tips is this post, you can definitely achieve your entrepreneurial dreams. The most important thing to remember is to stay flexible and open to new ideas.
The world is always changing, and that means your customers’ needs will change too. By staying curious and willing to learn, you can continue to grow and scale your business for years to come.