9 Success Principles for your Small Business
Oct 26, 2020 by Roger Scherping
In a recent article in Inc., Martin Zwilling wrote an article called “9 Success Principles to Supercharge Your New Business Venture.” Although he talks about how to start a company that will make you the world’s next billionaire, I think these principles apply equally well if you’re considering something equally admirable if slightly less ambitious, like starting a local business or setting out to earn a living as a solopreneur.
Zwilling says not to be blinded by dollar signs and instead to consider these nine important principles before you make the leap:
1. Find a unique niche you love that adds real value.
The world doesn’t need yet another social media site! Look for painful problems that your small business can solve, needs that appeal to a wide demographic.
2. Highlight your credentials as an insider or influencer.
Even though you’re just starting out, to be successful you will need to establish and market yourself as an expert because that’s the only way people will buy from you.
3. Focus on a solution that is scalable worldwide.
Most startups today provide a digital product that is delivered digitally via the internet, so always be thinking about how you will scale your small business into something larger.
4. Collaborate with customers to tune your solution.
Refine your product by aggressively collecting and incorporating customer feedback, and then collect reviews, testimonials, and case studies to communicate your value to future prospects.
5. Minimize one-time sales in your business model.
Think about applying a subscription model to your product to maximize revenue and minimize customer acquisition costs.
6. Facilitate rapid growth through contracted resources.
Keep your small business infrastructure small by outsourcing to gig workers as much as possible and avoid full time hires.
7. Take advantage of low-cost modern tools and automation.
Starting a small business is much easier today because of all of the automation tools that are available to you for things like payment processing, graphic design, online marketing, contact management, accounting, etc.
8. Develop a product line and add alternative channels.
As your small business grows, think about how you can add new products and sell through additional channels.
9. Prioritize mergers and acquisitions early.
Maybe the small business version of this one is collaboration. Are there other businesses you can partner with for things like distribution, marketing or sales?
So there are 9 successful principles to follow, and they apply equally well whether you’re setting out to be the next Jeff Bezos or you just want to pursue your lifelong dream of being your own boss.
Let us know if we can help.
Read the article here