Getting Down to Business…and Actually Succeeding

Erin Johnson
Jul 25, 2017 · 3 min read
As Nike says…

What’s the first rule of business? I’ve read a lot of answers to that question:

The first rule of business is to…

  • stay in business
  • protect your investment
  • be true to yourself
  • stay business focused
  • have a clear vision

…etc.

While these are good and true, NONE of them matter if you don’t actually start your business.

BUT, with roughly 50% of businesses failing within their first five years, it’s important to understand WHY that happens. In a nutshell, poor planning is the culprit.

So where do you start? In my experience, the first rule of starting a business is to RESEARCH.

Here are the basics: You must make sure that your business will fill a need; make sure there’s a market for it. The next step would be to make sure you have the means or know-how to operate said business. (You can’t be a swimming coach if you don’t know how to swim!) This also means you have to fulfill any regulatory obligations, such as licensing, insurance, etc. Once you research the market, and prepare yourself for it, you have to REACH it.

This is where the success part starts to kick in. Without recurring and new clients, customers, patrons, or the like, your business will stagnate. Some of those within the market will seek you out. Consider yourself lucky! Most of the time, though, you will need to reach into the market and pluck out the would-be recipients of your service, or target demographic. In other words, get their attention.

As cliché as it is, I call this part the ABCs of Business ™ .

A:

Advertise! It’s a MUST. Yes, sometimes it can be difficult to figure out how much money you should invest in advertising and where those dollars make the most impact. But that doesn’t mean you should do it. Assess your market. Create a simple marketing strategy to infiltrate your target demographic. Sometimes this means hiring a media or creative agency. At the very least, you need to utilize free resources, like networking groups and social media. Doing the legwork is, well, work. But it can totally be worth it if you keep at it!

B:

Brand! Create a brand that people want to come back to time and time again. Advertising can bring them in at least once. But YOU (or your product, service, etc.) is what keeps them returning. What is the personality of your business? What does it have to offer the world? How does your business connect with your target demographic? Branding is the difference between a one-time customer and a loyal customer.

C:

Customer Service! This one cannot be stressed enough. Obviously, you’re in business to make money, but when dealing with customers that is not the goal. You must view customer service as advocating for your customer. This means looking out for their bottom line. The foundation of any good relationship is communication, so this applies to the buyer-seller relationship. Make sure your listen to your customers, both their positive and negative feedback.

TIP: Customer service doesn’t just occur when a customer comes to you with a complaint. Sometimes you need to take the first step and reach out to your customer. (Which can also be a good marketing tactic!) Find them. Send an email, and ask them about their experience or offer a discount on repeat business. Even better, meet them where they are. Engage with them in social media groups or events.

Bottom line: The first rule of business is to start. You have to start somewhere, but my goal is to help you succeed. ;)

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