Only 50% of small companies are expected to survive five years or more. With statistics like these, new companies need to do all they can now to set themselves up for future success. Read on for four effective ways for small business owners to guarantee success for their companies.
Connect with Other Local Businesses
Small businesses need to stick together. Founders of startups should look to other local businesses to form strategic partnerships. With a mutually beneficial relationship with other businesses, startup founders can reap the rewards of new referrals and increased brand awareness.
Purchase the Right Property for Your Startup
Another important factor that will determine the success of a new business is the business’ location. While the right space will improve accessibility and drive traffic to the office or store, the wrong location will cause a business to lose money. When looking for the right property, be sure to do the necessary research to pinpoint the best location for your demographic. Use this information to look for commercial property for sale that will give you easy access to your target audience.
Take Advantage of Social Media Marketing
Social media marketing is a tool that many new businesses are underutilizing. With 70% of Americans actively on social media platforms, sites like Instagram, Youtube, Facebook, and LinkedIn provide new business owners with all the tools they need to promote their company. With a social media campaign strategy, business owners can use creative content to market their companies and connect with potential customers.
Create a Website to Promote Your Brand
Though statistics show that 50% of all small businesses use a website for their brand, a business without an updated website isn’t likely to survive. Even if a company has a physical location, they need a strong online presence to reach their audience more effectively. With a working website, small businesses are able to share pertinent information about their brand with potential clients and customers.
Businesses can use their websites even more effectively by having an online shop in addition to their brick-and-mortar locations. This way, customers will be able to shop at any hour of the day and from anywhere in the world.
While new business owners may have the odds statistically stacked against them, they can make sure the business world works in their favor. With a solid strategy to partner with other businesses, pick the right location, use social media effectively, and promote their brand through an expertly designed website, business owners can significantly increase their chances of success.