Young Upstarts

All about entrepreneurship, intrapreneurship, ideas, innovation, and small business.

5 Top Tips To Keeping Your Small Business Afloat

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Whether you’re trying to turn your favorite hobby into a career or simply like the idea of being your own boss, starting a small business can be hard, especially for someone young. It can be time-consuming and tiring, not to mention expensive, and can be very lonely if you are trying to set up your business on your own.

It’s even harder to keep your business going once you’ve got it off the ground, so here’s a few tips to help you out.

1. Get The Perfect Product.

Getting your business off the ground and making a small profit is an accomplishment in itself, but if you want your business to succeed in the long run, you need to make sure you’re selling want people want or need. Do some market research and check to see if there’s a gap in the market for what you are trying to sell. If it’s been done before, especially if it’s been done before and is being sold cheaper elsewhere, you may want to reevaluate, because it’s unlikely that you’ll be making a profit for very long.

2. Get Some Funding.

All businesses need cash to really put themselves on the map. It could be that you need a building to sell your products from, a better computer to manage your business, or some new equipment to make your product. Whatever the issue, if you’re not making enough profit to sort these things and grow as a business, then you need to find it from somewhere else. Make sure you have a proper business plan sorted and ask your bank for a loan. Be excited and confident about your ideas for their money, and they’ll be confident that you can get it back to them.

3. Get Online.

You can use the internet to do practically everything nowadays, especially if you’re young and know what you’re doing. Make sure you have a business account on all of the major social media sites to advertise your products and offers. You could even set up a website for your business, and sell your products from there.

4. Be Available In Person.

Although the internet is great, a lot of people feel a lot more comfortable having a real person to speak to, whether they want to ask a question, give praise, or raise a complaint. The biggest issue that most people have with big businesses recently is that all of their customer service lines are automated, and it takes ages to get to speak to a real person. By being available to talk to yourself, you are showing your customers that you care about them, and so they are more likely to shop from you again in the future.

5. Properly Manage Your Finances.

It’s simple, if you don’t manage your finances properly, you are probably going to make a loss. This could be because you’ve overspent on something, or received a fine for not paying your tax correctly. Investing in some decent business accounting software would make managing the books a whole lot easier, and ensure that your business doesn’t go under.

Hopefully, these simple tips will help you to keep your business thriving for years to come. As long as you try your hardest and believe in your business, then you’ll still have succeeded regardless.

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This is an article contributed to Young Upstarts and published or republished here with permission. All rights of this work belong to the authors named in the article above.

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