Running a successful business can be a winding path with highs and lows. But don’t let setbacks keep you from striving toward your vision. Your entrepreneurial dreams can continue with the right knowledge, actions, and professional help. Follow these tips from Mike McRitchie to get back on the right track.
1. Brand Assessment and Development
If you’ve had a setback, your business may be in need of rebranding. A brand is developed through the words, actions, and look of your company; it should be reinforced with every move you make as a business owner. Decide what qualities are most important to your business — innovation, trustworthiness, and consistency are possible examples — and build your brand with respect to those qualities, making sure each decision you make reinforces your brand. This not only builds confidence in your brand for your customers but helps attract quality workers who also share your values and vision.
A crucial part of your brand is your logo design. A well-designed logo will be recognizable and increase customer loyalty. If you’re on a tight budget, avoid hiring a graphic designer to create your logo and use a free online logo maker instead. This tool will allow you to generate a new logo using previously designed templates which you can customize to your needs.
2. Have a Stellar Website
Website design is not something your business can afford to skimp on. For many potential customers, your website is their first interaction with your company and informs them about your level of professionalism and quality of work. It needs to be attractive to the right customers, and they need to be able to navigate it easily regardless of the device they are using to visit the site. If a site is difficult to use, most potential customers won’t want to struggle just to purchase your goods or services; they’re more likely to simply leave your site and search for another business to buy from. Create a website that is optimized for local SEO and balances great and compelling design with seamless functionality .
3. Market Effectively on Social Media
Social media is where your customers are, and the potential for new-customer reach is nearly limitless when social media marketing is used effectively. With specially designed ads targeted to the correct audiences, you can grow your customer base and increase revenue. Engage a professional or service to manage social media for your company that is integrated across platforms and informed by data.
4. Embrace Email Marketing
Newsletters and instant updates are wonderful ways to stay connected to customers online. Grow your email list and communicate with list members efficiently and in a timely manner, putting links to your website, profiles, and products directly into their hands. This encourages casual visitors to become repeat customers, and there is no better place to make sales than with customers you’ve already worked with. With the right data analysis informing decisions, email marketing can be one of the most effective ways to generate revenue. If understanding the data is difficult, hire a professional to handle email marketing for your company.
5. Form an LLC
When you’ve had setbacks in business, you know it’s important to protect yourself and your assets. Forming a limited liability company is an efficient and easy way to do this. This business formation offers extra protection between you and your assets and those of your business, making it one of the more important steps in starting a business.
Don’t let business setbacks keep you stagnant. Use quality information to make decisions and keep moving toward your entrepreneurial dreams. With the right branding, data, and steps on your part, they’ll soon be within reach.
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