small business service based operation
Starting your own professional small business service based on your occupation. it is a bit different from having a product to sell. a service based small business is focused on you. what you can create almost by yourself. most small businesses take the time to gain momentum. the reason for that is the fact that the person started used to have a paycheck. when you start your own business you are in a state where there is no income until you bring in business. your goal as an entrepreneur is to take charge. you must remember one very important fact. you better off being good at marketing. instead of good at your profession. the reason for that is that the better marketer will be more successful. not the better professional. quite like the law that says: the better interviewee will get the job, not the best candidate.
Small Business key ingredients for success:
- you must install a collective mind in every member of the organization. every member must have service in mind. every employee must have service as a priority. this way everyone contributes. and the small business turns to a service focused environment.
- all employees must be flexible. they must be able to serve many different clients. if it’s just you. you must be ready to listen to your clients. and that means to be able to solve multiple problems. be able to serve more than one client at a time.
- The client must be the centre of your universe. it means that you understand the client is king. he is your sun and you do whatever he needs. why? because without the sun, there is no life. without clients, you are not in business. you just have a hobby. if you want to be successful this is a key aspect. embrace it.
- Make sure your service is focused. this way you can in time become an expert. and becoming an expert is high on your list. the better you will be at your field. the more client you will be able to attract.
- Build an excellent team. help them grow. they are your face. the better they are. the better you are perceived in the marketplace. think about it this way. if you are a coach, the quality of your players will determine the success of the organisation. if you’ll help them grow. you will grow. they succeed you succeed.
- love your profession. if you are in the right place you will do great. you can’t succeed at something you don’t like. get into business for the love of your work. not because it’s a way to earn money.
Small Business blueprint for success:
The first step is to make you understand what is your business all about. are you very good at what you do? do you have a unique knowledge? are you well connected in your profession? do you have a good reputation? what can you bring that will impact the business right away?
You need to understand what small investment is needed. this way you will be able to be up and running. what do you have that you can use right away? this way your transition to your own business will be swift.
Allocating time is important. at first, when you start you will need to invest a lot of time to get going. so be prepared for that. the main thing here is to remember that when your business gets better, you can allocate more time to it.
You must be able to assess the level of competition. the higher the level, the more you will need to invest. if you have done all of the above, now all you need is to pick a name and there you have it. you have the first step into the business world.
The second step is in the marketing world. you can’t trade as a service provider to a large geographical area. in marketing, we say: we need to narrow the market. and make it small enough to serve, but big enough to be profitable. your chosen market should be assessed. you must be able to make an inform decision. the kind of decision that makes sense on the economic level. you can’t open a bookstore a few meters from 10 bookstores. any new small business needs room to grow. so make sure you check the level of competition and market needs. are they met by current service providers? in this research, you must gain information about demographics like social economic levels. after knowing what your market worth. now you can forecast your “needed” market share. what part of the market you need to serve in order for you to be profitable.
The next step must be the business plan step. any small business must have that. why? because the business world has changed dramatically. today 95% of all new business fail in the first 5 years. you must be able to understand how the numbers fit in reality. if you will go to any bank and ask for finance for your venture. they will ask for this document. be prepared to show your hard work.
The first part of a business plan is the marketing part. use all the information gained at step no 2. write down what is your focused market. and try to assess your competitors. by doing an S.W.O.T & P.E.S.T analysis, you must be able to understand the level of resistance from your competitors.
Write down how you are going to make it in the small business world. what are the keys to success in your field? how can you get them? is it realistic? will you need finance? will you need to hire and so on?
How will you sell? what sales & marketing efforts needed? will you need to invest here? what have channels? make sure you understand all picture. and the cost involves in it.
Higher an accountant to create all the accounting data. this is important. you need to see the numbers. why? because like in the bible: the numbers tells the whole story.
Put it all together and there you have it your first business plan. this document will be reviewed every year. and amendments will be performed on it. the changes will reflect the change in the environment and your business.
The next step is finance – I will cover this in a later article as this is very important.
The next step is marketing and creating presence – without people knowing about your services you do not exist. so making them know you’re out there is important. the level of marketing needed depends on the market, industry. and the level of competition. the major key in early stages is finding funding for marketing. it’s tough because you got nearly no income at first.
The basics of any marketing attempts are. create your own business card. can you promote yourself in the local newspaper? can you promote yourself in your trade magazine?
Creating a professional website is a must. you can do this cheaply. but the web is very competitive. this is why you will have to invest money to be on the first pages. and have a very professional looking site. you can use online ads at an authority website. (just like a newspaper). or you can use bing ads or google ads platform. these are the cheapest way to promote yourself.
After going via all options. choose one or mix of them. always check what are the results. make sure you have an ROI checks. Sometimes it’s better to invest more money and get better results.
The next step is networking– I will cover this in a later article as this is very important.
The next step is doing your work – now if you have done well. you will start getting business in. when clients come to your door. you can now use that to focus more on their needs. the more clients you’ll have, the more capable you will be. Capable of giving better service. because you will learn what they most need. you will be capable over time to adjust your fees, and better serve your chosen market.
Make sure you have in place a service level agreement. this is a document that summarizes the obligation of both sides of the transaction. it gives you credibility. read more here
establish the way you are going to bill your clients. this way you create the right connection with your clients. when they know upfront all the details it’s easy for them to have confident in you.
Be the best you possibly can. provide the best service that you can think of. the first clients will be the base for you getting more out of any transaction. and they will decide your future in the small business world.
Small Business recap:
Any new business takes a time to make it if it all. your goal is to make it right the first time around. I have seen so many people doing the first steps wrong and losing money altogether. your goal is to start using the right methods. make sure you understand you are not alone out there. the outside environment affects all business. you must be prepared to deal with it better than your competitors. this way your small business Initiatives will be rewarded with outstanding success.
The U.S. Small Business Administration (SBA) was created in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation.