If you’re a new business owner, there’s no denying that opening a local business can be both challenging and rewarding at the same time.
According to official data, there are an estimated 5.5 million small businesses in the UK. If you’re one of them, read on to find out some of the biggest challenges you can expect to face and importantly, how to overcome them.
- Finding clientele
Even large businesses can struggle with this one. To build up a large client base, it’s important not to just sit around waiting for opportunities to come your way. As many small businesses are short of time and funds, sometimes you must be a little more creative.
One way to acquire new customers without breaking the bank hiring a sales team is by putting up specially designed posters in the local area so passersby can see your brand. That way, you get your brand out there without cold calling.
- Build an online presence
Nowadays, it’s not enough to just have a physical presence. To be truly successful, you need an online presence too.
Although funds can be tight, it’s important to spend time and effort creating a website and social media profiles to grow your business. Even if you’re not a tech whizz, this could be the difference between success and failure, especially with a recession on the horizon.
- Start blogging
Once you’ve built your website, it’s a good idea to start blogging. If you run a high-quality blog with regular uploads containing relevant content, you will encourage people to link back to your website. This, alongside other SEO strategies, can help drive online traffic to your website.
If you enjoyed blogging, you could even consider co-marketing with other non-competitive brands or start dabbling in some PR!
- Hire the right staff
Hiring the right staff can be hit and miss. Unfortunately, sometimes you don’t know that you’ve made a hiring mistake until it’s too late. If you bring in staff who aren’t a good fit, this can cost a lot to the business, especially if they aren’t trained to a high standard initially.
To minimise hiring blunders, set up a rigorous hiring process with a detailed description of the job description and a robust screening method. If you’re short of time, you may want to get an agency to do this for you.
- Cash flow
Finally, it’s important not to be overenthusiastic when it comes to spending. As a business, it’s crucial to ensure you have money in the bank to keep cash flowing. If you’re not great with numbers, hiring an accountant will help you get the most out of your money.
Although running a business is tricky at times, there’s no arguing that being your own boss and creating your dream job is a wonderful feeling. To keep your business on the road to success, simply follow the above steps and watch your customer base soar.