5 Killer Tips for Running a Successful Small Business | Millennial Entrepreneur Magazine

5 Killer Tips for Running a Successful Small Business

Small Business Success Tips

Taking your passion project off the paper and into reality takes hard work, but it can be done!

The old saying that small businesses make up the backbone of the global economy isn’t overblown. Today, there are more than 125 million micro, small, and medium-sized business worldwide.

Young people today are starting their own businesses even younger than the generations before them, and there are no limits on what you can create or the kinds of ideas that can spark multi-million dollar organizations.

How to Start a Successful Small Business

You want to make sure you get your idea out into the world before someone else beats you to the punch. We’ve got the 5 tips you need to hear to make your small business successful!

1. Define Your Small Business Niche

The first tip might seem obvious, but you’d be surprised how many people go into business thinking too broadly about the work they want to do.

Avoid the unnecessary pitfalls of becoming a jack-of-all-trades (and master of none) by defining the specifics of what your brand is really going to be about. No one is saying you have to stick to that plan forever, but building off of a core idea will help you establish a brand identity right out of the gate.

2. Identify Your Target Audience

Define Your Target Audience

While you’re defining your niche, don’t forget to decide what kind of audience you’re trying to reach.

This one may take a little bit of extra research, but narrowing down your target audience in the beginning could help save you serious cash in the long run. When the time comes to start investing in marketing and outreach solutions, a targeted audience can be the difference between a successful operation and a failed experiment.

3. Surround Yourself With A Successful Network

Small Business Networking Space

“Birds of a feather flock together”. It may be a campy saying, but for entrepreneurs, it’s a discernible fact. You want to surround yourself with a network of people that will help build you up and set you apart.

Entrepreneur Ashley Portas of DiamondPort attributes his massive 200% increase in business growth over just 6 months to having a powerful support team around him. This is level of networking aided in his efficiency and helped his brand rise above legacy competitors.

Finding like-minded business professionals to connect with can create a collaborative working environment and help you acquire invaluable opportunities in the business world, even if you’re a solo entrepreneur.

4. Establish Your Digital Presence

Social Media Presence: Mobile Phone

In a digital world, your online presence can say absolutely everything about your brand. You never know where your next – or first – client will come from. Establishing your digital presence across as many digital networks as possible helps drive visibility and create coherence for your small business.     

Start by claiming your brand name on as many social networks as possible. You may not plan on using them yet, but you don’t want to confuse customers by sharing your moniker with a different company!

Even if you don’t know how a particular network will fit into your marketing strategy in the long run, it can’t hurt to claim your name and start sharing your content in as many places as possible.

5. Empower Yourself

Empowered Business Woman

No matter what your vision is today, there’s no limit to what you can create or the kind of brand you can establish if you’re willing to put in the work.

Once you’ve identified the core components of your brand, it’s time to start setting goals and checking them off. Making checkpoints for the week, the month, the year, or even the next five years can help you hold yourself accountable without getting burnt out early on.

Find what motivates you, plaster it everywhere, and don’t let anything get in your way!

Have questions about starting a successful small business? Drop ’em in the comments below!

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