How to Run a Successful Small Business

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If you’ve ever wondered how to run a successful business, you’re in luck.

Today, I’m sharing all my small business tips and advice that I wish somebody had told me at the beginning of my business.

Running a business from home isn’t as easy as it seems. There is so much that goes into a small business that you may not even think about. 

So, if you’ve been considering starting a small business, this is what you need to know.

Define Your Goals

Even just a simple Google search of “small business ideas" will take you to thousands of different small businesses that you can start.

However, when wondering how to run a business successfully, you first need to understand what the goal of your small business truly is.

Are you starting a small business as a side hustle to earn some extra money on the side? Or, do you want to make a small business into a full-time role? 

Additionally, after starting your business, setting yourself goals for every quarter of the year is hugely beneficial. As your business grows, so will your goals. Having a reminder of what you would like to achieve will help you to have a clear path towards that goal.

 

Images: Pexels Vlada-Karpovich | The Boutique Handle Co Auriola

 

Analyse Your Competition & Understand Your Target Audience

Before setting up your small business, you need to be aware of products that are similar to yours that are already on the market. 

This will help you to decipher how much you should charge for your particular product as well as understanding the demand.

You also need to keep in mind your particular target audience and how you can best serve them. Ask yourself the below questions:

What budget does my target audience have?

What behaviours and interests do my target audience have?

What are the needs, pain points or goals of my target audience?

How can I best communicate with my target audience?

These questions will help to provide clarity on who your customer is. If you are struggling to answer these questions, you may need to adapt your small business idea.

 

Images: Pexels Andrew Neel | The Boutique Handle Co Luminara

Provide Exceptional Service

Reputation matters in the small business world.

If you want your customers to return to your business, then you need to make sure to provide exceptional service.

Even if you don’t physically interact with the client, your website experience should still be easy, quick and convenient to use.

Additionally, you need to make sure that your customers can get in contact with you if required. 

If customers have questions or queries about the product, they need a clear email address where they can send an email to you. You will need to add this to your website or social media account.

With that in mind, receiving a negative complaint is never easy. However, it happens. 

Make sure to reply promptly and fix the issue as soon as possible. Sometimes offering refunds or a discount code can go a long way if a customer does have a bad experience.

 

Understand The Risks

When investing into a small business, there is a risk that your business may not be successful. 

Understanding the threats to your business ahead of time will help to prevent your business from failing. However, taking risks in your business is required. 

Sometimes you may need to invest more in advertising or even hire somebody to help to build certain aspects of your business. 

These investments can’t seem scary to begin with, but you have to spend money to make money, right?!

 

Be Creative & Adaptable

You never know what your business may throw at you so being adaptable is one of my number one business tips.

Oftentimes business owners can become consumed with their original idea and fail to see moments where they could have grown their business, simply because they were so attached to their original idea. 

Learning to be adaptable and grow as your businesses should be your number one priority.

Also, using your creativity will set you apart from other competitors. 

If you’re launching a new product, think about how you can grab the attention of your target audience that hasn’t been done before. 

Thinking outside the box and getting creative with your product can make a huge difference.

If you struggle to come up with creative concepts, you can always hire somebody to do so. 

I started out running my own e-design interiors studio and then side-stepped into e-commerce within the interior design world. You definitely need to be adaptable.

 

Images: Pexels Karolina Grabowska | The Boutique Handle Co Auriola Pink Stone

Prepare to Make Sacrifices 

One of my best small business tips for beginners is that you need to be prepared to make sacrifices.

If building a business was easy, everybody would do it. 

You’ll be surprised at how much time you actually have to invest in your business in order for it to be successful. 

This may result in cancelled plans or staying up late after your 9-to-5. It may also mean working on some weekends or missing out on certain events. 

Now, you should definitely make sure to make time for friends and family to avoid burning out; however, it’s unlikely you will be able to build a successful business without making a few sacrifices.

Pexels energepiccom

Be Consistent

I once heard a quote that said…

“We overestimate how much we can do in one year and underestimate how much we can do in 10 years.”

Even though it may appear online that businesses go viral overnight, building a successful sustainable business takes time. Like, a lot, a lot of time.

You have to show up every single day even when it seems difficult to do so. The compounding effects of consistently investing in your business is what will set you apart from the thousands of small businesses that fail in their first year.

 

Images: Socials Stocks | Pexels Sergio Souza

Key Takeaways 

When considering the question of “how to start a small business?” There are so many variables that go into it. 

From making sacrifices, being adaptive and most importantly, being consistent, running a small business is as time-consuming as it is rewarding.

Although, there are downsides to running a small business from home, the satisfaction that you get out of doing so is incredible.

Deciding to take that risk may just transform your life.

Do you want to support another small business? Here at Boutique Handle Co, we offer simple and affordable door handles and door knobs to make simple changes to your home. Be sure to check out our selection!