Important Things to Know When Starting Your Own Business
Starting your own business is an exciting and overwhelming project. The best way to ensure that your efforts are fruitful is to learn from other successful entrepreneurs, commit yourself and your business to daily improvement, and take informed and decisive action. At Franklin Academy, we aren’t just concerned with your education – we want to ensure that you’re a business success for years to come. Here are five tried-and-true tips for new business owners.
Keep your expenses as low as possible. Do everything you can to minimize the amount you spend on your business, especially in the beginning when profits may still be low. Buy used equipment, barter your skills for the services you need, and give each business-related purchase careful thought. Most new business owners underestimate expenses and overestimate profits to their own detriment.
Find a happy medium between your personal preferences and what customers want. It doesn’t matter if you’re passionate about something if no one wants to buy it. However, catering to the masses can mean that your business doesn’t stand out. Work to find a niche in which you can do what you love while also reaching the widest audience possible.
Market constantly. Too many small business owners invest a lot of time in refining their technique, product, or brand and not enough time marketing it. It doesn’t matter if your business is flawless if no one knows about it! Treat marketing like it’s your job (because it is!).
Keep careful records. From Day 1, be meticulous about paperwork. Tax forms, receipts, important emails, and so on – make sure that you have organized and reliable storage methods in place and that you save what needs to be saved. You’ll avoid legal trouble and it will be easier to assemble the data you’ll need to know if you’re succeeding.
Connect with your customers in multiple ways. Build relationships with your customers and reach them in multiple formats. In person, use their name and take an interest in them. Remember their likes and dislikes. Build an email list and let your customers know about what’s going on with you and your business. Mail coupons and thank-you notes to repeat customers. Your clients are the lifeblood of your business so treat them like royalty!
You have what it takes to run a successful business doing what you love. For the education and empowerment you need to work in the field of cosmetology, choose Franklin Academy. We’re a reputable and trusted beauty school in Cleveland, TN. Many of our students live in the surrounding towns of Chattanooga, Athens, and Etowah, TN, as well. Call or visit us today to find out more about our programs and begin making your business dreams come true.