New Business Owners – This is For You

Did your idea finally become a reality and you got the loan you needed, the building you wanted, and the product you loved? It’s great news, it’s exciting, it’s a whole new horizon of possibilities. You’ve already got plans for the website and the merchandise and what you might try to do on social media, but before you do anything else in terms of marketing, step back.

Think for a moment:

Have you had a proper business consultation with an expert?

If the answer is no, you need to correct that. And fast. Otherwise, you’ll end up wasting precious time and money that could be better spent growing your business in a smart, effective way.

Why Have a Business Consultation?

Even if you’re prepared to launch your business, you should still consider a free consultation to discuss your marketing strategies. Too often, new business owners and entrepreneurs will move forward without doing sufficient research and end up with poor marketing and no engagement, which leads to no customers and no profits. Or, they’ll hire any individual or company and won’t come prepared with what they want, and won’t know what to expect. For a lot of these marketing companies, a fresh business owner is fresh meat.

You need to avoid these pitfalls and these dangerous companies or you’ll end up causing a lot of damage to your brand, not to mention the fact that you’ll end up losing a fair amount of money when things go south.

Key Tips for New Business Owners

Some prospective business owners have a full plan and set of goals before they even launch a startup, while others have no direction but a website and a dedicated team. You’ll need organization and a clear path forward. Let’s quickly look at some key tips:

Stockpile Clients and Build Relationships Ahead of Time

One of the reasons that workers make the shift from employee to business owner is they feel they can provide better products or services for clients they already work with in the field. When you become an expert in your craft, you build special relationships with customers. How often have you seen clients cut contracts short or go elsewhere because their preferred worker left the business or was replaced?

When you have a host of clients who already like your work, you’ll have an easier time launching your business. Those relationships you fostered during your other job or during your research phase will be the foundation for your company.

Find the Right Team

Very few people are capable of handling every aspect of a business themselves. They might be good at landing clients and providing services, but poor at organizing and sorting finances. They might have great marketing ideas but no technical knowledge of implementation.

If you find yourself falling short in an area of your business, find the right person who can help. The best team will stand beside you and see to it that the company succeeds. Don’t be hesitant to hire a CPA before you need one to keep track of your books, and be open to tech experts, social media coordinators, receptionists, and more who will streamline your business and make everything easier.

Stay in Your Lane

This doesn’t mean don’t be bold and avoid risks, don’t take chances, don’t try to branch out. It means that some small business owners, when they first start, try to do everything and expand too quickly.

Remember the simplicity you offer and stick to it. Offering a small number of exceptional products and high quality services will let you garner long-term clients. You might have plans to move into another industry or shift into another field, but let it come naturally. Success will beget more success, but not if you try to rush it and move away from what brought you success in the first place.

Find Your Balance

Everyone has a vision when they open a small business. It’s a given that, in order to turn that vision into a reality, there will be plenty of sleepless nights – whether due to long hours or stress. You might find yourself growing distant from friends and family, let your health get negatively impacted, or obsess over the company.

Work/life balance is important. It helps prevent burnout and lets you stay focused on what matters. If you aren’t able to keep yourself in check, you’ll end up losing what’s important to you.

Outsource Smartly

So we return to marketing. Getting your business noticed beyond the clients you already have will take a fair amount of work. If you aren’t sure how to find a good marketing agency or who to hire to handle your advertising, you need to conduct proper research. Don’t select anyone without sufficient proof and don’t get duped into a ton of services you don’t need.

Be smart about what your company needs. Is it a booming social media presence or commercial spots on streaming platforms? Google advertising or billboards?

If you have trouble determining what you need, we’ve got the solution for you.

Free Business Consultation with Promotion LA

While a lot of companies charge large fees for consultations, Promotion LA believes in free consultations for new business owners. Our passion is growing businesses, so we’re always looking for ways to help new owners and give back to the community. As a company that’s been in operation since 1982, we’ve been around the block many times, and we’ve worked with other companies of different ages. Some have existed longer than we have and others were founded just last year, but our goal is always the same: growth, growth, growth.

Often, after we’ve begun working with a new client, they’ll tell us how much they wish they had made different choices when they were starting out. With a free consultation, you can make sure that you don’t make the same errors. You’ll know what to avoid, what to not waste your money on, what to plan for, and more.

Contact Promotion LA today to set up your free business consultation!