So, you started a small business and are either a freelancer or an SMB owner with a lot of ideas and hopes. Congratulations!!
You just joined over 33 million businesses in the US alone and are now in a very select group of entrepreneurs who power the American economy.
Before you delve into our expert tips to get your SMB off the ground, don’t forget: Finli is the digital payment system of choice for many other business people like you. With just $39/month fixed fees and 0% ACH transfer commission, we are your #1 choice to get paid fast and securely.
Steps to Get Your SMB Off the Ground
Define Your Business Goals
Start by clarifying what you want to achieve with your business. Set both short-term and long-term goals, and determine how you will measure success. Defining clear objectives will guide your decision-making and help you stay focused on your mission.
Who is your ideal client? What makes you different from thousands of similar businesses?
In our case, the ideal client is you: a freelancer or SMB owner. What makes us different? We offer a plethora of features that make running your business a breeze: instant invoicing, professional quotes, inventory management, CRM, pay-by-link, autopay etc.
While other companies have to pay +$400/month to access similar features from various providers, by using Finli, you get all of these included in our plan: $397/a YEAR!
Do Market Research
Conduct thorough market research to understand your target audience, competitors, and industry trends. Identify gaps in the market and assess the demand for your product or service. Use this information to shape your business strategy and positioning.
Again, it’s important to understand your ideal clientele and how you can solve their problems, alleviate their “pains”. Understand your competitors and do better.
Create a Business Plan
Develop a comprehensive business plan that outlines your business model, target market, competitive analysis, financial projections, and operational strategy. This plan will serve as a roadmap for your business and is crucial when seeking investors or loans.
Choose SMART goals and make sure they are attainable.
Name Your Business
Choose a name that reflects your brand’s identity and values. Ensure the name is unique, memorable, and available as a domain name for your website. Consider trademarking the name to protect your brand.
Choose a Business Structure
Decide on the legal structure of your business, such as sole proprietorship, partnership, LLC, or corporation. Your choice will affect your taxes, liability, and regulatory requirements. Consult with a legal advisor to select the best structure for your needs.
Register Your Business
Register your business with the appropriate government authorities. This may include obtaining a business license, registering your business name, and applying for an employer identification number (EIN) if you plan to hire employees.
Apply for Funding, If Needed
Explore funding options to finance your startup. This could include personal savings, loans, investors, grants, or crowdfunding. Prepare a solid pitch and financial plan to present to potential investors or lenders.
If you don’t need funding, create a strict budget and stick to it. Don’t overspend in the first year of your business, try to make a sale as soon as possible and, as soon as you have successfully verified your product and services on the market, consider scaling up.
You don’t need anything fancy at the beginning, just make sure you get clients and deliver exceptional services.
Build Your Website
Create a professional website that showcases your products or services, provides information about your business, and allows customers to contact you or make purchases. Ensure the site is user-friendly, mobile-optimized, and aligned with your branding.
Develop a Marketing Strategy
Craft a marketing strategy that includes digital marketing, social media, content marketing, SEO, and traditional advertising methods. Define your unique selling proposition (USP) and create a plan to reach and engage your target audience.
Invest in Your Own Education
Continuously educate yourself on business management, marketing, finance, and industry-specific skills. Take advantage of online courses, workshops, webinars, and networking events to stay updated and grow as an entrepreneur.
Become a well known resource in your industry, the go-to expert for your ideal clients. This is where a website with a blog attached to it can be useful.
Learn from the Experts
Seek mentorship from experienced entrepreneurs and industry experts. Join business networks, attend seminars, and connect with others who can provide valuable insights and guidance as you navigate the early stages of your business.
Hire Employees
If needed, start building your team by hiring employees who share your vision and bring complementary skills to the business. Develop a recruitment process and invest in training and development to ensure a cohesive and motivated team.
Satisfy Early Customers
Focus on delivering exceptional customer service to your initial clients. Collect feedback to understand their experience and make necessary improvements. Happy early customers can become loyal advocates and help build your reputation.
Focus on Customer Retention
Develop strategies for customer retention by building strong relationships, offering loyalty programs, and providing outstanding service. Understanding customer needs and adapting to their preferences is key to sustaining growth and achieving long-term success.
Growing Your Business
Continuously explore opportunities for growth, such as expanding your product line, entering new markets, or scaling operations. Stay adaptable and be ready to pivot your strategies based on market demands and feedback.
How Long Does it Take for a Small Business to Get Off the Ground?
It typically takes a small business six months to two years to get off the ground, depending on the industry, market conditions, and available resources. Key factors include the strength of the business plan, marketing efforts, funding, and customer acquisition. Early focus on planning and execution can accelerate this process.
Following these steps will help you build a solid foundation for your business, navigate the challenges of early growth, and set yourself up for long-term success.
