Maximize the Success of Your First Year as a Digital Business
Reading Time: 4 minutes Starting a business won’t amount to much if you start losing employees and customers after the very first year. Improvising might work at first, but it won’t bring you the most optimal results as careful planning would. You want to build your business on solid ground and not on quicksand. This way you’ll ensure that it’ll be built to last, and here’s exactly how to do it.
Table of Contents
Find the right customers
Digital businesses are all about reputation, and if you want to build a reputable business of your own you need to find the right kind of customer. The ‘customer is always right’ saying may be true, but that doesn’t necessarily mean that they are the right customers. Focusing your marketing efforts on a demographics is more practical than going too wide. This will not only maximize the conversion rates of your online marketing strategies by attracting the ideal virtual consumers for your digital business, but it’ll also allow a more personal customer experience for them as well. In addition, providing outstanding customer support will also improve your customer loyalty considerably, positively reflecting on your overall reputation. Word-of-mouth marketing both in real life and on social media will do the rest and you’ll have yourself a solid foundation for your brand to work with.
Employ talent and watch it grow
In order to maximize on your first year’s success, you need to hire like-minded people that will work effectively as a team. Strained relationships between colleagues and huge gaps in their personalities could cause a rift between them, ultimately impacting their work. Imagine yourself as a soccer coach, you need to make sure that there’s a positive atmosphere in the ‘locker room’, otherwise your team won’t win any trophies. Moreover, having too many people on your payroll isn’t practical, to avoid this problem, employ people on a trial basis first, cherry-pick the cream of the crop and let go of the rest. Cultivate and nurture this talent by hiring fresh staff and then re-training them is costly and inefficient, you want to build a team that will last after the first year is done.
Organize your additional expenses
Your business will no doubt have to sort a lot of paperwork in the form of payments, bank accounts, insurance and so on. Staying organized and keeping track of it all will help you avoid any legal difficulties you might encounter otherwise. It’s no use that your business is doing extremely well if you’re being sued by a third party. Most digital businesses that are just starting out can’t afford such financial mayhem. To avoid this, you need to keep your accounts in order either by employing someone to watch over them or doing it yourself. In addition, you want to get some insurance to give your business some additional liability, you don’t want it getting shut down because of an unnecessary lawsuit during your very first year. Companies, such as Youi New Zealand, provide business liability insurance which covers all the legal expenses in the event of someone filing a lawsuit against you.
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Outsource early
Spreading your resources too thinly will see you focusing on all the wrong things, except your business. Technology is there for a reason, it reduces the time and the cost needed to manage a business. So use it to your advantage and outsource all the services you don’t need and those that aren’t directly related to your business elsewhere; things such as IT support, accounting, marketing and so on. Firstly, you don’t have the required tools for doing these things yourself, and secondly doing this in-house means someone from your business will need to add this to their list of daily chores and eventually learn how to do it in the first place. This way you’ll focus all your efforts on growing your business during that first year instead.
Reinvesting in your business
Now that you’ve successfully saved up some juicy capital, it’s not the end of the road, you need to put it to effective use. Reinvest the profits you’ve earned, from outsourcing that unnecessary workload you had and by the smart employment strategies you conducted, back into your business. By now you’ve probably focused all your efforts on expanding the business itself and on laying the foundations of the same, meaning it should have grown a fair bit by now. Capitalize on your success by cultivating, even more, talent and by increasing the budget of your marketing campaigns to widen the reach of your consumer base.
All in all, if you play your cards right you should be able to maximize the success of your first year and then use that to grow your business even further.
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