Like a Boss: How to Succeed in Your Business in 2021
Working for yourself. Traveling the globe. Setting your own hours. Making a six figure income. From the couch. In your pajamas. If this sounds like your dream, you’re not alone. This type of freedom is what draws many people to the world of entrepreneurship. However, in order to reach an ambitious end goal, you have to have a plan — this includes everything from registering your business and filing the necessary reports in a timely fashion (services like ZenBusiness.com can help with this) to putting together a marketing plan that helps you reach more customers (Smart Insights can help on that front).
Do you need assistance financing your new business? Loan Wolf Financing can help. Contact us online or by phone at 417-621-8280 to learn about the many forms of financing we offer, including commercial real estate, equipment, healthcare, and more.
Become a Subject Matter Expert (SME)
The past few years have shown us the importance of business transparency, social media marketing, and the buying power of Millennials in today’s economy. As 2020 drew to a close, fewer consumers are interested in speaking to traditional salespeople when making a purchase. Instead, consumers either make unassisted online purchases through stores like Amazon, or they seek out Subject Matter Experts, or SMEs for short. Unlike most salespeople, SMEs are not simply trying to close a sale; they are deeply insightful and experienced experts in their field and are very interested in sharing their knowledge in order to help the consumer make an educated buying decision.
Think about it: who would you rather talk to as a consumer — a pushy salesperson or someone who sincerely cared about helping you make the best possible buying decision, and was willing to answer your questions and share their product knowledge with you throughout the entire buying process? When it comes to your business, think about the areas where you excel above the competition in terms of knowledge. Start sharing your knowledge with your potential clients and customers. Write about it, blog about it, vlog about it, start a Facebook support group, or just speak to people in person. Whatever you need to do, get your message out there and establish yourself as a SME in your field.
Although getting a small business loan is still a great option, 2020 saw a trend of businesses getting increasingly comfortable and creative with their uses of crowdfunding, the act of raising money through voluntary donations made by the public. This benefits businesses because they can raise money without having to stress about finding investors, venture capital or other sources of money. Crowdfunding benefits the consumers because they can enjoy a wider variety of businesses and products to choose from, and on an emotional level they can feel like they have personally contributed to the business in a significant way.
In addition to using crowdfunding for financing startup costs, many businesses now use crowdfunding to finance new products or projects. For instance, a yoga studio could use crowdfunding to raise money for an expansion or a second studio location. A nonprofit could crowdfund money and resources toward an active cause that is important to their community. A clothing company might crowdfund money toward launching a new style of pants. Chances are there is a way your business could benefit from crowdfunding in 2021.
Make Video Part of Your Social Media Strategy
If you’ve been paying attention to the online business world since the mid-2000s, you are probably already aware that your business needs a web and social media presence. Hopefully, you’re already active on at least a couple social networks that are relevant to your audience (if not, now is the perfect time to start). Multiple studies have shown that consumers are more likely to pay attention to video than any other type of media on the Internet. Rather than just sharing a post or a photo on Facebook, for instance, try recording a video and sharing it to Facebook, Instagram, Snapchat, YouTube or Vimeo. You don’t even have to hire an expensive videographer or know anything about video editing (although it certainly doesn’t hurt). Here’s a great tutorial with some tips.
Of course, these aren’t the only ways to succeed in your business this year. The above tips are just a starting point — and you’ll find that there are a wide variety of strategies you can use to build your business. Being your own boss might sound glamorous, but as you can imagine, running a successful business is about more than just working from home in your underwear. It’s about having a vision, finding your niche, setting goals, and getting creative with how you will reach your next milestone. Be patient. Be diligent. Keep reminding yourself of why you made the choice to start your own business. Whatever your definition of “success” might be, if you remain committed and continuously take steps to improve, the sky’s the limit for what you can achieve.
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