Running a business can be overwhelming, and you and your team probably aren’t going to be able to do it all on your own. That’s where third-party vendors come in. Companies in every industry, from HR to business phone systems, exist to partner with you and help you run your business better.
When you’re searching for B2B partners, you’ll have to choose carefully. In our guide to choosing business partners, our expert sources recommended asking potential vendors about their experience in your industry, their track record with existing clients, and what kind of growth they’ve helped other clients achieve. These companies will have access to vital and potentially sensitive business data, so finding someone you can trust is critical.
Not every business will need the same type of vendors, but there are common products and services that almost every industry will need. Consider the following functions that are a necessity for any kind of business.
Taking payments from customers: Offering multiple payment options will ensure you can make a sale in whatever format is most accessible for the target customer. You’ll need to compare options are find the right credit card processing provider to ensure you’re getting the best rate for your type of business.
Managing finances: Many business owners can manage their accounting functions when starting their business, but as your business grows, you can save time by hiring an accountant or comparing accounting software providers.
9. Brand yourself and advertise.
Before you start selling your product or service, you need to build up your brand and get a following of people ready to jump when you open your literal or figurative doors for business.
Company website. Take your reputation online and build a company website. Many customers turn to the internet to learn about a business, and a website is a digital proof that your small business exists. It is also a great way to interact with current and potential customers.
Social media. Use social media to spread the word about your new business, perhaps as a promotional tool to offer coupons and discounts to followers once you launch. The best social media platforms to utilize will depend on your target audience.
CRM. The best CRM software solutions allow you to store customer data to improve how you market to them. A well-thought-out email marketing campaign can do wonders for reaching customers and communicating with your audience. To be successful, you will want to build your email marketing contact list strategically.
Logo. Create a logo that can help people easily identify your brand and be consistent in using it across all of your platforms.
Also, keep these digital assets up to date with relevant, interesting content about your business and industry. According to Ruthann Bowen, chief marketing officer at EastCamp Creative, too many startups have the wrong mindset about their websites.
“The issue is they see their website as a cost, not an investment,” Bowen said. “In today’s digital age, that’s a huge mistake. The small business owners who understand how critical it is to have a great online presence will have a leg up on starting strong.”
Creating a marketing plan beyond your launch is essential to building a clientele by continually getting the word out about your business. This process, especially initially, is just as important as providing a quality product or service.
Ask customers to opt into your marketing communications.
As you build your brand, ask your customers and potential customers for permission to communicate with them. The easiest way to do this is by using opt-in forms. These are “forms of consent” given by web users, authorizing you to contact them with further information about your business, according to Dan Edmonson, founder, and CEO of Dronegenuity.
“These forms usually pertain to email communication and are often used in e-commerce to request permission to send newsletters, marketing material, product sales, etc., to customers,” Edmonson said. “Folks get so many throwaway emails and other messages these days that you begin to build trust with your customers by getting them to opt into your services transparently.”
Opt-in forms are a great starting point for building trust and respect with potential customers. Even more importantly, these forms are required by law. The CAN-SPAM Act of 2003 sets requirements for commercial email by the Federal Trade Commission. This law doesn’t just apply to bulk email; it covers all commercial messages, which the law defines as “any electronic mail message the primary purpose of which is the commercial advertisement or promotion of a commercial product or service.” Each email in violation of this law is subject to fines of more than $40,000.
10. Grow your business.
Your launch and first sales are only the beginning of your task as an entrepreneur. To make a profit and stay afloat, you always need to be growing your business. It will take time and effort, but you’ll get out of your business what you put into it.
Collaborating with more established brands in your industry is a great way to achieve growth. Reach out to other companies and ask for some promotion for a free product sample or service. Partner with a charity organization and volunteer some of your time or products to get your name there.
While these tips will help launch your business and get you set to grow, there’s never a perfect plan. You want to make sure you prepare thoroughly for starting a business, but things will almost certainly go awry. To run a successful business, you must adapt to changing situations.
“Be prepared to adjust,” said Stephanie Murray, founder of Fiddlestix Party + Supply. “There’s a saying in the military that ‘no plan survives the first contact,’ meaning that you can have the best plan in the world, but as soon as it’s inaction, things change, and you have to be ready willing to adapt and problem-solve quickly. As an entrepreneur, your value lies in solving problems, whether your product or service solving problems for other people or solving problems within your organization.”