One of the biggest killers for any business is to not have a specific purpose or client base to advertise to. More often than not, most businesses want to grab as many customers from everywhere they can. Their mindset is that if they have more people to pool from then they will make more money. The truth is, you have to be hyper focused on who your clients are and what they want. The smaller and more refined your customer base the greater your customers will be.
Make sure you have insurance on your business. Captive insurance is one of the new things that businesses are focusing on. With this type of insurance your company can pool from a lot of resources to help employees have insurance they can rely on.
When it comes to advertising don’t throw all of your money into one idea. Most people will say, if I throw money at it eventually people will come in and buy. The truth is that you want to do advertising tests. You want to only have a small budget to test ads. You want to see what type of return you get on that ad. You also want to document everything, see what parameters you targeted and what the main reason for saying no. When it comes to advertising it isn’t always the message that you are saying but rather your product and offer. Learning why people say no can be much more valuable than knowing why they say yes.
Keep a list
Keep a list of your customers. You want to learn their names, addresses, email and even keep track of what they purchased and more. When you have this list you have a very powerful tool that you can use to build your business, get additional sales and communicate with your customers in a way that makes them friends you can explode your business farther then you can ever imagine.