This week, we are back with the second part of our business tips for startups series! In the first part of our series, we went through three key points to think about as you start your new business: finance, marketing plans, and websites. (https://www.myobontario.ca/business-tips-for-start-ups-part-i/) In this article, we’ll go over three more critical aspects for launching a successful startup.
These three additional tips will assist you in making your business a success:
1. SWOT Analysis of competitors
Regardless of the type of business you start, one thing is for certain: there will be competitors. Even if no other business is selling exactly what you intend to sell, there are likely other products or services that your target customers are currently using to meet their needs. To be successful, you must research your competitors and learn as much as you can about what they sell and how they sell it.
Before implementing any new strategy, it is important to evaluate your current position. From there, you can consider where you want to go, how you intend to get there, and what obstacles may arise.
To determine these things, a thoughtful SWOT Analysis of your competitors could be revealing. What is a SWOT Analysis? SWOT stands for Strengths, Weaknesses, Opportunities, and Threats; a SWOT Analysis is a method for evaluating these four aspects of your competitors.
2. Staffing
When it comes to hiring, startups face unique challenges. Finding the right people is a challenge that every business, whether established or new, faces. However, the people you need to hire for your startup will require a specific skill set to advance your business to the next level – yet you may lack the funds to attract the right people through the usual channels used by large corporations. It’s going to be an ongoing balancing act between having confidence in your company’s growth and spending the cash it takes to acquire and retain good talent.
Startups are also frequently faced with the decision of whether to hire permanent full-time employees or independent contractors. There are pros and cons to both, so which approach is best for you? This decision is likely to be influenced by your startup’s requirements and available budget. The primary distinction between contractors and employees is that contractors work for themselves, provide their own equipment and have other clients. If you hire your own employee, on the other hand, you are responsible for managing and paying additional overhead costs such as CPP, EI, statutory holidays and vacation pay. Furthermore, there are critical filings and remittances required to be paid to Canada Revenue Agency.
If you’re ready to hire, be sure go over your startup’s budget and priorities to make the best hiring decision for your team!
3. Lining up your professional support team
Hiring professionals to help your startup makes a lot of sense, especially when you are just getting started. Although a support team – which includes, but is not limited to, an accountant, attorney, consultant/coach, and bookkeeper – is not required to launch a startup, having access to their expertise is beneficial in getting your startup set up correctly and supporting continued growth. For example, most new business owners are unfamiliar with the legal and financial matters that must be addressed for their startup to succeed. You can, of course, do research and attempt to learn on your own, but doing so will take valuable time away from your primary responsibilities – starting and growing your business! Plus, having access to qualified professionals you can count on helps you to confidently focus on other elements of your organization.
Are you ready to get started?
Startup owners who wish to be successful must be able to adapt to changing circumstances, keep a healthy balance, and surround themselves with the right people. We hope you find these suggestions helpful, and we wish you luck as you begin your journey down a new path! If you need us, we are here for you – call or contact us and let us know how we can help.
Are you thinking about starting your own business? If so, then you are certainly not alone. According to Fundsquire, a global startup and scale-up funding network, Canada’s startup scene has been growing exponentially in the last few years. In fact, Canada has been ranked as the world’s fourth most influential startup hub, trailing only the United States, Israel, and the United Kingdom. (https://startupstash.com/canada-startups/)
It is important to keep in mind that before you begin purchasing supplies or registering your company, you must devote time and effort to developing a business plan. Taking the first steps toward launching a new business may seem intimidating to you, but fortunately, there are excellent resources to help you with this, such as the London Small Business Centre (https://www.sbcentre.ca/). This not-for-profit organization provides training and support to starting and growing businesses. Plus, they make it simple to find programs, services, resources, and support for all aspects of your business.
So, are you eager to launch your own startup? Here are three tips to consider as you get started:
1. Finance
A budget has numerous components that must be determined before you begin your business. This includes your own financial investment required to get started. Depending on your business, you’ll probably wish to purchase office equipment and furniture, a computer, printer, supplies, etc. One especially important aspect of your budget to keep in mind is your marketing plan expense.
You should plan to open a separate business bank account to avoid mixing your personal and business income and expenses and to keep a clean set of books. Consistent and diligent record-keeping is essential, so start from the beginning with a bookkeeping plan. Canada Revenue Agency’s rules and regulations, including whether to register for the Goods and Services Tax (GST) and Harmonized Sales Tax (HST), must be considered as well.
2. Marketing Plan
Marketing your startup is critical to its growth and to distinguishing itself from competitors. Having a marketing plan will help you as you begin identifying potential customers, channels, and the best ways to target the people you wish to serve.
While there is no set template, components of a solid marketing plan may include – but are not limited to – the following:
Networking (Face-to-face or virtual)
Referrals
Digital marketing: setting up social media accounts (Facbeook, Instagram, Twitter, LinkedIn, YouTube, etc.), social media ads
Print/magazine ads
Mailings
Radio and/or television advertising
3. Website
Opening and running a business, even a brick-and-mortar one, without a web presence is no longer feasible. As we’ve mentioned in previous blog posts, consumers use the internet for everything from researching products and services to finding a store’s location and operating hours. A well-designed professional website can certainly give you an advantage in your industry, while helping you easily and efficiently expand your business.
As you begin envisioning your startup’s website, you’ll need to first determine its primary purpose. Based on this, you will then need to consider whether you need a brochure site, an interactive site, and whether your clients need a secure sign in portal or downloadable forms.
We are here to help!
With skill and experience in the areas of bookkeeping, social media management and website design, our team is dedicated to our clients’ success, whether they’re just starting out or already established. MYOB can help you mind your own business better!
We have three other tips for startups coming up in our next blog post!
We’ve all had a bad customer service experience or two in our lives, but how often do we actually “complain” to someone who can turn a bad situation into a good one? According to a recent statistic, as many as 96% of us will say something about a negative experience to 15 friends, without speaking to anyone within the organization we are upset with. Here’s a thought: perhaps being proactive with a tailored approach to customer service from the start of the relationship can help to prevent a negative situation from the get-go. After all, it’s about the customer!
Here are three suggestions for providing excellent customer service.
To earn customers’ trust, make them feel seen and heard.
Successfully competing in the market involves more than offering the best prices. Nowadays, potential customers are drawn in and compelled to stay when you provide top-notch customer service. At the very least, they expect to be treated with kindness and respect. With a global average of 59% of consumers having higher expectations of customer service, continuing to use outdated or ineffective strategies may cause you to fall behind your competitors. To attract and retain customers, it is critical to make each individual feel special by providing them with personalized customer service.
Another important factor in attracting and retaining customers is to meet their needs. Being aware of your target market’s customer service preferences can also benefit your business, since approximately 54% of consumers say they base their purchasing decisions on the quality of a company’s customer service. Furthermore, more than 19% say that the quality of service is one of the most important factors influencing their final purchasing decision.
Proactive customer service will set you apart from the competition.
It is pretty clear that any type of service—for example, being greeted by name, being recognized from previous interactions, and receiving contextualized support—is appreciated and makes a customer feel valued. In addition, anticipating your customers’ support needs can give your company a competitive edge.
Communicate and interact with your customers to build stronger relationships.
At the end of the day, remember that cultivating relationships with your customer base does not end with the sale. That is only the beginning. To keep connected, you must provide excellent, consistent, and meaningful customer care. The key is to listen to your customers and act on their feedback to demonstrate that addressing their concerns is a top priority. There are many ways to stay connected including seasonal cards, birthday cards, newsletters and phone call check-ins. Continued interaction sends a strong message that you care.
It’s better for dissatisfied customers to talk to you than about you.
Following these simple steps will help you in maintaining open lines of communication with your customers. That way, if they have a negative experience, they will be far more likely to tell you directly rather than complaining to 15 (or 1,500!) of their friends. And, with a higher level of trust between you and your customers, you have a much better chance of making things right and reinforcing their trust in you.
Most small business owners agree that one of their most powerful marketing tools is their website. And, as you are probably aware, some websites are designed better than others. Have you ever visited a website and been disappointed by its appearance or complicated navigation? Or become frustrated when visiting a website that takes forever to load? Of course, you have. We all have. And, more likely than not, you have probably moved on to a fancier (and faster!) website.
The simple truth is that a business that wishes to be competitive online needs a website that wows its visitors. In a nutshell, a business website has the potential to do one of two things:
Help you stand out from your competitors or
Drive people directly to your competitors.
Savvy business owners realize their potential clients go online for more than purchasing products and/or services. Instead, they crave a unique and highly visual online experience which entices and delights them as well. This is where the importance of exceptional website design comes in.
Reasons why you need a well-designed business website:
1. You only have one chance to make a first impression – so make it count!
Visitors to your website often decide whether they want to do business with you within a fraction of a second, based on their perceptions of your site. They may not even be aware they are judging you, but having bias is part of being human.
The better first impression you give, the more likely your visitors are to stay or return to your website. In other words, your website’s design can make a big difference when it comes to attracting and retaining potential clients.
2. Your business website is a direct reflection of YOU.
Along with that all-important first impression a website gives to its visitors, your website design also gives them an idea of how you conduct business. For example, a web design that is outdated or sloppy may inadvertently give your visitors the impression that your products or services are also inferior or low quality.
On the other hand, a well-designed website can go a long way towards building trust in your business, and trust is a big factor in sales. An organized website with a strong visual component helps to create an air of legitimacy for you and your business. This is why we say your business’ website is your most powerful marketing tool. Consider good design as another way for you to successfully reach out to your customers.
3. Your website is an essential component of your business’ brand.
As part of your marketing toolbox, your business’ website also serves to promote your brand. While brand awareness is valuable for all businesses, brand-building is especially important for new business owners who need to establish a positive reputation from the get-go.
Over to you
Good website design is a must in today’s highly visual market. Understanding the importance of a well-designed business website is step one. What is the next step? Building one. Mind Your Own Business will work with you to develop and implement a plan to create a website that accurately represents you and your business in a current, approachable, and positive way. Are you ready to get started? Contact us today by calling 519-657-4283 or by filling out our online form.
Have you ever watched the Olympics and marveled at the athletes who have mastered control of their muscles and movements? It all looks so easy because they have mastered their craft. It’s deceiving how effortless it looks to achieve such perfection. We all know that years of training and hard work brought these top athletes to this world stage. Determination and hard work applied to small business will pay off too. Maybe someone looks at you and thinks you have it so “easy”!
We work with clients who are brilliant in their field. Some are too busy to monitor the engagement and content for their social media. Some are so focused on what makes their business great, they need to outsource their bookkeeping and have up-to-date financial reports readily available. There are many tools available for small business owners and entrepreneurs to help their business run smoothly and to make the process look easy-peasy.
Grammarly
Grammarly is a free software that you can access through your browser. It also offers a plug-in to help you correct your grammar wherever you’re writing. Grammarly boasts, “Great writing, simplified”. That sounds easy-peasy! https://www.grammarly.com/
Google Docs
Google Docs is an effective way to share information between a client and your company. We use this with a number of clients, as it allows them to share information with us and if they require our input, we can provide edits easily and efficiently. https://docs.google.com/
Trello
Trello is a great tool for prioritizing workload. This program allows you to organize your tasks, make notes, set deadlines and file when completed. It works especially well for teams. Designated team leaders assign tasks or projects to other team members’ “boards” to communicate they need to be completed during the day, week, or month. You are able to add attachments, instructions and links to other resources. Our team uses this program as an organization and communication tool to keep our organization running smoothly. The best part? It’s available for mobile as well so that you can update your tasks on the go. https://trello.com/
BitWarden
With so many applications to use in your business, there becomes a growing list of passwords. BitWarden simplifies keeping track of all those passwords and also allows you to input them to any given website at the touch of a button. Some of our team members use this and find it user friendly and valuable. https://bitwarden.com/
Outsourcing
No, this isn’t a program. It’s a concept. Running a business is complex and can be easier if you consider outsourcing the tasks that bog you down or that you aren’t passionate about. Here at Mind Your Business, we work with people who have made the choice to outsource their bookkeeping, social media and website design. We love to learn about our clients’ company and help them to thrive! www.myobontario.ca
You work hard at what you do, and we work hard at what we do! Together we can make it all look so easy. Let’s talk about what your challenges are and let us help you mind your own business!
