More than 600,000 new businesses open in the U.S. every year. 45% of them fail in their first five years. That’s a harsh statistic that no one wants to be a part of, and luckily you don’t have to be. There are three secret ways to make your small business successful.
Recruit Top Talent
The fact that you need the right team for your small business to be successful isn’t a secret. We all know that people make businesses what they are. The secret is how to find the talent you need. Here are a few new recruiting ideas.
- Create a work environment that stands out.
- Offer perks like flexible hours and the chance to work remotely.
- Use an employment branding company to increase the number of applications you receive from qualified applicants.
- Engage with candidates on social media.
- Visit local colleges with programs that relate to your business and find brand new talent.
- Build an environment that your employees can be happy and successful in.
- Promote from within and offer opportunities for advancement.
If you want to recruit and keep top talent, create an environment they can feel appreciated, challenged, and successful in.
Grant Yourself A Success
All small businesses need money to get started. There are a lot of options, but some of them will eat up your profit later. Grants don’t have to be paid back and there are a few small business grants you may not be aware of.
- The FedEx Small Business Grant requires you to write a short essay about your business and what you would do with the money. If you win, you’ll receive $50,000.
- If you’re a female entrepreneur, you could enter to win $10,000 per month from the Amber Grant. To enter, you fill out a short form online that asks about you and your business dream.
- You can enter for a $10,000 grant from Nav by signing up for an account and then writing a social media post about what your company would do with the prize money. If you win, you’ll receive $10,000 every quarter.
- You can also apply for business grants through the Small Business Administration. The amount of money you’ll receive, if approved, will vary depending on what grant you apply for.
Receiving even one grant can drastically change how you’re able to do business. Depending on your startup costs, it may even be all of the money you need to get started.
Brand Your Dream
Your small business is your dream. You’ve put so much time and effort into it, and now you need to sell that dream to other people. The secret to making that sale is branding.
- Your brand is your message, your promises to your customer, your company culture, and your way of doing business.
- Having a trusted brand helps you build a relationship with your current and future customers.
- Branding lets customers know what you value, and why you do what you do.
- A strong brand can increase the value of your company and drive up sales.
So how do you build a brand?
- Craft a mission statement or promise and then live up to it.
- Build a strong, interactive, social media presence.
- Respond to questions and complaints in a timely and professional way.
- Always go above and beyond for your customers.
- Let your customers know that you value their business.
- Do what you say you’ll do. Preferably in less time, or for less money, than you promised.
Branding can be the difference between success and failure for a small business. So make sure to give it the appropriate amount of time and effort.
These three secrets can help your small business become successful now, and in the years to come.