Most entrepreneurs focus on their product or service. They don’t know how to scale, when to scale, or anything about marketing.
When a new business first starts, solopreneurs quickly get an accountant and an attorney, which is smart. But there is a lot more to it than creating a product, a business plan, and getting funding.
It doesn’t stop there, even though most of the content on the web usually ends at that point. They tell you has to get the business started as far as getting money and making yourself look good for investors. But what’s after that?
When do you build a website? When do you hire employees? When do you create a second product or expand your list of services?
The problem is each individual business needs to figure this out on their own. This is why there isn’t much content on the topic. But knowing when to do them is also helpful and it’s what I’m going to cover in today’s post, so keep reading.
When to Create a Website
As a new business, should you be doing anything that’s different from what an established store is doing?
Maybe. It depends. If you want to start marketing campaigns to get some potential customers walking in the door, you could always do a social media giveaway or coupon. Established businesses usually do this through email marketing, but as a new business, you don’t have an email list yet!
Social media is a great way to promote anything you’re trying to do. Brick and mortar stores typically do well with Facebook. You can use your personal network to get the word out and you can also use Facebook ads to help with any promotional activities.
While you’re at it, you need to make local SEO an early focus. Make sure that when someone is looking for your store, they can find it.
If you’re unfamiliar with local SEO or SEO in general, now is the time to do some research. You want support from your community, even if you want to do 50% or more of your sales online.
Your friends, family, and neighbors are going to be way more willing to help promote your products and help with your online reputation than complete strangers who find your store through a Google search.
When to Give Things Away
When I talk about giving things away, I’m not talking about “stuff”. I’m talking about time and money. As a new business owner, you likely don’t have much of either, right?
Yet, these expenses can be invaluable in promoting your business.
It can be something as simple as volunteering and showing up wearing a t-shirt with your business name and logo printed on it. Talk to people wherever you go. Don’t just hand out business cards, but definitely look for a reason to give them out.
Sponsor youth events and community festivals. Your logo and company name will be mentioned in the advertisements for the event. Not only that, but you now have an excuse to help promote the event using your social media channels. This helps to show both your community as well as everyone on the internet that you care about a cause and you’re willing to spend time and money on it.
These are the kinds of things that can help next level a young business. You can promote without looking promotional, and this is something that younger people especially like to see in a brand. They will remember it and if it comes down to doing business with your company or a company that doesn’t do anything to help make the world a better place, they’ll likely do business with you.
This is public relations at its finest.
When to Hire
As a solopreneur, you probably hiss like a vampire in the sun when you think about having to spend money unnecessarily.
However, facts are facts. And if you want to scale your business, you need to hire people. Start by utilizing cheaper labor for things like running a cash register or working a festival. As a business owner, your focus should be on the tasks that you do best, handling sensitive information, and growing the business.
As mentioned above, an accountant and an attorney are expenses that are both important and unavoidable.
Secondly, you need to realize your strengths and your weaknesses. If you’re weak in a part of the business that is vital to revenue and growth, then spend your money hiring someone who is great at this part of the job.
You can definitely outsource a lot of this type of work. Virtual assistants, web developers, and all manner of content creators are all over the web. This method of hiring is going to be substantially cheaper than hiring traditional employees.
When to Rest
Too many people work themselves too hard. While starting up a new business isn’t easy and required a ton of work, you need to know when to call it a day.
If you want to be able to work at your best, both physically and mentally, you need a proper amount of rest. Not only will it help you work better and be more productive, but you’ll be healthier and less stressed.
Having your own business is going to be stressful, even when things are going well.
It’s more important than ever to be healthy, get plenty of rest, and try to make some downtime for yourself to spend time with your friends and family.
Wrapping It Up
The only thing more important than knowing the “when” is knowing the “why”.
This is something traditional employees never have to worry about.
Why are you doing this? Why should anyone care? Why is your product or service better than the competition?
Answer these questions, show your customers the proof, and know when to do it all. This is the mission of every entrepreneur who wants to have a successful business.