Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members

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When things are transforming radically and you have an apt business idea that can address a growing demand, it’s better not to wait. The year 2021 is expected to propel the world towards a new, better and green future. New opportunities abound but no one can rightly predict how long the window of entry will remain open.

But, building a small business is not an easy job. There are a hundred challenges – some expected and some unexpected. To help you tackle the expected challenges, here are five crucial steps from Zaheer Dodhia. These five building blocks can help you build a rock-solid foundation for your small enterprise and avoid certain pitfalls.

Strengthen your financial backing

It is extremely essential that you have a proper one-year plan ready and get the funding for the period before starting off. Finding an angel investor is the best option, you can also opt for crowd funding or take a business loan, if not from bank then from friends and family. Even if you believe the business is too small or that you can finance yourself, finding outside funding is an essential building block that can guarantee your business financial security during the critical first year and position your business for success, more effectively.

Know your customer base personally

Knowing your audience might appear to be a basic requisite for starting a business but its impact on several factors is profound. Especially in current times, when you know character traits of your audience you can add a personal touch. Having a clear idea about your target audience can help you:

  • Structure your services and products to maximize appeal
  • Apt budget allocation and channel selection for effective marketing
  • Prioritize target sections of your customer base that offer better potential for growth
  • Design a kickass marketing campaign
  • Build a brand that connects better with the audience and fosters brand loyalty

Before launching your business, build the brand

Branding is a crucial aspect of business. Especially in 2021, people are very conscious about choosing a brand. Consumers are gravitating towards more responsible and authentic brands. Hence you must design your business profile, its logo, its website, packaging, etc. very carefully to resonate with the core company values and the target audience. Remember, if your company were a person, branding would be its outlook and it would determine whether a customer looks at him, feels attracted or simply ignores him. Building a strong brand right in the beginning is an excellent foundation for future success.

Capitalize social media marketing

A study confirms that over 50% of the world’s population uses social media every day and hence a strong social media presence is essential. Social media allows you to target your customer base better. Makes your company more accessible and visible. Social media visibility also makes your brand more genuine and drives brand awareness and brand loyalty. Moreover, getting a social media influencer to endorse your brand can give your business a good boost in the initial phase.

Ensure great customer service

Keep the customer happy might appear to be an all-time business rule but it was never more crucial than today. In the present day, customers have many choices and can shift brands in a jiffy; hence it is must for a small business to ensure excellent customer service that makes them feel happy and valued. Training your executives to lend a listening ear and making customer delight a priority can take your business quite far.

Paying heed to these five building blocks can streamline and smoothen the launch of your business to a great extent. Additionally, you must focus on building a great team and be always adaptable to the changing circumstances to make sure your business in successful not only in 2021 but beyond.

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members

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