Top 10 Survival Tips for New Business Owners

The pandemic that befell the world in 2020 paralyzed businesses big or small. Lumina Homes regards it to be true that the last two years were arguably the worst time for brick-and-mortar businesses whose nature of work cannot be done remotely, such as hair salons, and those that rely on machines to perform their jobs.

But two years since then, it is now far less scary to go outside as most people are vaccinated, and many business owners have recovered and are even making a lucrative profit after pandemic-related protocols have almost become fully lenient.

Needless to say, businesses and people in general have survived such a demoralizing event in recent memory. For newcomers in the business world, it is surely daunting and exciting at the same time. If you're a new business owner and in need of a guide to help you and your business thrive, you've come to the right blog site.

A Survival Guide for New Business Owners

It is completely normal to feel apprehensive about how your new business will perform during your opening and the days that follow. Will it be patronized enough to keep you afloat? Will it give you positive cash flow that would later help you expand your small business into a larger venture with more product offerings? These are questions that trigger anxiety among small businesses and small business owners, and it shouldn't be that way.

Below, allow us to discuss some business survival tips to help a small business owner like you.

Also read: 13 Profit-Making Home Business Ideas You Should Consider

1. Come up with a solid branding

If you don't have that much to pay for advertising or hire an influencer to market your new business, just coming up with a solid branding story makes a difference. Now, "branding" goes beyond just your business logo, color, and aesthetics. Rather, it's coming up with a story of what your business is about and who it is catered to. This will help you gain cold prospects to becoming loyal customers, because you have had a solid story that resonated well with them.

2. Analyze your competition and consumer sentiment

Business is business. You will have competition, and it's not unlikely that it would even be somebody who you actually know. Check their services and offers, their prices, and what keeps customers coming to their shop. Also, put yourself in the shoes of a consumer. This will help you understand and identify their wants and needs as consumers of products and services, and in the process come up with ideas that will result in an influx of buyers coming after your business after their curiosity was fuelled.

3. Focus on your target market

Not everyone will take an interest in what you sell. If you are selling cosmetic and feminine skincare products, it's safe to assume that it's going to be women who will be your primary audience and prospect. Being clear about who your audience is gives you a clear objective in mind and deliver the best possible customer service for your target demographic.

4. Carefully manage your finances

Setting up a business, and maintaining it for that matter, means dealing with and managing your finances. In so saying, it's a best practice to take note and keep track of your financial expenses, so as to determine where your money is going and how you will go about minimizing your expenses if your monthly income is considered relatively slim than what you set as a financial goal.

5. Take the extrovert route, build connections

Sorry, introverts. But managing a business is inherently an extroverted job. But that is not to say that introverts can't handle this. But when it comes to coming face to face with customers, it pays to be accommodating, responsive, and to be friendly most if not all the time. This holds true with building connections. You have to pitch yourself and your business without even just the slightest bit of timidity.

6. Maximize your social media presence

A small business' social media presence and online visibility may not make a difference a decade ago, since there were fewer people who were surfing the internet back then. But fast forward to 2022, almost everyone is on Facebook, even baby boomers who used to rebuke teenagers for always being glued to their phones.

Facebook is definitely a potent social media platform to advertise your small business. It is a useful tool where it could make use of your existing customer database and help you look for new prospects for your business. It is also considered "maka-masa" compared to other social media outlets such as Twitter or Instagram. It's the more user-friendly social media that older people can use with relative ease. Facebook is also where people could come across products that would interest them, be it clothing, food items, and other products that are specifically catered to a certain demographic.

7. Consult with a financial expert

It's not just about keeping track of your financial expenses, but also forecasting and cash flow management. When in doubt, a financial expert will be able to assist you in having a financial plan and discuss with you all your concerns about funding and maintaining your business, as budgeting is one of the key and major factors that determine a business's success.

8. Encourage customer feedback

There's no better way of identifying opportunities to improve your business other than asking consumers themselves, and encouraging them to provide you with constructive feedback, including what other related services they want or anticipate from your shop. Aside from this, encouraging feedback does not solely mean asking them what could be done better, but also another way to show their appreciation by saying positive comments about your business, which you can feature on all your social media channels for proof of customers who provide you with kind words to market your business.

9. Strategize by offering promos, discounts

Who doesn't want discounts, right? Keep your business relevant by offering exclusive offers and promos that will surely appeal to your target market. This means having to be creative in devising a way to not just come up with a promo but also for that promo to actually click and produce more sales. At the same time, this should not mean making your services cheaper and hence compromising your cash flow. Instead, offer more services without having to charge significantly less.

10. Express gratitude to your customers

If your customers like your product offering, they will not hesitate to give you positive feedback. Communicate regularly and as soon as possible to messages filling up your inbox. They will post your business on their social media account, advertise it for free, and become brand advocates. Express your genuine gratitude to your customers and respond to their posts and comments. Share it, even. Take a picture of them eating in your small restaurant or coffee shop and ask their consent to post it on your page. They will look it up, share it, and your business will be known better over time.

Real Estate: A Worthwhile Investment for Business Owners

With brick-and-mortar businesses in full swing after COVID-19 restrictions have significantly eased after more than two years, it's the best time for many businesses to generate lucrative income through sales that will not just keep them afloat but also continually give them cash flow for their business' future expansion.

Real estate is doubtless a worthwhile investment for startup businesses. Just as it is with residential real estate, location plays a vital role in the resounding success of a business establishment. You would not want to make an inconvenient location the site for your small business. You should consider a location to set up your business based on demand yet with relatively low competition. Depending on the products and services, businesses also thrive on strategic locations and proximity to other establishments such as schools, churches, hospitals, non-competing establishments, and local governments' offices.

As years go by and you have managed to save up more than enough to afford things such as an affordable house and lot for sale without looking at their price tag for too long, invest in Lumina Homes, a real estate brand known for being a prime provider and developer of affordable house and lot. This is guaranteed true as Lumina Homes was awarded to be a top housing developer by Pag-IBIG Fund and Carousell Property Awards.

For inquiries and concerns on downpayments, home loan options, and other real estate matters, do not hesitate to send us your message to kickstart your residential real estate investment. Own an affordable Lumina house and lot in the Philippines today!