Anyone who has ever dreamed of owning their own business knows that it takes a lot of hard work, dedication, and planning to make that dream a reality. But while starting a small business can be a challenge, there are ways to increase your chances of success. If you run or are thinking about starting a small business in Denver, here are five essential steps you’ll need to take.
1. Develop a Strong Marketing Strategy
No matter what business you’re in, marketing will be one of your most important tools for success. You need to have a plan for how you’re going to reach your target market and convince them to buy from you. This means understanding who your ideal customers are, what needs or wants they have that your product or service can meet, and what kind of messaging will resonate with them. Once you have all that figured out, you can start developing your marketing strategy.
There are a lot of different ways to market a small business, so it’s important to find the right mix for your company. You might want to invest in some traditional advertising, like print or radio ads, or you might want to focus on digital marketing tactics like SEO or social media. Remember, according to a Salesforce Marketing Cloud survey, 83% of clients appreciate it when a company engages with them on social media, so don’t just post about your products, engage with your potential customers and build relationships.
2. Ensure You’re Adequately Insured
According to a poll conducted by Marshall & Swift/Boeckh, 75% of firms in America are underinsured by 40% or more. This is a huge problem because if your business is ever faced with a lawsuit or natural disaster and you don’t have enough insurance to cover the damages, you could be forced to close your doors for good.
Make sure you’re adequately insured by doing some research and talking to an insurance broker about the right coverage for your business. You’ll need to consider things like property damage, liability, product liability, and business interruption insurance. And don’t forget about workers’ compensation insurance.
3. Get the Right Business License
Depending on the type of business you’re running, you might need to get a special license or permit from the city or state. For example, if you’re selling food products, you’ll need to get a food handler’s license. And if you’re starting a construction company, you’ll need to ensure everyone on your team is properly licensed and insured.
Check with the city or county where you’re doing business to find out what licenses and permits you need to obtain. They should be able to provide you with a list of everything you need.
4. Stay Organized and Keep Good Records
One of the keys to success in any small business is staying organized. This means keeping good records of your income and expenses, tracking inventory, and making sure you’re meeting all of your deadlines.
There are many ways to stay organized, so find the best system for you and your team. You might want to use a physical filing system, or you might prefer to go digital and use a cloud-based storage solution. The important thing is that you find a way to keep track of everything so you can always see where your business stands.
In addition to staying organized, it’s also important to keep good records. This means keeping receipts for all your expenses and invoices for all your sales. This will come in handy come tax time, and it will also give you a good idea of where your money is going.
5. Invest in Cybersecurity
With so much business being done online these days, it’s important to invest in cybersecurity. This means protecting your website and email from hackers, as well as keeping your customer data safe. There are several different ways to do this, but some of the most effective include using strong passwords, investing in a good firewall, and using encryption.
You should also consider taking your employees for cyber security training and certification such as CMMC. According to the United States Department of Defense, the Cybersecurity Maturity Model Certification is important and will help protect against annual global cyber theft losses amounting to 1% of worldwide GDP, or about $600 billion.
Taking these steps will help ensure that your small business is successful in Denver. Just remember to always keep your customers and their needs in mind, and you’ll be on your way to success.