More than half of small businesses collapse within their first five years of operation. Don't let this analysis scare you if you dream of starting your own business. 

Instead, think about what you can do to ensure that your business prospers in the long run. What makes a business successful comes down to a solid foundation when starting and buying social media marketing services at SocialGreg. 

Below are the ways of becoming a business owner.

1. Find Your Niche

For small business success, the owners are the ones that find their niche. Like, you can't open an online boutique selling products that another popular store sells. Instead, look for a different product or service with high demand. If you want to buy a business already built, considering a business broker is a great idea. They can walk you through the businesses' available options and even help you understand the businesses for sale.

Get a product or arc that separates your business from others on the internet.

2. Create a Business Plan

Once you understand what your business entails, you need to formulate a detailed business plan. First and foremost, identity your business. Decide on your business name, what you plan to sell, and your perfect target customer. From there, you can think about the other minor details. 

Analyze how you will generate the items you're selling and how you plan to sell them; Will you compile your products on-site and sell them from the storefront? Or, will you purchase products from a wholesale company and resell them in an online format? 

Write down the big and small business goals you want to achieve as well. This could comprise how much money you want to make or how many customers you want to reach. This will help you keep a trail on how well your business is doing compared to your original plans.

3. Register Your Small Business

One of the essential keys for small business owners is to make your business legit. You must ensure that you register your business before selling or advertising anything. 

To register company in Singapore, research your government and local government's requirements, as they require you to register your name as an official business and employer identification number for tax purposes. At this point, you'll also have to decide if you want to run your business as a partnership, corporation, or nonprofit. 

If you fail to register your business, you are personally responsible for your business failure. This means if your business were to die, debt collectors would come after your personal properties. You have to keep your business and private life separate to protect yourself.

4. Get Your Finances in Order

Now that your business if officially opened, you have to think about the finances. The first thing to think about is how much funding you need to run your business. 

First, you have to decide whether you need a small business loan to purchase the storefront or buy your initial equipment? Learn more about your financing options to make an informed decision. Or does your business require little initial funding? Calculate all your required costs and see how much money you'll need.

The business may run for a few months before you start to make money, so be sure to use your running costs as well. You can secure the proper financing when you know how much money you need. And when you're at it, don't fail to set up an authorized business bank account.

5. Use Advertising and Marketing

For a successful business owner, much of your time and effort will advertise and market your business. And since you're new in business, you have to build your customer base from nothing. 

Start to advertise your business locally; create a social media page and invite your friends and family to share your business pages and products. 

Hold a ribbon cutting your local marketing chamber and ask the local media to feature your business. Once you get good followers locally, you can focus on more targeted marketing efforts. This can be a website with SEO digital marketing or direct mailings to your target clients. It is absolutely essential that you have a good website for your business. A business website is like your shop window online and the first impression does absolutely count. Get a professional headshot photographer to take good pictures of you and your team and integrate these images in your website design. And of course, start using social media - especially Instagram - to draw attention to your new business.

6. Collect and Listen to Customer Feedback

Your customer must be happy with your products or services for your business to succeed. Once you get your first customers, you need to acquire feedback to meet their needs. Send out questionnaires to your customers and see what they liked or disliked about your business.

Please give them a small discount, like 10% off, for completing their survey. Then, once you receive feedback, you need to listen to it. Don't be embarrassed if someone leaves a negative review. Instead, consider feedback and think about what you can do to change the experience.

7. Never Stop Learning

If you still have a mentality of being a business owner who wants to succeed, never stop learning new things. As a business owner, you should always look for great entrepreneurial advice from your friends and learn new things from your competitors and the problems you experience. 

Conclusion 

You should know that you cannot enter the business world thinking that you know everything you need to know. The market is constantly evolving, and you need to grow your business. 

Be ready to follow fellow business owners online, read business books, and listen to educational podcasts. Make this a goal to gain something new about the business world each week.