Tips to make your small business thrive from star entrepreneurs

A lot of people have started to reassess their career choices, with many deciding to start their own business. As a result, there’s an appetite for businesses seeking startup advice.

Sound Advice: get year one in business right is a fantastic podcast full of expert tips and advice from small business expert and leading business journalist Rebecca Burn-Callander and a super-line-up of globally successful, small business stars. Here’s a little sneak peek at some of those top tips to help your business thrive:

Network, network, network

Jess Gohl, founder of Burnt Toast Designs, explains in episode 17 that she refined her business idea through industry research. Her advice is simple – network, network, network. As soon as she’d started up in business she contacted everyone she knew (either on LinkedIn or over email) to announce she’d set up a new venture. The lesson here is that if you’re starting from scratch, you need to network as far and wide as possible in order to maximise the number of opportunities.

Jess says: “I loved taking something from research through to seeing it complete. I reached out to everyone and anyone I knew in the industries I wanted to work with. I networked and talked to everyone. If a friend mentioned they knew someone with an interior design studio or needed help with graphic design, I made sure I contacted them.”

In addition to online networking, attending industry events is also a great way to meet people involved in and around your target industry. Moreover, it may also give you an opportunity to see how some of your competitors are promoting themselves.

Learn from experienced professionals in your industry

Building and nurturing relationships with key contacts is essential for helping your business thrive. Let your personality shine through as Jess Gohl in episode 17 states: “If you don’t put yourself out there and don’t create these opportunities for yourself, then you’re not going to get very far. You need to be constantly communicating. Initially, I had a list of about 150 people, even if they weren’t direct contacts. I knew they had contacts for the right people I wanted to get in contact with. I sent out a personal email to them. Make the email personal to the person and company you are sending the message to.”

Explore Social Media

Social media is a great tool for startups as it provides multiple opportunities for business growth. Some of the most common methods are through sponsored advertising, with the ability to target hyperniche audiences, either locally or within a specific demographic. As well as paid advertising social media can also be used to promote your business organically, by registering and then posting regularly on the most popular social media platforms. Moreover it’s also a great way to stay in touch with customers as well as an opportunity to find new ones. Jess Gohl discusses how she leveraged the power of social media in order to help her business thrive in Episode 17.

Manage your business finances

It can be hard to keep track of your business finances and it can be even harder understanding your costs. Investing in accounting software can help you keep on top of your business admin. This includes advice on forecasting your cash flow, managing your invoices and helping you to understand your costs. You also need to look into your tax payments and requirements when you start trading too. So what essential things about tax should every startup know? Episode 16 of Sound Advice: get year one in business right with Mike Psaras, Accountant and Advisor, discusses tax requirements, business finances and whether you’ll need an accountant.

Are you ready to make your business thrive?

Now you know the steps to make your business thrive, subscribe to the Sound Advice podcast on Apple iTunes, Spotify, or wherever you get your podcasts, for more expert tips on setting up your own business and what you need to know to keep it growing.