Meta
1 year ago
Article by Grace Beverly, founder of sustainable activewear brand Tala.
Running a small business is hard, not just now, but always. In fact, for many business owners, the combined effects of the pandemic and the cost of living crisis have resulted in the toughest economic times they've probably ever experienced. As a business owner myself, I started my own company, Tala, about three and a half years ago, and I can safely say it's been tough.
But there's a way to be a little less pessimistic. Despite all the uncertainty, 33% of UK small business owners say their priority over the coming months is not just balancing the books but also achieving growth. And 3Seven percent of Gen Z claim they want to start a business to make more money to combat the rising cost of living.
So, for all those aspiring entrepreneurs, here are five tips for small business success that will help you whether you're just starting out or looking to take your company to the next level.
Completely satisfied with the content
These days, most people don't want what they see or read to look like an advertisement; they want to feel like they're talking to a friend. This means that the response to well-produced organic content is very similar to the response to paid content. So instead of switching to paid ads right away, post your marketing content organically on Facebook and Instagram and see what your audience engages with most. You can then put paid ads on your best-performing content, stop advertising when inventory is low, and reallocate your paid spend in real time to meet demand – all in the name of your customers. This means you're only spending your marketing budget on content that you're sure will have the right impact on your customers.
What we do and how we do it are innovative, but why we do it is not
Innovation is the lifeblood of any small business. It means constantly moving forward and discovering new and better ways to give your customers what they want. But as you think about targeting new markets, testing new products, or trying new ways of working, don't forget why you started your company in the first place: people want to buy. In Your business is from Your business. Whatever changes you make to grow, make sure everyone who visits your page understands the mission of your business. Now more than ever, they are what keep your customers coming back.
Increase your productivity, not your hours
We often hear that small business owners have to work every day of every week of every year. That's not necessarily true (though of course there are times when it is). In fact, this culture of busyness will wear you out. The key is to use the time you do actually work more productively. So instead of a long to-do list with no time limit, try breaking down your day into quick checks (<5 min), tasks (5-30 min), projects (30 min+), and three non-negotiables that you absolutely must accomplish. This also includes allocating specific time for personal things like administration and hobbies. That way, you can focus on what's really important to the long-term success of your business and make time for the things you love, instead of getting caught up in quick and easy wins to announce on social media and get kudos.
If you are considering raising funds, you need to be prepared
Securing funding as a small business owner can be especially challenging if you're a woman. In fact, for every pound of venture funding in the UK, less than 1p goes to all-female founding teams, compared to 89p for all-male founding teams. This is a shocking fact that investors and policymakers need to address urgently. But what's true for everyone is that raising funding isn't something you can do haphazardly. Instead, it requires keen knowledge of your business, a clear vision of where you want to go, and a determination to make every penny you spend count. When you're presenting, be yourself, because people don't just invest in ideas, they invest in people.. And if you find yourself interested, don't forget to consider whether the investor is right for you. Always follow your instincts.
Use the help
Getting support as a small business owner is not an admission of failure – it's just the smart thing to do, especially in these tough times. Consider taking advantage of initiatives such as the Government's Recovery Loan Scheme and Digital Skills Programme. Join your local small business network to make useful connections and meet people you can learn from. And if you're lucky enough to live in or around Birmingham, Manchester or Edinburgh, take advantage of free digital skills training and winter office space from Meta at fb.me/goodideasstudios to significantly reduce your energy and running costs.
Grace Beverley is the founder of Tala, a hugely successful sustainable activewear brand. To help small business owners navigate the current uncertain times, she will be speaking at Meta Good Ideas Studios, a series of events where small business leaders across Birmingham, Manchester and Edinburgh can take part in insightful panels, talks, workshops and training to help grow their businesses, primarily online.
