The small business landscape in Melbourne is ruthless, and sadly, many start-ups will fail within their first year of operation. If you want to avoid being a part of that statistic, keep reading for 5 top tips you need to know.
It’s a jungle out there: as a small business owner you need to know how to navigate this new world you’re venturing into and what strategies to put in place to have the best chance of survival. From choosing the right location supporting the local community, there’s several things you can do to shore up your chance for success in 2023 and beyond.
#1 – Choose the Right Space
Location is everything for small businesses. If you are a start-up offering professional services, for instance, you’d be looking for an office for lease in Abbotsford or other CBD-adjacent suburbs. If you are a small swimwear designer, by contrast, you’d be better off with a shopfront by the beach.
Knowing where to find your target demographic is just as important as knowing who your target demographic is. So it’s worth looking into which location best suits your business rather than simply looking for an affordable space.
#2 – Stand Out with a Strong Digital Presence
Having a strong digital presence is key to getting any business off the ground. It can also provide a distinct advantage against your competitors if you do it properly. There are some standard best practices you can follow when establishing or growing your online presence.
But if you find that you’re struggling in any area or simply aren’t getting the results that you desire, it’s worth engaging the services of a specialist. While it does cost a bit more than the DIY route, you’ll enjoy far better results, so the ROI is there for the taking.
#3 – Support the Local Community
Communities love to support businesses that support them. By getting involved in the local scene, you can get an edge against competing companies. While this will obviously need to be tailored to your unique situation, some good examples of how to get involved include practising social procurement, sponsoring a local sporting team, donating a percentage of profits to a local charity, or helping out with local events.
#4 – Secure Your Data
You don’t want the competition, or worse, those with nefarious intentions, getting their hands on your business data or the information of your customers. This type of slip-up can ruin a small business and have serious impacts on the lives of those whose data has been leaked. So it’s vital that you do everything you can to avoid data leaks and breaches.
The good news is that by engaging the services of a managed IT solutions provider in Melbourne, you’ll already be ahead of the game. These companies can provide a whole host of other benefits for your business, and they’re generally happy to create bespoke packages that suit your needs and budget. So it’s worth discussing additional support beyond cybersecurity.
#5 – Place Sustainability at the Centre of Your Strategy
We’ve only got one planet, and consumers are increasingly focusing their spending habits on companies that are kind to it. Because of this, making sustainability a key factor in your business strategy can help you gain market share. It also helps you do good in the world and can be more cost-efficient than traditional routes, so you’ll win on multiple fronts.
If you want to make it as an entrepreneur, you have to put everything you have into your business. These tips will help, but you need to be committed to the long game. Put these strategies in place, know when to seek help, and never lose sight of your goals. You’ll then be well on your way to making it in Melbourne’s small business landscape.