There is no doubt that entrepreneurship is continuing to drive economic growth in the UK, with small and medium sized businesses now accounting for more than 60% of all employment. Although this suggests that Great Britain’s business climate is buoyant, this is also creating intensified levels of market competition and forcing individual firms to take more drastic steps if they are to achieve sustainable success. Without this, many businesses will become lost in the crowd and ultimately fail to realise their potential.
How Can Entrepreneurs Optimise Their Start-up Venture for Success?
With this in mind, what innovative and effective steps can entrepreneurs take to optimise their business start-up and achieve sustainable success in a competitive market? Consider the following: –
- Embrace the Concept of Mobile Websites and Responsive Design
Increasingly, it is becoming more important to operate a mobile website than it is a traditional one. This is because a growing number of transactions and consumer purchases are conducted online, so it is imperative that your site is easily accessible through mobile devices such as smartphones and tablets. Responsive design elements should also be incorporated where possible, as this creates an actionable website and icons that encourage visitors to engage, interact and spend their hard earned money.
- Accept Electronic and Mobile Payments
Whether your business model incorporates offline retail outlets, online storefronts or both, you will need to be flexible when it comes to accepting and completing payments. People are increasingly keen on using their debit card rather than handling cash, whether this means that they require traditional card readers such as those sold through Card Cutters or contactless payment points, Either way, you will need to establish your business so that it can process a wide array of alternative payment types if you are to maximise profit margins.
- Diversify Revenue Streams
While it is important to build your business from a solid foundation, it is important to identify methods of diversifying revenue streams from an early stage in your venture. You may want to develop a product range rather than a single, flagship item for sale, for example, as this will help to drive brand recognition and your bottom line profits over time. On an additional note, it may also be worth selling your products through affiliate websites as you look to establish your brand. Although this will require you to pay a small amount of commission on each sale, this should be easily offset by incremental gains in your turnover.