As the second series of the Start Your Own Business podcast draws to a close, we decided to look back and consider what we’ve learnt from this series' expert guests.
On everything from sales to tax and marketing to mental health, our team of wonderful experts have dug deep to offer their top tips on some of the key topics that affect most small businesses.
1. "Offline marketing is far, far cheaper than digital marketing"
Tony Dowling of Real Inbound Marketing gave us a masterclass in getting the best results from marketing offline. In recent years, there has been a massive emphasis on marketing online and through social media when it comes to reaching new customers and increasing visibility. However for small businesses just starting out, marketing online can be costly, but many can still benefit from cheaper forms of offline marketing such as word-of-mouth, face-to-face networking, as well as newspaper, magazine and media advertising
The type of business you run will have a big effect on what type of marketing works best for you. For example, if you have just started a local handyman service, you may be better off posting leaflets around the area, or placing an ad in a local magazine, than you would advertising on google. This would prove cheaper and maybe a more effective way of reaching your audience. Try to find out as much as you can about your ideal customer, so you can adapt your marketing strategy to best target them.
Listen to ‘How to attract more customers by making offline marketing work for you’ here.
2. "If you’re not getting any orders, you know you need to change something"
Grasmere Gingerbread is a highly successful Lake District small family business dating back to 1854. Even the oldest or most successful businesses shouldn’t be afraid to adapt and change to suit customer needs or the current climate. Despite the fact you may be doing all the right things, if you’re not receiving any orders then there is something wrong. Yasmine Hunter, Head of Marketing at Grasmere Gingerbread explains how the small family business took steps to take selling their delicious wares online. This proved to be a good decision and they are now shipping from the Lake District to around the world.
Listen to 'How Grasmere Gingerbread started selling online' here.
3. "Stress is roughly 57% of all long-term sickness absences"
Sir Cary Cooper is the 50th Anniversary Professor of Organizational Psychology & Health at the Alliance Manchester Business School at the University of Manchester. He is co-founder of the Robertson Cooper mental health, resilience and wellbeing consultancy, and has been described as the UK media’s first-choice expert for comment on workplace issues.
Sir Cary Cooper shared practical advice on how you can manage stress and overcome disappointments when running a start-up or small business. Cary teaches us the importance of looking after your staff and their wellbeing, but also how caring for your employees can improve staff retention, business atmosphere and reduce staff absences.
Listen to 'How to deal with stress and setbacks' here.
4. "There is quite an extensive list of expenses you can claim"
Tax expert, Mike Parkes Technical director at GoSimpleTax explains how many small business owners aren’t claiming their full allowable expenses, resulting in them overpaying on their tax bill. He taught us several things, the importance of keeping good records, the penalties you may face for getting things wrong and the types of expenses small business owners can claim, including those related to operating a business from your home, utility costs, travel and vehicle costs, buying tools and equipment, etc. Mike also warned of the problems sole traders, freelancers and small business owners can get into with HMRC for claiming for costs they are not entitled to.
Listen to 'What allowable expenses can sole traders claim?' here.
5. "Actually building your website is just stage one. Actually getting people to find it is stage two and the quickest way to do that is through advertising"
With about £10.5bn being spent on digital advertising in the UK in the first half of 2021 alone, it’s clear there is a big market for digital marketing. Charlotte Sheridan, a.k.a The Small Biz Expert sat down with the Start Your Own Business podcast to provide essential advice on how to advertise on Google, Facebook and other sites. Charlotte was quick to point out that the hard part, is no longer coming up with a brand and building a website, but standing out against the competition and actually getting your site to appear in searches. Paid search makes up 36% of UK digital advertising spend, followed by digital display on 27%, so many businesses are making digital advertising a priority.
Listen to 'How to win customers with digital advertising' here.
6. "Most people's perception is, it costs you lots of money to go green, and it doesn't"
According to research from FSB, although most small firms are concerned about climate change, only one-in-three have actually made a plan to help tackle it. Graham Oakley, Managing Director at multi-award-winning Clear Three got his laundry service business to net-zero, so has first-hand experience in the cost and commitment that goes into going green. Graham spoke about the importance of making small changes and building these greener choices into the culture of the business.
Although you may have to invest more upfront, many greener business options will save money in the long run. Reducing waste, pollution and misuse of natural resources can help your business become cleaner, greener, more efficient and more profitable. Of course, businesses vary, but there is always something your business can do to make a difference. For some, it's finding ways to reduce waste, installing more energy-efficient equipment or even buying stock and supplies from an eco-conscious supplier.
Listen to 'How Clear Three made their business carbon neutral' here.
7. "It's really important to develop your staff"
Leading employment law expert and solicitor Hannah Thomas spoke to us about how to steer clear of legal problems when hiring and managing staff. Developing and training staff is a key factor in staff retention and happiness. If your small business starts growing, at some point you’ll have to think about hiring some help. However, Hannah stressed the importance of keeping good records during the recruitment process, management period and after any dismissals.
Listen to 'Don't break the law when recruiting and managing staff' here.
8. "People start to sell too early"
Glen Williamson provides practical advice on how to be more successful when selling in person. As a consultant sales director, sales trainer, speaker and accredited master coach at Kiss The Fish Ltd, Glen works with sales professionals and SME business owners to help them to reach new heights of sales performance.
Many sellers make the mistake of jumping straight into a sale which can ultimately lead to scaring potential customers away. Glen emphasised the importance of getting to know your customers and listening to their needs. This can also be applied to online selling. You can use website analytics and research to help you get to know your client base and therefore improve how you are able to connect and market to them.
Listen to 'How to succeed when selling face-to-face' here.
Copyright 2022. Post written by the Sarah Bonehill, Donut blog team.