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Launching Your Dream Business in Ormond Beach After a Setback

Are you dreaming of owning your own business, but have you had a financial setback that’s making you wary of starting over? Don’t let your fear of failure prevent you from achieving your goals. Start back on the right foot by following these five strategies from the Ormond Beach Chamber of Commerce


Learn from Your Mistakes


If you’ve had a financial setback due to a home-based business failing, take stock of what happened that prevented your new venture from taking off. Were your startup costs too high? Were your products or services too expensive for potential customers? Was it too costly to manufacture, thus leaving you unable to make a profit? Or maybe what you were offering was not filling a need for most people? Answering those questions will help you map out a better strategy for your next business to succeed.


Build a Strong Support Network


Once you’ve reworked your business plan and come up with realistic figures and timeframes to get you started, get in touch with other entrepreneurs, either on social media or in real life and start building your support network. Attend meetings and look for groups where you can share your experiences and ask for advice from other professionals. Joining your local chamber of commerce will also help you get the support you need in your community. And try volunteering your time at local events: you’ll meet movers and shakers you could ask to partner with to get your business to the next level.


Research Your Competition


Look at what your competitors are doing both online and offline, and see how the successful ones are getting traffic and generating sales. Read both positive and negative reviews from their customers online, and see if your own business could fill a gap by developing a product specifically tailored to a niche market. And to set your business further apart from the competition, come up with a great business logo design. Your business logo should make a strong first impression and help you build brand recognition.


Take Sensible Business Risks


Protect your personal assets by forming an LLC. This business structure not only offers better tax advantages and more flexibility than owning a corporation, but it will also protect you from any business debts you may incur. 


Think about some worst-case scenarios to come up with a risk management strategy in case problems arise: How will you pivot if customers stop buying a specific product? Where will you find raw materials if your current supplier goes out of business? Finding the answers now could potentially save your business from going belly-up later.


If you need funding for your business, carefully consider your options and be careful not to overextend yourself. Consider current debts and your debt-to-income ratio before taking out any business-related loans. 


Create a Marketing Plan


Know who your target market is before you launch your campaign. Different age brackets use different social media platforms, so make sure you advertise on the ones that your target audience visits frequently. If you’re on a budget, rely on the power of your network and on social media to help promote your business. Ask your customers to post reviews of your products or services online. You can also create more brand awareness in your community by organizing events and giveaways. And don’t forget to keep an eye on your ROI to see which marketing tactics are the most beneficial for your business. 


If all of the aspects of your marketing plan feel overwhelming, consider working with a marketing agency. They can help guide you through best practices and get your marketing ball rolling, even if you don’t maintain the contract forever. Make sure you have good communication channels with these consultants though. This free PDF editor is available and will allow you to mark up PDF mockups and drafts the designers send you for review. Not only can you make notes on the file, you’ll have a record of your feedback in case something goes wrong.


Get Expert Training


Recovery from a business setback should propel you to new heights. One of the best ways to demonstrate that is by seeking an advanced degree. By studying for one of several specialized degrees online, you can gain expertise to help fuel future success. There are accredited degrees available in areas such as business, education, and data science, and all can be studied with flexible online scheduling to meet your needs.


Get Expert Training


Don’t let past failures dictate your future. If you have the heart of an entrepreneur, learn from your mistakes, seek a higher degree, and lean on the support of your network to start afresh. And if you feel overwhelmed, look for great communication tools to use with consultants to remove some of the burden from your shoulders. Now, come up with a solid business and marketing plan, and you’ll soon be able to reach your goal.


Looking for business support in Ormond Beach? The Ormond Beach Chamber of Commerce champions our community’s economic and cultural growth through networking, events, and advocacy. Click here to become a member today!


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