7. Finding and keeping customers

It will serve you well to have a clear understanding of what an ideal or typical customer looks like. You may also need a way of identifying groups of customers with a similar profile.

Understanding target customers and their needs is a key aspect of your market research. Developing a marketing plan and a sales plan will help you develop strategies to reach these customers through promotional activities while helping you to budget for the cost.

Once you have gained new customers, it will be possible to build a long-term relationship with them to ensure repeat business. It's significantly easier and cheaper to do business with existing profitable customers than find new ones.

A focus on customer service will help retain your most valuable customers. Customer feedback on your performance will help you make informed decisions when making adjustments to your offer. It also increases the likelihood that your customers will talk about you positively to others and make referrals.

For more information on starting up, read our guide on common mistakes when starting up and how to avoid them.