2025 MAY be challenging for businesses due to a £20bn tax increase, largely from employer national insurance and a higher minimum wage.
Businesses must budget wisely, boost productivity, cut costs, or raise prices. Some may fail, but most UK Black-owned businesses have few or no staff, so plan for growth confidently and prepare for added costs starting April 2025.
Start with your personal goals
Start 2025 by revisiting your goals with a Dreamchart, focusing on why you started your business and what you want to achieve. Set income or profit targets, not just revenue, and include personal goals like holidays, family time, health, and fitness. Prioritize meaningful experiences over material possessions.
How are you planning for business growth in 2025?
Let your personal goals inform your business goals. Set revenue targets based on desired income or profit, avoiding mistakes like confusing revenue with profit—famously misunderstood by Richard Branson until his 50s.
If you’ve traded for over a year, use past data to project 2024 growth and outline 2025 goals. Next, define your ideal target market with clarity. Avoid saying “everyone”; instead, create a detailed customer profile, considering factors like gender, age, ethnicity, location, and habits.
Ask where these customers gather and what else they buy. For example, middle-aged Black women buying candles may frequent specific salons, spas, or gyms. Similarly, tradespeople targeting landlords can focus on demographics like age and income. Clear customer insights will sharpen your marketing and reveal complementary products or services to offer.
Develop your marketing strategies
To market effectively, start by understanding your target audience and developing tailored strategies. Many businesses fail due to inadequate marketing, as Grant Cardone advises: “Go big or go home.” Here are key low-cost tactics:
Landing pages:
Rather than focus on your website – make a useful offer of information to help your target market solve a problem or a webinar to do the same and they will leave their contact details to get it. An additional tip: ask for a mobile number as well, so you can do follow-up calls.
Social media:
Choose the platform you will find your target market in numbers. Then share useful information, promotions, pictures and videos of what you sell. Occasionally, leave an offer or landing page link rather than just your website.
Introducers:
These are other business owners who sell to your target market but with whom you are not competing directly. This is like a plumber and an electrician; or mortgage adviser and will writer. You are both in a perfect position to refer each other but you are not competing for the same services. If you build relationships with them, you have a great opportunity for regular introductions to your target market.
Networking:
Many people say, your network is your net worth! This is a great place to find ‘introducers’. A huge mistake of networking is going to look for customers, rather than people who can introduce you to your ideal customers. Network to find introducers rather than direct customers. A strong network can significantly boost opportunities.
In summary, look at 2025 with optimism. Start by working on listing your personal goals, including the income you want. Then work on your business goals and your ideal customer. Once you have these written down your goals, you can work on your marketing strategies.
These tactics, when applied consistently, will help grow your business and connect you with the right audience.
