If you’re starting a business, you have a whole new world of things to remember. It isn’t easy. You’ll more than likely get a permanent migraine for a while. But if you remember these 15 things, you should be OK and get off to a great start!
A Business Plan Will Help you to Progress
Before you tell me lots of businesses go without a business plan, I already know. It’s perfectly possible to start your business without any real plan solidified on paper. Many of these businesses succeed, some of them by accident. However, if you want to be sure of your success, then a business plan is a good way to do just that. Outlining everything to do with your business and having it in one place will help you to move forward when you’re feeling stuck. It can help you escape the business when it’s going under (hopefully that won’t happen). It can even help you to secure funding. Don’t be lazy. If you can create a business plan, then do create a business plan.
Overestimate the Money You Need
Some businesses don’t need much money at all to get started. If you’re lucky, you won’t need any! However, you should always overestimate the amount you think you need. When it comes to a startup restaurant, for instance, it’s always going to help you to have more cash in reserve. The more money you can keep for an emergency, the more secure you can be if your business slows down.
You Need to be Prepared to Work Harder
Lots of people start a business so that they don’t have to work as hard as they usually do. While this can be the case, it might take years for it to happen. You’ll need to be prepared to work much harder than usual to get your business off the ground at first. I’m talking 6/7 day weeks, and long days. As long as this business is your passion, then it shouldn’t be much of a problem!
An Online Presence is Important
Even if you trade offline, and online presence is important for your business. Having an online presence allows more people to find you. People who didn’t know you existed suddenly realise that you’re there. You open up a whole new world of opportunities! Trading both online and offline will get more money coming in. Even if you don’t trade online, having that presence will help you to connect with customers and allow them to learn all about you. It’s beneficial whichever way you look at it! There are rules to conducting yourself online though, so make sure you look into those first.
You Must Be Original
Having originality is an absolute must. If you can think of an answer to a problem in a niche market, you could be onto something. If you’re starting a business like all of the other businesses out there, then you have a lot of competition and could easily fail.
You’ll Need Emotional Support
Emotional support is so important for business owners. Times will get tough, so make sure you have people you can talk to and swap ideas with. Whether this is a partner, spouse, family member or friend, keep them close!
Your Team Will be an Important Asset
The team you work with will be the most important asset to you, whether you start out as 2 people or 10 people. Make sure you value them, train them, and invest in them. Employment law consultancy is a good idea as they can handle any legal issues regarding things such as contracts. Reward employees for their hard work. Build a team like this and it’ll be hard for your business to fail!
Protecting Your Business is Crucial
Protecting your business is absolutely crucial. You can protect your business by ensuring that you take care of your reputation. Don’t give anybody a reason to suspect you of wrong-doing. Remember that everything you write online is there permanently, whether you delete it or not. Insurance is a must too. Not just any old policy; a policy that covers you specifically for what you do.
You Should Never Hold Yourself Back
Too many business owners hold themselves back. If you can expand by hiring another member of staff, do it. If you are saving yourself time or money, then it’s a worthwhile investment.
Don’t Rule Out Teaming Up
Ever thought about teaming up with another business? If you offer things that could potentially work well with one another, then team up! You’ll both find this beneficial and increase your following.
You Can’t Please Everyone
As hard as you try, you can’t please everyone. This means you need to pick a market and target them specifically, as much as you want to try to target the whole wide world. You also won’t be able to please every single customer, so be prepared for ‘funny’ customers who can’t be pleased. Always try to make them feel like they have had a brilliant experience with you. Don’t take their nastiness personally!
Market Research Will Take You Far
Market research will help you to develop a business that people actually want. Make sure you listen and take everything in to come up with something that works! You could make use of many methods to ensure that your market research gives you actionable results. Tools (like message testing and other survey methods) that are offered by companies such as Conjoint.ly can give you information about how the consumer in your target market is likely to react to the product/service you are providing. Based on that, you can make decisions to improve the product/service.
Most Businesses Fail
Sadly, most businesses fail. This can be for a number of reasons, but it’s usually because they just weren’t prepared. They weren’t passionate enough about what they were starting, and they thought it would be running itself by week 3. Be realistic and your business is so much more likely to succeed!
Take Calculated Risks
Taking calculated risks is recommended to help you get ahead. If you play it safe and stay within your comfort zone all the time, you won’t get very far. All good things start right outside of your comfort zone!
Keep the Passion Alive
Make sure you stay passionate and love your business. Make sure it’s always a business that makes you want to jump out of bed in the morning. Work out what you can change if it isn’t doing it for you.
Ready to start a business? Good luck!