If you are thinking about setting up your own business then there are many aspects to getting this right from the start. You may have already heard that a high percentage of businesses will close down before their first birthday. This can be due to many reasons including running out of money or just not having the knowledge needed to survive. If you don’t want this to be you, then you need to get everything right from the start.
Check out the article below to find out how you can go about setting up the most amazing business that not only survives, but thrives.
Budget
One of the very first things you need to figure out is your business budget. This will vary for everyone and it all comes down to how much you need to get your company off the ground. In order to figure this out, write everything down. Your comprehensive list should include what you need and how much this will cost. If you don’t know the actual cost then you should make a rough estimate giving yourself some leeway for mistakes.
If you don’t have the final numbers to hand right away then you could always apply for a business loan. In order for this to be successful, you will need to have a high credit score. You could also speak to a company that could assist you with finance options for your business.
Employees
Are you going to hire employees? This might be on your radar as a new business owner, however, it is also something that could wait a few months. If you don’t need employees right away then be sure you aren’t over burdening yourself with tasks, chores, and projects. If you need to hire someone to help you with this, then do so.
Hiring can be daunting as you need to get this right from the start. The last thing any company wants to end up with is a high employee churn rate. This happens when employees come and go in quick succession leaving you with no staff and needing to pay out for new employees. This costs you both time and money, something a new business needs to cling on to.
Location
This is a big consideration for any new business owner, where are you going to run your company from? This could be from the comfort of your own home, or even from a bricks and mortar location. There are of course pros and cons to both of these options and ultimately it comes down to the type of business you are running. If you are able to run this from your home then think about doing so, it would save you traveling time and therefore be better for the environment. However, are you able to manage your employees from home or do you need them under one roof?
If you decide to find a location to work from then ask yourself, do customers need direct access? If you are a retail business then you will want to be situated right in the midst of the hustle and bustle, close to transport links. Speak with a commercial realtor who will be able to provide you with all the information you need on finding the perfect location for your new company.
Marketing
Which marketing techniques are you going to use for your new business? This is something you need to consider before opening your company. Marketing is what will get you noticed and talked about. If you don’t have the right techniques in place then you will be invisible to the world, this potentially means no customers and no money.
Marketing is one area of your business that will take the biggest hit on your budget, and rightly so. So, don’t be alarmed when you are spending a fortune on marketing, this is exactly the way it is supposed to be. Work with marketing agencies or hire an in-house marketing team if you aren’t too sure what you are meant to be doing to promote your brand.
Website
Another aspect of creating an amazing business is your website. If you have a slow website that takes ages to load pages and information then buyers won’t shop with you. Your website needs to be up and running well during peak hours. If you need to close for maintenance then this should be scheduled for the middle of the night when less people are likely to be shopping. When it comes to designing your website, think about what you would like to see as a customer. Many business owners try and improve on other websites they have seen or experienced, so theirs doesn’t make the same mistakes.
If you have never designed a website previously then you may need assistance from a web designer and developer. They will be able to build your perfect website. Ask them to include a chatbot and search bar for ease of access for those customers who may not be 100% tech savvy.
Goals
Finally, when you are setting up your business, think about what sort of business goals you wish to set. These need to be set so you and your employees have something to always aim towards. When setting your goals, think about using the SMART acronym. This will ensure you are setting goals that you and everyone else can strive to achieve, there is no point setting goals that are way beyond anyone’s reach.
SMART stands for Specific, Measurable, Achievable, Realistic, and Timely. This prevents you from setting goals such as making a million in six weeks for example. If you need a hand setting your goals then you can always speak with a business mentor.
We do hope you found this article helpful and that it gave you some ideas on how to start your very own business. Remember, it isn’t a rush, take your time and things are more likely to go better for you. The risk of rushing leaves you open to make more mistakes.
