If you are fed up with being bossed around in your usual nine-to-five then it may be time to go it alone and start your own business. It is always worth working in an employed role first and foremost so you know how the industry works and what it takes to run your own company. If you are ready to step away and do it on your own then there are some things you need to know.
Around 70% of businesses fail to make it through their first year of trading, a further 10% fail to make it to their fifth birthday. If you don’t want this to be you then you will need to work harder to ensure your business stands the test of time. If you are stuck trying to navigate around the big wide world of business then take a look at the article below.
Have A Wonderful Idea
One of the very first things you need to do before anything else is have a solid idea of what you want to sell or offer to customers. Without this, you won’t get very far or have very much to offer when it comes to standing out in the crowd. In order to figure out the best product to make and sell, think about what is missing in the industry. For example, you could take an existing product or service and work at improving it. Take, for instance, the can opener. Someone took this product and improved it by creating an electronic one that makes life much easier.
Write everything down, no matter how small and insignificant you think it might be. You could have an award-winning idea and if you forget about it then you might come to regret it later. When you want to start up your own business, buy a small notebook. This will be with you at all times so you don’t miss any vital ideas or information.
Enough Funding
When you start your own business you may have heard that you can do it with little to no funding whatsoever. This is far from the truth and the only way that really works is if you are taking over an existing business or you get given the business by family members. You will need to work out how much money and funding you need to get everything off the ground. Your budget for setting up your business should include everything from paying employees’ salaries to buying all the tech and equipment you need.
Be sure to work out everything and over budget for anything you may have forgotten to include. This can be quite common and then business owners run out of money due to missing something important like rent or mortgage for business premises. If you don’t have the money to hand right away then you will need to apply for a business loan. In order to be successful with your application you will need to have a pretty high credit score.
Be Present Online
If you want to get new customers and clients coming in all the time and using your services then you need to have an online presence. Without this, you may be missing out on vital target audience members that don’t know your company exists. Use social media to your advantage, all forms of social media. Most social media platforms are free to users, this can come in handy for both you and your business. You can also link to your business page from your main profile page, showing people that you now have your own company and what you offer.
Be sure to research the best social media to use, you can do this by looking at who your main customers are or who you want them to be. For example, if you are trying to reach out to those aged between 20 and 30 then Facebook will be your best choice.
Have A Strong Website
Something else you will need is a strong website. Why do you need a website? Well, when your business is closed you will still be able to accept orders and inquiries 24/7. The key to your website accepting orders is to ensure it is user-friendly and matches your brand. If your website is too difficult to navigate then you are at risk of losing vital customers and profits. Ideally, you should try and stick to the three-click rule when it comes to your website. If your customers and clients have to spend endless minutes scrolling to find the page or product they want then they will take their business elsewhere.
If you need help setting up your website so that it is easy to navigate then you could speak to the experts at website design services. You should also be aware of security issues that can crop up when you run your own business, hacks for instance. Working alongside a cybersecurity company might be something that you need to look into to keep your business safe.
Create A Strong Team
Running a business is hard work and not for the faint of heart. You can do this on your own but it is much easier when you do it alongside a strong team. The key to finding a great team is getting it right from the start. If you fail to do this then you could end up with a weak link or a high employee churn rate. You don’t want either of these things to happen within your company as both can lead to losing money. The problem with a high employee churn rate is that you will need to take time out from other tasks and projects to look for new employees.
If you don’t know where to start with hiring individuals then you might like to use a recruitment agency to find people for you. Make sure you are researching and reading reviews before you sign up with any. They will take your wants and needs and then look to see who they have on their books.
Get The Location Right
Something you need to think about is whether you are going to run your business from home or work from a business location or office. You need to weigh up the pros and cons of both these options and find out which one will work best for you. If you need a lot of office space or storage units then it may be worthwhile using an office location. If you can manage everything from home including managing staff and sending out orders then this will save you some money along the way.
Donate To Charity
Another thing you might like to consider is giving back to the local community or donating funds to charity. When customers know you are giving something back and not just about taking people’s hard-earned cash then they are more likely to use your products and services. If you advertise this fact then you are far more likely to get customers through your door. Your customers will love the fact that they are shopping with a company that helps people overcome difficult times in their lives.
Offer Great Value
Running a business, especially in this day and age can be extremely difficult. You need to get your supplies and products for cheaper than what you are selling them for. With the price of inflation and the cost of living going up for everyone, it can be harder to offer great value. You need to try and work with suppliers that will offer you value for money so that you can follow through and offer your customers the exact same thing. Make sure you are shopping around and not simply going with the first one you find as this might not be the best deal there is.
Listen To Customers
Finally, if you want your business to be the best and stand the test of time then you will need to listen to your customers. They will always come to you with suggestions and ideas on how you can improve your services. If your business has a website then you could include a questionnaire when people close down the page. This will give you a general idea of what people are looking for and what you could do better for them. Alternatively, you could do what other businesses do and include a website and code on your receipts so people can get money off for filling in questionnaires and polls.
You may notice that you have some negative reviews regarding your business or your staff. Don’t ignore these, it can be detrimental to your business, instead, be sure to reply to all reviews. Doing this will show your customers and clients that they all matter and not just the ones that receive a positive experience.
We hope you found this article helpful and that it gave you some useful tips and tricks on how your business can last the long haul. With the right care and attention, you can stay open for many years to come.