You’ve identified an opportunity and have decided to take the bold step to set up a business and make the most of it. This takes a lot of courage. Many businesses do not make it to their first anniversary, and many more do not make it past their third.
Whilst this may seem a negative point to make, it should be seen more as a reality check. Businesses can fail, but then of course there is a flip side, they can thrive and flourish. Your business could be the one to really take off. Here we look at some top tips that you can use in starting up your business to give it every chance of success. Read on to learn more.
There is nothing wrong, and in fact there is everything right, in asking for help, so do it. Speak to others about the marketplace, find out who your competitors are and what they are doing, and talk to as many people as possible, from business owners to providers of ecommerce marketing services. The more information you have at the start, the more likely that your decisions will be good ones.
Think about the status of your business, sole trader, partnership, limited company etc. Find the one that best suits your model.
You need a good name and to create a great image. Check that the name isn’t already registered before you commit to it though otherwise you may have wasted money on letterhead etc.
Ask where’s it coming from, when does it have to be paid back, and what are your commitments? Are you looking at crowdfunding or a more traditional model? Who are your investors, and what are their expectations? A contingency fund/plan is also vital, just in case things turn out a little differently than you expected.
Who are your customers and competitors? Are you a traditional seller, or service provider and what makes you stand pout from your competitors? Is the market already established, growing, or transitional, and will it still be there in 1 year, 5 years etc. Think also of how you communicate with the market, through ecommerce marketing services, or more traditional means?
It is still king, and poor cash flow is a business killer. So, ensure that all of your bills are sent out, and moreover, paid on time and in full. You need to also stay onside with your creditors and not become known for poor credit practices.
Accountants & Lawyers
You will need the first, and it is hoped that you won’t need the second, but always have one to use as needed. Stay abreast of employment and health and safety law though so as to not fall foul of it.
You will probably need a physical site, but you will definitely need an online site. Both should present your business in the best possible manner, and enable you to convert interest into sales in a seamless manner. Poor websites are like untidy, dark out of the way shops, nobody will use them! So make them fast, efficient and faultless.
Having an idea for a business is the first step and summing up the courage to start a business is a real hurdle too. By following these top tips it will help ensure that your bravery and creativity are well rewarded and that your business thrives. So get to it.