Starting up a business from scratch can be a daunting process without a solid plan in place, so knowing exactly what will be required of you before you open your doors is a great way to ensure there won’t be any nasty surprises along the road. Here are ten of the most helpful tips to assist you in getting started.
1. Set realistic and achievable goals
Although it’s not fun to admit, it’s more than unlikely that your new beverage selling company will overtake Britvic in a year, so a better path would be to set goals that can actually be achieved. Having something to work towards ensures steady progress and allows you to draw pride from reaching milestones.
2. Hire on merit alone
Working with your friends every day may seem attractive, but do they have the qualities to fulfill the tasks delegated to them? When you select based only on skill and merit, you can be sure that your business will have a fighting chance of surviving the volatile first year.
3. Be prepared to fail
Everybody makes mistakes in their first business venture; the thing that sets apart the successful businesses from the ones that didn’t quite make it is how the owners dealt with struggles and shortcomings. Expect to get a few things wrong, just don’t let them define you.
4. Business insurance is not an option
Related to failure is the fact that sometimes the unforeseen can cause disasters. The UK is prone to flash flooding in certain areas, making it almost criminally negligent to ignore the benefit of having insurance in such a scenario.
5. Invest in a good accountant
Balancing books can be a full time job at times, and it’s best to leave this work in the hands of someone fully qualified to deal with accountancy. Not only will they reduce stress, but there may be ways to save money that you may otherwise have overlooked.
6. Recognise your competition
It is inevitable that you will be competing with another entity for the same market share. Take note of your competition early and see what you can learn from both their successes and failures. They’ve already done the research for you so why not take advantage of that?
7. Make sure your business plan is watertight
Investors will look at every potential eventuality that could possibly lead to them losing their initial investment. Don’t give them the opportunity to dismiss you before you’ve even started – go over your proposal in detail and let other people check it for holes too.
8. Never stop learning
Markets change, laws change and so does everything else surrounding them. Keep on top of the news in your business sector and continually educate yourself to stay ahead of the competition in your field of expertise.
9. Market research is critical
No matter where you’re starting everyone can benefit from utilising methods of garnering information from the market to provide the very best product possible. This is one of the most important things to do, as a business out of step with the public never lasts long.
10. Only cut corners where you can afford to
Sometimes cutting corners to save money will actually lose you money as word gets around that you are selling a second rate product. Ensure product quality over all else and don’t risk compromising your image for a few pennies here and there.
Photo by: coolinsights