If you are in the process of starting your own business then you may already know that you need to get everything right from the start. It is common knowledge that a high percentage of new businesses won’t make it through the first year of trading.
If you don’t want this to be you then there are plenty of things you need to consider. Check out the article below to find out more.
Money
One of the very first things you will need to get sorted is the budget for your new company. You need to have enough money to cover everything until you have profits rolling in to take over. When you first get started, write everything down that you need including prices. Once you have your final figure, give yourself some wiggle room as the last thing you want is to run out of money. If you don’t have the money you need to hand then you will need to apply for a business loan. The bank needs to be confident you will make the repayments each month so ensure your credit score is high.
One example of a loan to consider is a working capital loan, which helps manage day-to-day expenses while your business gets off the ground. And, once your company has established financial stability, business loans with no personal guarantee can also offer flexible funding without putting personal assets at risk.
Website
Something else you need to think about is how your website is working for your customers and clients. You don’t want to lose customers because they can’t navigate your website or find the products and services they are looking for. It can be incredibly tricky building a brand new website, if you don’t have experience with this then it might be worth working with a web design and development company. Something you should bear in mind, if your website needs maintenance is, most of your customers will shop between the hours of 7pm and 10pm. If your site needs work, carry this out in the early hours of the morning so you aren’t losing too much money.
Location
In the world of marketing and indeed business, it’s always location, location, location. The right or wrong location for your business can make it or break it. So, what should you be looking for when you are choosing the right property? Well, if you are thinking about purchasing an office or business property, then you need to consider foot traffic which would make a city address a smart move. Of course, you can also cut costs and run your company remotely but this is going to put more pressure on crafting the right online brand identity.
Market Research
Next, consider conducting research for your business. The right level of research will ensure that you aren’t flying blind when you are setting up your company and working to make a name for yourself. There are lots of research elements that could be important here. For instance, we recommend that you consider looking at your target audience and determining who is most likely to purchase your products or service. If you’re exploring janitorial franchise opportunities, thorough market research can help you identify the most profitable locations and customer segments to focus on, increasing your chances of success.
You should also think about elements like social media. Social media is a key building block for a strong marketing strategy. However, it’s important to understand what networks your target audience is likely to be using. For instance, if you are appealing to a young audience, then you should always think about elements such as Instagram rather than X ( formerly Twitter). The bottom line: approximately three months should be spent on research before you even think about opening the doors of your company.
Leadership
Strong leadership will always be a massive win for your business. The right level of leadership will mean that you can eliminate issues with investors feeling as though there is too much risk associated with your business. The good news is that it’s easy to establish yourself as a strong leader. It could be as simple as investing in the right training. This isn’t just for your employees. It can help you as well.
Employees
Another thing you may need at some point to help your business succeed is employees. Employees are the backbone of businesses and can make all the difference when you are busy trying to run different areas. Finding the right people for the job can be tricky but when you do, you will never look back. You need to be a great boss and offer your employees the chance to progress through your company. For instance, giving them bonuses and promotions when they deserve it and when they have done amazing things for your company. One way to support and motivate them consistently is by using employee recognition platforms that celebrate achievements and build a strong team culture.
Marketing
Your business will always be dead in the water without the right marketing. A strong marketing strategy will help you stand out amongst key competitors that exist in your industry. There are lots of different types of marketing options to explore as well.
For instance, you could think about using content as your key marketing strategy. Content is still king but it’s important to explore broader options when it comes to this. For instance, video content. Alternatively, you can explore more unique strategies such as promotional merchandise. Plaster merch with your logo or name and it’s advertising that essentially pays for itself.
Business Plan
As a business owner you will need to create a strong and solid business plan so everyone knows what your goals are. Every business owner should have a five year plan written out and all employees should know what this is and what needs to be done to achieve it. If you aim for SMART goals then you can’t really go wrong, this stands for Smart, Measurable, Achievable, Realistic, Timely. This means setting a goal for your business to reach a million in six months is highly achievable and can lead to people feeling down and at risk of quitting their jobs.
Customer Services
Finally, if you want to become the best in the business then you need to make sure your customer service department is on top. If you don’t want to keep your customers waiting 48 hours for a response to their queries then a dedicated customer service team can give them the answers they require straight away. Make sure your team has access to phone lines, email, and web chat. These are all channels where customers can contact your business regarding any issues they might have.
We hope you found this article helpful and that it gave you some ideas on everything you need to get your new business started.
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