More Helpful Tips When Starting Out In Business
Last week we shared four helpful tips for those starting out in business. However, even if you have been in business for a while, it is always good to check the basics and see whether you have substantial support in place. A lack of cash flow without good foundations can cause your business to come crashing down, even for those who have been in business for two or three years.
Get the legal issues out of the way
Making sure that you are following all of the legalities of operating a business is critical. Seek advice and make sure your business is set up correctly. You don’t want to have to pay unnecessary expenses on issues that could have been sorted if only you had known up front. If your business needs to be registered, then do it. If you intend to charge GST, then look into it. If you are paying wages or hiring workers, then understand your responsibilities. Small errors can become expensive if left uncorrected for an extended period.
Be professional from day one
Even if you don’t feel professional, act it. If you have a website, then make sure it looks professional. You don’t have to pay a lot of money to do that – just be smart about it. Perfectly acceptable websites can be created on WordPress free of charge without having to cut corners. Set up a business email address, create a business card and act like you are running a successful, profitable business (even if you aren’t at present). Your thoughts and actions will get you there.
Stop making excuses
Making difficult decisions is all part and parcel of business so stop procrastinating and making excuses. If you weighed everything up and have the necessary tools in place, then just do it. That fact of the matter is that many companies never get off the ground because wannabe entrepreneurs never quite make the leap from dream to execution. Worrying about failing is healthy, but having that worry overwhelm you to the point that it stops you from making choices is wrong. If you need advice, then seek it. Find solutions to your problems and ditch those excuses once and for all.
Market it well
While you have may have come up with a wonderful business idea, without a solid marketing plan to get the word out, then you will struggle to make it work. If you are working solely online, then it is more relevant because you don’t have a brick and mortar address to help you attract trade. If you don’t like talking about your business or promoting yourself, then you will have to get over it. Small businesses have a lot of competition, and it is important that you push through your comfort zone on a daily basis and find ways to reach prospective supporters, customers and clients.
Keep your initial goals simple
You might have an idea as to what kind of services you want to offer a few years down the track, but that doesn’t mean you have to do it all on day one. Start simple; get it working and then add on as necessary. You need to ensure that your initial product or service has a solid following before you take the next plunge, and so on, and so on. If you can provide a reliable product or service with excellent customer service, and it brings in a profit, then you are ready to move on to the next stage. Don’t run before you can walk.