Helpful Tips When Starting Out In Business
You have no doubt heard the worrying statistics that the majority of small businesses fail to hit the five-year mark. It can be hard to get figures like that out of your head when you are starting out, and every decision you make could ultimately break your business. But don’t forget, that a great many small businesses succeed and go on to become medium and large sized enterprises. Why? Because they have clearly done their homework and have followed some of these helpful tips.
Starting a business is tough. Very tough! So without a bit of passion to get you through the rough patches, it can be challenging to find the momentum to keep going. You must essentially love what you are doing or believe in it so strongly that any feelings of negativity will be pushed aside by your continuous passion to succeed. Some days things will go wrong; you will feel like you are missing the mark by a mile. But you know what? On other days, things will go so well that you can’t stop smiling from ear to ear. Make the most of those days and remember that feeling of success to keep you motivated.
Have money in the bank
Many small business owners think that if they build a business, then people will immediately come through the doors. But, unfortunately, it just doesn’t work like that. As a matter of fact, it might take you one or two years to get fully established and be able to pay your bills. Therefore, having some other kind of income coming in while you are getting started is helpful. You don’t want to be stressing about marketing your business AND paying your electricity bill. Make sure you have enough to cover the necessities so you can fully focus on how to grow the business successfully without interruption. Even if it means taking a part-time job or looking at some other form of employment to tide you over, then it is worth considering if it gets you closer to your goal.
Create a network
It is important to realise that running a business can be lonely at times. Therefore, it is essential that you have people around to assist you. Being able to bounce ideas off someone can be very helpful, particularly in the early stages. Specifically, find reliable and willing friends or family members and join useful business forums, so you don’t feel like you are in it alone. If you can find a mentor or someone who has managed a successful business to offer a few guiding tips, even better. Chances are there is someone out there who has got it both wrong and right at times, and can guide you through.
Write a business plan
Every organisation needs a quality business plan. It may sound boring, but if you want to commit to a goal, then you need to ensure that it is going to be viable. If you intend to borrow money further down the track, then your financier will want to see that you have put some effort into creating a solid business plan to back up your financial claims. For this reason, researching at the start will save much heartache in the future.
As it is such a crucial topic for SMES, next week we will share some more useful business tips to ensure that you get your business off to a flying start. We love to see small businesses succeed and are here to support you as best we can.