Starting a business, whatever its size, can be a hard task, and it is unrealistic to think that there won’t be bumps in the road. However, with forward planning, realistic expectations and hard word, these bumps can be reduced in size and impact.
I remember my Dad always saying “You don’t get anything in life without hard work”, and this definitely applies to running a business.
1. Write a business plan
Having that great idea for your business combined with the passion to make it successful, is a great start. However, you need to ensure you don’t dive in head first, as without a plan in place you are heading for failure. It doesn’t matter how long or short your plan is, but you should include certain forecasts.
You need to know that once you open the doors of your business, you are not going to have to close them again soon after, due to huge outlay and delayed income. This business plan ensures that you have considered all eventualities before you start, giving your business a much better chance of success.
2. Decide how you will make a profit
This is your break-even analysis, and basically you need to ascertain how much of your product/service you will need to sell to cover your running costs, for example wages and materials.
This is an important part of planning before you jump into starting a small business, as after all, the desired outcome for any business is to make a good profit.
3. Get the cash flowing asap!
Cash flow is the life of any business, therefore it is imperative to get it flowing as soon as possible. Ways to do this include asking for upfront deposits on work, or products if they are speciality or high value items.
4. Start off small
Every business owner wants their business to be successful. We hope that we will be able to expand to multiple cities and employee many people, and these dreams are not bad ones to have. However, you must learn to walk before you can run! In doing this, it is easier for you to survive the bumps in the road that a new business will incur. You will be able to learn from these hiccups and in the end, be able to expand your business. If you jump in head first with large initial outlays, your ability to recover will be harder.
5. Focus on sales and marketing
Many new business owners focus on business branding. They spend thousands of dollars on their brand which leaves less money available for other aspects of the business.
Although the brand of your business is important, it should not be the first thing you focus on. Marketing and finding a way to generate leads and sales should be the first thing you put money into. At the end of the day, a business can only survive with these sales.
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About the Author
I am Che the founder and owner of CheDesigns. I started the business in Albany, Western Australia over 4 years ago with an aim to make professional website design affordable to all businesses and to equip them with the education and tools they need to succeed online.
I am passionate about all things tech and internet related and can be found browsing the net at strange times of the day and night! I hope you find something of interest that will help your business online.