If you are in the process of starting your own business then you will probably be busy planning exactly what you want and need for this to be a success. You may already be aware that a high percentage of businesses will fail before they reach their fifth birthday. If you don’t want you and your business to become another statistic then getting everything right from the start is essential. If you are unsure of the right steps to take along the way then take a look at the article below.
Funding
When you are starting your own business you will first need to work out how much funding you need to get things going. You may have heard that you can start a business with no money at all, while this is true it tends to be just online businesses or ones that have been handed down. Figuring out how much funding you need can be tricky, one of the main reasons new businesses close down is because they run out of money. Always give yourself that extra bit of wiggle room when it comes to money, this will tide you over until profits start rolling in.
If you don’t have the right amount of money to hand then you will need to successfully apply for a business loan. For this to go through you will need to have a great credit score, that way the bank will know you are a safe lending option.
Website
Something else you will need to do before you open your business is set up your website. Your website needs to be suitable for everyone, this means easy to navigate and pages load quickly. If your customers and clients are scrolling endlessly to find the products or services they want then they are more likely to take their business elsewhere. It can be extremely useful to add a search bar to your website. You might also want to add a chatbot so your customers can get answers immediately to any questions or queries they have.
In an ideal world your customers and clients will never be more than three clicks away from the page or product they are looking for. If you have never designed a website before then it can be beneficial to work with a web design and development agency.
When you are creating your website, you will already need to know what branding and coloring you are going to use. This will be placed on your website when it is up and running so people can recognize it is you.
Employees
Another thing your business will need at some point is employees. Maybe this won’t happen straight away due to funding but you won’t be able to manage your business on your own for very long. Once your numbers start to rise and you have more orders coming in then you need all hands on deck to help. Many hands make light work and you will need to find the right people for the job.
If you don’t want to trawl through all those resumes that land on your desk then you can work with a recruitment agency to do all the legwork for you. They will interview, reference check, and background check anyone that is of interest and ticks all those boxes.
You might also want to hire a dedicated customer service team so you aren’t keeping your customers waiting around two days for a reply to anything they want to know. It has been proven that if a customer has to wait for a business to get back to them then they have already purchased an item elsewhere. You can have your customer services team monitoring the phones, emails, and chat bots. Your customers and clients are far more likely to return if they feel valued and appreciated.
Location
Something else to think about before you open your doors is where you are going to run your business from. This could either be from an office setting or the comfort of your own home. There are of course pros and cons to both of these options, it is all about seeing which option would work best. If you need all your employees under one roof then it is best to have an office location. If this is the case then you will need to find the perfect setting, speak with a commercial realtor who will be able to help you.
If you do decide to work from home then you will need to use a chat platform to keep in touch with your other staff members. You also need to trust that they will do their work while at home, and not spend their day watching TV. If you are worried about not knowing your employees or spending time with them then you could host fun days for all your staff.
Tech
When it comes to kitting out your business with the latest tech then make sure you know what you’re getting yourself into. If you aren’t buying tech brand new then you will need to get laptops and PCs that can handle your systems. Have you ever rung a company and been told that their systems are going slow? That is due to old, dated tech that can’t keep up with anything.
When the time comes to buy tech, be sure to speak to the experts to find out how old the product is and when you will need to invest in newer tech. While buying technology second hand can save you money, it could end up costing a lot more in the future.
Something else you need to think about is what software you will need in your business. There is plenty of software out there that will help you run your business more efficiently, accounting or grant management software for instance.
Marketing
This is one area of your business that will take the most money out of your budget. You need to plan for this otherwise it can be a bit of a shock. If you have never worked in marketing or managed marketing then you may not know which techniques or strategies will work best. There are many different ones to choose from so make sure you do your research, better yet speak to a marketing agency who will work with you to promote your company.
If you don’t want to work with a marketing agency then you could hire a marketing team to work for you. Make sure you employ people who have a proven track record for improving customer and sales numbers.
Set Goals
Finally, if you are wanting your business to succeed then it is definitely worth setting yourself some goals. These should be SMART goals, follow this acronym and you can’t go wrong. This stands for specific, measurable, achievable, realistic, and timely. For example, you shouldn’t be setting yourself a goal of making a million in six months. If you are setting yourself and your business goals then everyone should be aware of these, including your employees. If everyone is working towards the same goals and objectives then you will all work collectively to achieve these.
We hope you found this article helpful and that it gave you some ideas on how to set up your own business. Remember, if you rush setting up your new company then you are at more risk of getting things wrong. Don’t rush, take your time and everything will go in the right direction.
