Did you know that half of all businesses fail in the first five years, and those that run inefficiently can lose almost a third of their profits over a year? Those are pretty sobering stats, so it is vital that planning for success is essential when starting out.
Knowing where others have been going wrong and taking steps to avoid them and learn from them can be very helpful. It can be the difference between your new startup being a success or joining them in the failed business stats.
Research is vital
You can only go so far with planning and preparation. To keep your business running and growing the way you want it to, you must put in the effort on a regular basis.
However, you can never underestimate the importance of getting a solid business plan in place and doing all of the necessary preparation work ahead of time so that you can be assured that you are on the right track.
Organise all of your insurances, as well as particulars such as obtaining a tax ID, business bank accounts, and any legal permits and certifications that you will need. Make sure that you have covered all bases before you start trading for peace of mind and security. The last thing you want is to start getting in trouble with the authorities!
Look for market openings to see how you can fill them to give yourself a unique selling point (USP) and a competitive edge over your competitors. Consider the prices, the time it will take to set up, and how you will continue to progress in the future. You’ll be able to stay in the game and keep up with developments if you keep your eye on the pulse.
Be efficient and outsource
Regardless of whether you hire staff or not, you want to make sure the company is running smoothly. If you are a one-person band, that does not mean you have to do it yourself.
You can reduce your workload by implementing steps to help you handle your time and workload, such as looking at automation applications and programmes. Why not consider outsourcing if a job can be handled by others and does not require your personal involvement?
To compete with larger, more developed businesses, small business owners must maintain a professional demeanour. You can do this by outsourcing tasks. Rather than fielding calls and responding to messages from clients, why not outsource this to a third party with experience in this sector who can assist you in maintaining a high level of customer service and keeping it organised? You can outsource other aspects of business: beauty salons could hire an expert skincare PR to handle publicity, a restaurant could use a food photographer for their marketing material, a photographer could use a search engine optimization expert for their website, a plumber could use a content writer – so many tasks can be outsourced to give you a chance to focus on other things.
Putting measures in place like this before you open for business will help you to get a head start on managing your responsibilities, making sure that you are where you need to be and focuing on the areas that require more attention.