If you have recently decided to start your own business then there are many things that you will need to do to make your business stand out. You may be worried about your business failing and becoming just another statistic. It is a well-known fact that up to 90% of businesses fail within their first year. A little more won’t make it to their fifth year of trading. There are many reasons why businesses don’t make it. Take a look at the list below to find out how you can put all your effort into making your business survive and stand the test of time.
Budget
First of all, know how much money you have available to put into this business. When it comes to working out your budget, you will need to work out everything you need. This includes wages for staff, equipment needed, stock, premises, and a little extra money if things start to go wrong. If you don’t have this money to hand then you will need to apply for a business loan, take a look at different rates to be sure of the one that works best for you.
It may help you to speak to a broker if you don’t know which loan to apply for. The best one may be obvious, however, a broker will be able to give you some more information. You will need to have a high credit score in order to apply successfully.
Premises
Decide if you want to work from the comfort of your own home or a business premises, there are pros and cons to both these options. If you choose to work in an office then you will need to shop around and find one that works for you. If you are going to run a shop or restaurant and work with the general public then you will need to find one situated in a central location. The last thing you want is to not be found by the general public, this can cause you to lose customers and money.
Working from home means you will save a huge chunk of money as with premises comes rent and other fees. However, you need to make sure that your employees are confident in working independently.
Employees
When it comes to running a business, it will only ever be as strong as the people holding it up. The people holding your business up are your amazing employees. It is essential you find the right ones that will only ever have your business at heart. You as an employer should also have your employee’s best interests to heart. If not, and you don’t treat them right then they will end up leaving your company. Unfortunately, this can result in a high employee churn rate. This is when employees come and go within quick succession. You can avoid this by being an approachable person, if one of them comes to you with a problem then try your best to fix it and show you support them. You should also encourage them to go on training courses and offer them promotions as and when the appropriate time comes along.
Equipment
Running a business can be hard work, you need to be sure you have everything you need before you start trading. If you decide to work from an office with your employees then you will need to have everything ready to go. This includes desks, chairs, monitors, and internet connection. If you work from home then you will need a reliable internet connection, especially if you need to regularly touch base with customers and employees. You can use wifi to help you with your workload, all you will need is a wireless access point. You might also like to use an ethernet cable. This will ensure you have a continuous supply of internet as it is plugged directly into your internet box.
Marketing
To make sure your business is known about and you get people interested in your brand you need to market it the right way. There are many different ways to market your business, the best one these days is to use social media. Social media is one of the most used methods of online technology. However, you will need to know your target audience before you start using different social media. If you want to reach the over 50s, then Facebook is your best option as this has the highest number of users aged over 50. If you are unsure of the best way to manage your marketing then you could work with a marketing agency that will help you with this.
