Overview
Setting up a small business is fraught with risk and there are many obstacles that you will encounter on your journey to long-term sustainability. You might have a fantastic business idea but that doesn’t automatically mean you will enjoy a level of success, there are many variables that can affect outcomes, and with that in mind, here are a few top tips for a successful business startup.
- First impressions count – Successful entrepreneurs wear custom business suits when in a business setting because they know how important image is in the business world. Smart casual wear is fine outside of the office and if you look good, this does wonders for your self-confidence.
- Write a comprehensive business plan – Once you have crunched the numbers and you are sure there is adequate profit available, the next step is to write a comprehensive business plan that covers every aspect of the project. A good business plan consists of an overview of the operation, an organisation flowchart that shows who is responsible for what, a comprehensive marketing plan, a list of company assets and a detailed breakdown of the startup costs.
- Invest in digital marketing – Without a solid digital marketing plan, your chances of success are greatly reduced; we are living in a digital age and that means businesses need to generate a strong online profile. The plan should include SEO and social media marketing and hooking up with a top-rated digital marketing agency is a must for any startup. Click here for reasons why you should consult with a business coach.
- Make sure you are adequately funded – Funding is a critical aspect of setting up a business and without it, your business will remain in the realms of the imagination, while you should also have an emergency fund to keep the business afloat during the first few months. There are reputable online lenders that fund business startups and you receive an answer within a few hours of making a loan application.
- Outsource essential business services – Use a local bookkeeper/accountant to manage the books, while all your IT needs can be met by a single provider. Outsourcing empowers you to compete with larger organisations, plus you can minimise your investment by making use of 3rd party providers.
- Be customer focused – If you take a close look at any successful business, you will see that they are customer focused; ensuring that all customers are satisfied with your service and going that extra mile for your customers will not go unnoticed. A happy customer tells other people about the supplier and that is classed as advertising gold!
- Lead by example – As the business owner, you should lead by example and your employees will not only respect you, they will also go that extra mile to ensure success. Motivating your workers is a very important aspect of managing people, so you should always be aware of how you are regarded by those around you.
Creating a winning business is never a given and there will be many obstacles that you have to overcome in order to have a sustainable business.
