There are so many things to consider when it comes to business success, and unfortunately, one of them is luck. Sometimes you just need a little luck on your side to make it big, but there are plenty of things that are in your control. Here are 10 to consider.
Improving your education as an entrepreneur is always going to be a smart move. You don’t necessarily need education to set up a successful company but it’s always going to be helpful. Consider doing a course to give you some kind of background knowledge, it could be anything from leadership to accounting or marketing. While you’ll have employees running these departments for you, it’s useful for you to have at least some knowledge of how they work as it will allow you to make the best decisions for your company overall.
One thing that every business needs this day in age is a good website. Spend the money here, don’t try and scrimp, it can be expensive but worth it. This should be one of the first things you do when setting up a business, there are loans available giving you fast access to capital if you need it. Hire a web designer to create you something bespoke and beautiful, they’ll be able to make sure all of your information is accessible, from an ‘about’ page to contact details, a blog, portfolio, social media links and more.
With a mixture of SEO practices, blogger outreach, social media marketing and direct, in person methods you’ll give your customers the best chance of finding you. One problem many business owners have is that they’re biased, you might think that your products or services are great because you genuinely believe in the venture, but potential customers might have other ideas. They might feel the price point is wrong, or have other suggestions about what changes need to be made to things like design or materials. Always conduct market research and take the results seriously, after all, your customers are the people that are going to be buying from your company so there’s no point mass producing a product that people won’t but because they don’t like it.
Both online and security on your premises is so important. Not only can criminals steal goods and money, but they can also steal customer data which can then be used to commit further crime. Online, use good firewalls and strong passwords. On your premises, consider having lockable shutters installed over windows and doors, and have CCTV and a burglar alarm fitted. If you run a shop or other business where money is being handed over, never keep cash overnight, and arrange regular cash collections so that you never have too much on your premises at once.
As a new business you probably won’t be able to afford that swanky office with a skyline view or a prime position shop on the highstreet. However, you should make the best of what you can afford. Consider the decor and the layout, make sure your premises are clean and orderly so that it makes a good impression to customers and clients coming in. It will also mean your employees have a pleasant place to work from which can boost morale and productivity. Don’t just assume that your premises aren’t important, it’s an area of your business not to overlook.
It’s so easy to get carried away when you first start up a business. You might want a swanky office or a big shop right away, you might want to employ lots of staff, and order in lots of materials to get started. But don’t get ahead of yourself, the books need to be balanced. If you spend too much up front you’ll end up in debt which is expensive, and can grow if your business doesn’t take off as quickly as you’d hoped.
No matter how careful you are in business, things can go wrong. And if they do, you want to make sure you’re covered; if legal action is taken against you your business could be over before it’s even begun. If you have quite a dangerous workplace, be it a factory, manufacturing plant, laboratory or construction jobs then this will be something that’s always on your mind. Falling from heights, things falling onto people, burns from hot water or chemicals, injury from machines and vehicles and much more are all possibilities. To combat this, you need to make sure that everyone has the correct training and experience needed. You should also provide your own training and health and safety training, and make sure this is followed to the letter. Even in workplaces that appear safe such as shops and offices there are still hazards such as slips, trips and falls. Public liability insurance and employee liability insurance are both invaluable in case something goes wrong.
As a business owner you’ll always need to be prepared and hire people if you don’t have the expertise yourself. And as your business grows, you’ll need the right people for each job and department, and recruiting your own staff won’t always make sense. Outsourcing is the solution, and isn’t just something that larger businesses can take advantage of. It’s something you can utilise in your smaller venture too, but be sure to weigh up the pros and cons. A professional company may be able to do things for you that you can’t, but there will be costs involved. See which areas would be worth outsourcing in your company.
Don’t Forget Taxes
As a business owner, you’re responsible for paying your own taxes which can be daunting when you’re a new entrepreneur. It’s something you need to get set up early and sorted from the get go. Get everything registered and get yourself an accountant. The hardest part is often budgeting for your tax bill, as it involves predicting what you’ll owe which can be tricky when your profits fluctuate. However, There are tax calculators online which can help you to work this out, be sure to make accurate estimations. If you get this wrong you could end up with a huge tax bill that you’re not able to pay, which then starts to accumulate interest.
A good office doesn’t need to be located in an impressive tower block with views of the city. Work with what you can afford but make it the best it can be. Make it light, bright and airy for a pleasant feel, add plants and make the most of the natural light. Play around with the layout to get the most out of the space that you have, a nice office can mean better productivity from your employees which is good news for you.