Starting a business is a big thing, people often underestimate the time, energy and dedication it takes to start and maintain a business, that is why nine out of 10 start-ups fail.
Here are 10 tips to help get your business up and running.
1. Choose a Strong Name
Choosing the right name for your company can have a big effect on your business and how it will grow. Firstly, try to avoid names that are hard to pronounce for either employees or clients.
Make sure it’s a name you can be proud of and don’t forget to carry out a thorough trademark search to ensure there are no restrictions in using it.
2. Test your Product/Service
A great product or service is one that has been tested extensively before it’s launched. Whilst it will develop over time, you want to make sure you release something that people will want/value at the price you are offering and will buy into.
3. Your Website is your Shop Front
Taking the time to build a good website, that shows off your business to potential customers or investors will be invaluable to you.
Do your research by visiting competitor’s websites you can get an idea of how to create yours. Most importantly though, find a skilled website designer who can help strengthen your brand’s online image.
4. Find a Home for your Business
Decide whether starting at home or in an office is best for you. Home is cheaper but an office environment is more professional and better for recruiting staff/meeting clients.
Coworking spaces are great for start-ups and its prices for serviced offices can actually be very cost effective.
5. Protect your Personal Assets
Start your business as a S corporation, C corporation or limited liability company (LLC), this way you will protect your personal assets from being at risk. All aren’t especially hard or costly to set up, but they will safeguard against any financial risks in the future.
6. Insure your Business
One of the of the first things you should do as a new business owner is make sure you’re insured. By shopping around for the best policy for your business you will ensure you are covered for any eventuality.
7. Market your Business Well
You can have the greatest offering in the world, but if nobody knows about it – it’s worthless.
Online marketing allows businesses to scale quickly and test for success easily. Start focusing on how to grow your business early on.
8. Get the Right Tech
In 2020, companies need incorporate and utilise technology from the get-go. By setting up a cloud storage system for all your emails and files, you shouldn’t lose any data in the event of fire or theft.
9. Ensure Funding is in Place Early
Business funds come from all types of sources, from personal funds to bank loans and even crowdfunding. However, you go about building your capital make sure you raise enough to give your business the best start and do it whilst your business is in infancy stage.
10. Stay Focused and Plan ahead
With so many businesses failing within the first year, you need to make sure that you stay focused, are constantly evaluating your success/failures and making changes when needed.
Starting a business is never easy but it can change your life for the better if you approach in the right way.