Seeing your business vision morph from a daydream into a fully fledged reality can be one of the best moments of your life. All the years of effort, time and no social life could see your money making venture take off and hopefully hold its own when competing with its more established rivals. However, one scary statistic that every business owner is acutely away of is the fact that only one in five small businesses make it past their first eighteen months of trading. Take a look at these pitfalls to avoid if you want to ensure that your brand is one to survive the startup turbulence.
The key to any business venture is in the preparation. It’s vital that you have all of your ducks in a row before you even attempt to make your business idea into a viable physical entity. Begin by utilising one of the templates on bplans.com and construct a well thought through business plan that details your financial forecasting for at least the first year of trading. Consider where there may be financial lulls that your company will have to encounter and try to mitigate them. Don’t be afraid to address potential problems. By facing them head-on at this early stage, you’ll be well prepared if they do end up coming to fruition.
Many small business owners underestimate the initial costs that go into setting up a company. As you begin trading, you may be overjoyed at the sudden surge in orders that you receive because your online marketing strategy is working. However, this spike in orders will require you to source or make more products. This costs money and could have a knock-on effect on the quality of your customer service.
It’s vital that you have enough funding initially to cover your overheads, staff wages and any processes you outsource. Although you may have savings or have the backing of a business angel, you may want to secure more funding by applying for a small business loan. If you head to businessloans.co, you’ll be able to read up on the tips and tricks needed to secure the most favorable business loan in 2017. With a greater pot of money, your business has a greater chance of success.
Hiring The Right People
If you are planning on taking on staff, it’s vital that you hire the right people. This doesn’t mean employing the first person that comes your way from an Ivy League college and a resume printed on posh paper. You need to interview individuals to see if they will fit in with the ethos of your company. You need to ensure that everyone in your staff team shares your business vision and has the drive and determination to turn it into a reality.
Starting a new business in the twenty-first century can be a daunting experience, but also a satisfying one. With the appropriate planning, commitment and financial sense, you will be able to turn your business dreams into a reality.