4 tips for getting your small business up and running
By now you’re ready to start your journey as a business owner and work towards building your enterprise. The only thing stopping is you is, well, you; it’s more than likely that you’re stalling because you doubt your own ability to do this alone. It may be because you’re afraid of failure, or perhaps you just have no idea where you are meant to begin. No matter what the issue is, it’s stopping you from starting your business and realising your dream.
If you’re feeling overwhelmed and have no clue where to begin, don’t worry: all entrepreneurs have been there. Let’s take a look at 4 tips that will help you get your business up and running in no time at all.
Planning is extremely important when you’re starting out your small business. You need to be able to asses all the risks and opportunities that can arise within a short period of time. Some people may argue that planning is no longer essential because technology and working practices are evolving so quickly. However, formulating a proper strategy means you always have a guideline of what you need to do to achieve your goals. Planning ahead means becoming more proactive, as you’re able to respond quickly and appropriately to any challenges.
Find your first customer
Your first customer could be your mum, or it could be the guy who was behind you at the supermarket. Whoever they are, they’re essential to making your business better, as they’ll be able to offer early feedback that will help to improve your business. To find that first customer, use relationships you already have, or try to meet with people who might have a connection to someone in the business community. Entrepreneurs that have been in the same boat as you are more likely to help you if someone they know and trust has put you in touch with them.
Manage your costs
You might think that you have plenty of capital, and won’t run out of money anytime soon, but you need to be aware that this might not be the case. It is vital to keep on top of your cost management, identifying areas where you could be overspending and how you can cut it down. One of the main reasons startup businesses fail is because they run out of money after not paying enough attention to their cash flow problems.
Hire your first recruit
When the workload becomes too much for you, you might consider hiring your first employee. This can be a daunting experience for many first-time business owners, as you may not know where to begin with HR issues like tax and benefits. Before getting started, try and work out how hiring someone will affect your finances – when you take into account their pay and the amount of extra admin work you’ll be responsible for as an employer, can you definitely afford to hire at this stage? If so, great! Make sure you know what the role is that you’re recruiting for, and determine everything from salary and benefits to what they’ll be doing on a day to day basis. Give yourself plenty of time to find the right candidate, and don’t just choose the first person you come across because you think it will save you time and money – being too hasty could cost you in the long run!
What have you learnt from your experience as a business owner so far? If you can you think of any other useful tips that might help new start-up businesses in the Nimvelo community, pop them into the discussion box below and help future entrepreneurs to hit the ground running.