It’s not as difficult to set up in business as you might think, but it does need a lot of hard thinking before you do it as well as some good planning so that when you are up and running you can make the business a success.
Bear in mind that some 20% of start-up businesses fail in their first year, and 50% or so in three to five years. So what do you need to do to make sure your dynamic ideas can prosper in the economy?
Research your business plan properly
This is where you set down all the aspects of running your business that will help you set goals and ensure you have a sound base for your entrepreneurial idea. It needs to be realistic, or as realistic as possible, especially if you looking for finance to support your set-up. In the tech arena you may just need a computer, hi-speed broadband and a room to get you going, but you still plan exactly what you are trying to achieve and write it down.
You’re putting a structure in place so you have understanding of the financial requirements for day-to-day trading and how you are going to manage things effectively.
If you need help for certain areas, go out and get it
Very few people starting in business have all the skills needed to help their organisation flourish, but it obviously depends on your experience. You may know your way around the world of IT, apps, software and hardware and be brilliant at it, but your start-up needs to have many other areas looked after properly. Poor management is a leading factor in businesses going under. For example for many aspects of starting and growing a small business – businesses go to sites like Salesforce for help. You can find many sources of assistance out there if you look.
If the minutiae of finance is not your strong point, and let’s face it, bookkeeping and accounting are quite specialised areas, find an accounting firm to support you. Contractor accountants can provide the services you need to keep track of your finances and tax issues. They can do things quickly and efficiently because it’s their niche market, and you don’t have all the costs of employing someone specifically to deal with the money side of things.
It means you’re able to focus on the core of what your business does and look at ways to develop it because you have more time available.
Build your customer base
People who may want your services or products need you to be visible, and though traditional advertising is still a part of many business plans, it’s social media and the web that can generate real business visibility. Make sure your website is an attractive place to visit online and make it as easy as possible to navigate. Set up a social media strategy using the likes of Twitter and LinkedIn to get your message cheaply and effectively out to potential customers and clients. If you’re good on the tech side, none of this will be difficult – you just have to take the time to get it right.
Plan well and be adventurous without going over the top, and your new business will be on the way to being a success.