Setting up, running, and maintaining a business is nerve-wracking, even for the toughest of people. We’ve compiled some of the best tips and advice on making your business dreams a reality.
Stuck for where to start?
You won’t be the first person! Every business has to start somewhere, after all. A key piece of advice is to research, research, research. Research everything from the marketing you’re thinking of entering, to any competition you may have, and beyond. Implement surveys and questionnaires to gain a good idea of your market, and receive feedback which will come in handy when tailoring your business to your target market.
Finances are the key thing to consider when starting a business. Consider how much will be needed to get your business started, how you would then go on to finance the start-up phase of your business, and then how long it would take for your business to turn a profit.
Depending on what sort of business you plan to start, consider any sort of insurance you may need, any legal structures, or any industry-specific regulations. Solicitors, be they local solicitors or employment solicitors specifically, can help you with this and many other factors you may need to consider when starting a business.
Also make sure to write up a business plan of sorts, and consider any obstacles and setbacks you may come across, and how you would deal with them. Not too much planning, though!
One of the most beneficial things you can do when starting a business (and after you’ve started it) is networking. Gather a wide range of contacts, including any partners or suppliers you may need. Choose who you spend your time with wisely; go for inspiring, positive people!
My business is on the go, but how can I keep it running smoothly and stay on top of everything?
Preparation and organisation is key. Make sure any initial paperwork is completed at the outset, to save hassle later on. Practice good record keeping also. Investing in software and hardware can make keeping track of things a breeze, but if you still find it difficult for whatever reason, consider hiring someone else to do it for you.
Which brings us to our next point; don’t pile all the pressure on yourself if you can’t handle it. If things prove to be a bit much more than you expected, consider outsourcing. If you choose to hire more staff, divide tasks amongst them, and empower them to take charge of them.
When it comes to staff, networking, or outsourcing- surround yourself with positive, motivated people who excel at what they do.
No matter what sort of business you decide to invest in, your health comes first. Reward yourself for good work, don’t push yourself too hard, and always remember to take breaks when you need them.
If you need any further information or require legal advice on business law, solicitors such as Clapham & Collinge have expertise in all areas of business and can help with anything you may need. For more information call 01603 693500 or visit the Clapham & Collinge website.