If it’s your New Year’s resolution to finally get a business venture off the ground, you should be prepared for ceaseless hard work, seemingly endless sleepless nights, and the very real prospect of failure.
Of course, it’s not our intention to kick you before you’ve even started, but it’s prudent to be aware of the potential pitfalls, with statistics showing around one in three start-up businesses in the UK fail in their first three years of operation.
Typically, these failures are very rarely due to lack of effort on behalf of the business owner, but rather crumbling under the pressure of attempting to cope with the day-to-day stresses of running a profitable company.
While it’s easy to mock from afar and claim that it would never happen to you, it’s still prudent to equip yourself with a plan of action before you swing open your company’s doors for the very first time.
With that in mind, our top tips for the fledgling business owner, below, aim to take some of the pain out of those first 36 months of trading…
Boost your power supply
As you begin your business venture, the need to conserve cash is paramount – and energy bills have the potential to be one of the biggest costs if your firm doesn’t get it right. Nowadays, the range of power supply options is numerous, but you should ensure the siteworks (the installation of the infrastructure) has been completed before you even think about moving gear into the new office.
Hire the right team
With any firm, staff are one of the most important elements – which is why it’s crucial to hire the right team to assist you in making a success of the business. Put simply, the right man or woman for the job is likely to make your job infinitely easier, so take the time to pore over the candidates and be confident you’re making the correct choice.
Scout out the best location
Securing the ideal premises is a crucial decision on the road to success, but finding somewhere that’s both affordable and accessible can cause a potential headache. Admittedly, with much of our business conducted online, this is less of a deciding factor if the need to meet your customers face-to-face is not a great concern.
Keep on moving
Once you have established a foothold in your industry, it’s vital not to become complacent and stuck in your ways, as this has the potential to affect future sales. Instead, scope out your competition and understand what it is they’re doing that you’re not, and try to work this into your future business plans to pass them on the way up …