Firstly, a HUGE congratulations for deciding you want to start your own business!
That’s a huge step and the beginning of a very exciting venture. For more information on how to get going, here are four tips
Who Are You?
This may seem an odd question, but who are you as a business?
This is where many come unstuck. It’s imperative you know what your business has to offer and how it will set itself apart from the competition.
It doesn’t have to be complicated or sophisticated, just clear, honest and straightforward.
- What’s your mission statement?
- What do you hope to achieve from your business?
- Who do you expect to benefit?
The answers to these questions will certainly steer you in the right direction.
Research your sector, clients and competitors
Your Business Concept And Field
You probably won’t be the first person to come up with your business idea; but if you have, that’s fantastic!
Either way, it’s essential to do your research and investigate any potential competitors.
Your business will learn and grow from the mistakes and successes of other companies.
Therefore, it’s crucial to keep an eye on the market.
That said, never copy other brands – just allow their operations to inspire you!
Sourcing suppliers can be a tricky business.
They need to complement your business goals and the ethical bias of your product.
If the shoe doesn’t fit, don’t buy it!
Top Tip: Do a trial run with potential suppliers before signing up to do ongoing business with them.
Pricing and Funding
Get the pricing wrong, and you will either see an increase in sales with no profit or no demand for your product.
A profitable pricing strategy, in addition to your businesses funding, whether that be personal or public, has to tally up correctly to ensure business success.
The Route to Market
How are you going to get your brand out into the public domain?
Without a strategy, your business is going nowhere.
So, if you haven’t already, make sure you create one!
Aim High But Stay Realistic
The majority of new businesses fail during their first year.
This is mainly due to the financial expenses of starting a new company.
Therefore it’s essential to stay realistic. For instance, you could set yourself two targets for the year – one for your minimum profit range and another for your desired target.
If you can achieve a financial turnover between those two targets, you are destined for growth within your company.
This is what keeps your business running, so your books must be kept organised and easy to access.
If this isn’t your strong suit, it’s strongly suggested that you employ an accountant.
This relieves lots of pressure when it comes to keeping on top of your expenses and ensuring all the necessary tax laws are followed.
To learn more, get in touch with us today.
This blog was produced in collaboration with Estate Agents Leicester: The Lettings and Sales Business and producers of Comfortable Shoes: Jhuti.