Month: December 2021

Each year, there are over 627,000 new businesses registered. This seems like an extraordinary figure, but in actual fact, 60% of those businesses will fail within the first three years and 20% within the first twelve months. So if you are thinking about starting your own company, how can you ensure that you are in the 20% of organisations that see long term success?

The key is in the planning. Rather than jump in all guns blazing, the most successful entrepreneurs take their time to set their affairs in order and lay the foundations. The steps needed to start a business are numerous, so before you get started on your journey it would be wise to ask yourself a few questions. This will help to give you a better idea of what your company will look like, and whether or not you are ready to take this step.

With this in mind, here are the three most important questions to ask yourself before starting a business.

Why do I want to start a business?

Before you make any major life decision, you should always seek your why. The reason for wanting to take this journey. Understanding your motivations will help you discover whether the world of business is truly the right course for you, or if it is just a fleeting desire. A little introspection will help you determine you are motivated by money, fame, success, or the desire to create something from nothing. Maybe you have more noble reasons such as a genuine desire to help consumers fulfill a need or a wish to make the planet a better place. Having a clear view of your goals and targets will keep you motivated in the difficult early years of the business.

Am I willing to put the hours in?

Getting a business off the ground is not easy. You will have to put in a monumental amount of time and energy to keep things going. Your responsibilities will go beyond that of a business owner, as you’ll also be wearing the hats of accountant, marketing manager, salesperson, and IT support. You will be up at the crack of dawn and working late into the night sending emails, ordering supplies, and seeking new business opportunities. If you are not willing to graft, or you think your current personal and professional responsibilities might get in the way, then this might not be the right time for you.

Can I do it alone?

Are you able to get the business starting and keep it running all by yourself? Hiring employees is expensive, so you may wish to go it alone in the beginning. This can save you a huge heap of money, but it also means a great deal of extra work. Bringing in a small team, although costly, will give you more time to focus on the business and you’ll also benefit from the additional ideas and experience floating around. Alternatively, you could consider outsourcing your needs to a third-party company.

DANGER! Your company’s survival is in jeopardy. In the ever-competitive world of business, you’re up against other business executives who want a cut of your profits. Certain efforts must be taken to counteract this. If you don’t, you could end up like a lot of other businesses that have gone under in the past. Goodbye! Consider the following if you want to succeed.

Step 1: Make a game plan for success.

Every business owner must plan ahead of time. In spite of the fact that your plans may alter throughout the years, you should still take steps that will support your growth. It’s important to know where to spend and conserve money, as well as how to negotiate. Reading, talking to other company executives, and attending industry events are all ways to gather vital ideas to help you thrive.

Step 2: Recruit the best people

If you run a small business out of your house, you may not even need to hire anyone. A full-time employee may not be necessary for you, but it may still be worth looking into hiring someone on a part-time or freelance basis. Get recommendations from people in your sector or read reviews of outsourcing businesses to discover the best employees by using headhunters to find the ideal workers.

Step 3: Safeguard your company.

There are numerous threats aimed at bringing your company down, therefore you must safeguard yourself. This involves obtaining the most up-to-date antivirus software to secure your online procedures from cyber-attacks. Install a firewall and password to protect everything, particularly if your computer contains important information about your business and its clients. Don’t forget about legal protection. You want to safeguard your intellectual property from competitors attempting to steal your ideas, and you also want a lawyer on speed dial in the event of electronic payments litigation , or in case a client fails to pay you for services performed. Arrange your defenses in such a way that you avoid falling victim to any of the concerns that could ruin your company.

Step 4: Continue marketing your business at all times

Prior to going live, it’s usual for companies to ramp up their marketing efforts, only to back off once the money starts rolling in. Never let yourself become complacent. Always be looking for fresh ways to get your name out there. If you don’t have the time or resources to devote to acquiring new customers, consider hiring a marketing agency to help you. The latest trend in marketing is digital, yet classic methods like word-of-mouth and traditional advertising can still be effective.

Step 5: Don’t overwork yourself.

Last but not least, keep in mind that you have a life outside of work. It’s understandable that you want your business to flourish when you’ve put in so much time and effort into it. However, if you get too fatigued to work, you risk derailing your own business. So, get lots of rest, hire others to help you if necessary, and spend time doing things you enjoy in life. Afterwards, you’ll be ready to take on the challenges of your business with a new outlook and a renewed sense of purpose.

We wish you great luck in whatever venture you are embarking on!