There’s no time like the present to get your startup off the ground.
But if you’re simply relying on a half-hearted business plan as the only propeller to help your firm fly high, it’s time for a harsh wakeup call, my friend.
For the fledgling business owner like you, it’s important you’re aware of the smallest details when starting out. Why? Because even the tiniest difficulties can turn into colossal nightmares.
Indeed, the Office for National Statistics show one in three businesses fail in their first three years due to money mismanagement, planning failures and overestimating their product or service.
Sobering thought, isn’t it?
To avoid crumpling in a heap of shattered dreams then, it’s crucial you avoid any complacency, while keeping an eye on your competition and understanding their strengths and weaknesses.
Once you’re ready to face the hard work, sleepless nights and fractured relationships, not to mention the inevitable bumps in the road, read our top five tips below …
Choose Your Premises
If you need a physical location to set out your stall, find premises that are not only big enough, but that fit within your budget. Yep, cash is tight, so a less desirable location may be necessary. However, rather than having business associates ducking gunfire and gangs on the way to your office (probably), it’s wise to use video calls and emails until you can afford to relocate.
Get Au Fait with the Power Supply
It may sound trivial, but power bills will be one of the biggest expenditures your company will face in its infancy. To keep track of spending, it’s worthwhile installing a meter assets manager to pinpoint areas where energy usage can be slashed and money saved. Again, it’s a wise move to lay the groundwork before you and your employees move into the space.
Find Good Employees
Although it may only be you and a business partner to begin with, once the ball is rolling it’s inevitable new staff members will be on the agenda. The part they play in your success, however, will depend on how stringent you are with the hiring process. Take time to find the right person for the job and your measured judgement should result in many years of faithful service.
Balance the Books
In the beginning, every penny will be a prisoner, so it’s vital you keep track of your finances, lest your business crashes and burns faster than a paper aeroplane doused in kerosene. Although managing the cash can be a daunting prospect for those wet behind the ears, it’s something you need to have a handle on as it’s one of the most common reasons a new business venture will fail.
Featured image credit: Multi-Ethnic Group of People Planning Ideas/ShutterStock