Starting up your own business can be extremely daunting. It is one of those things that people perhaps dream about, but only a small percentage of those people actually take that leap to make it happen. It is, of course, something that you have to consider carefully. Leaving a job that gives you security and a consistent wage, jumping into the unknown, it can be a scary prospect for even the most daring of entrepreneur. But it can also allow you to reach new heights, overcome fresh challenges and finally strike the balance between working and home life. So what can you do to ensure that you get the best out of your new business venture? I wanted to share with you some of the steps you can take.
Making the right decisions from the start
Sometimes you need to think about making the right decisions from the start when it comes to your business. You may have the idea that you think is going to be the next big thing, but making it happen is actually a different story entirely. There are many things you can do to ensure that you get your business off on the right foot. Here are two of them to help you get started.
Having a business plan
A business plan is such an important element of any startup business. Not only does it help you outline the plans that you have for your business, but it can also help you secure any investment you need to make the business happen. A business plan can be done yourself, using some of the many guidelines available online. But you could also consider having someone do it for you.
Working from home
At the beginning, it is only wise to start thinking about the overheads that your business might incur, and so many startups begin their lives in the comfort of your home. It gives you immense flexibility, a chance to work on your business at times that suit your needs and family, and can also help to keep the costs down. Don’t be fooled into thinking you need an office or store from the get go.
How do you market your business?
Marketing is such an important element of your business, and so you may want to think about how you can make more of it to ensure that your business is seen, is engaged with, and also brings the sales in. There are so many more different ways that you can market your business these days, and with a lot of focus on the online world, you can also feel like you get lost in it. Here are two ways to focus your marketing.
Using social media
Social media is a great tool to have when it comes to marketing your business, and is no one of the most favoured ways to be seen. However, with so many businesses taking advantage of the social media phenomena, you need to be able to stand out from the crowd. Think about the way you share content, think about how often you respond to comments and direct messages and lastly think about the consistency in which you post. There is more online on how you can enhance your social media presence when it comes to your business.
Thinking outside of the box
It is important for you to ensure that you also think outside of the box when it comes to marketing your business, and now more than ever it is important to spot trends. Using local businesses and supporting smaller companies is actually something more people are proactively trying to do. So why not focus on your local advertising a little more? You could get involved with community events, advertise in local papers and join forces with other companies in the area.
Who do you have working for you?
The next thing you may need to start thinking about is the employees you have, or if none yet, how you plan on expanding your business in this way. The people you have working for you are important aspects of your business.
Getting the right people in from the start
It is all well and good employing anyone, but you need to make the right decision when it comes to who you have working for you. They are representing your business and company values at the end of the day. If you can, try and get younger people into your business and using companies like ARCies means they can be trained from the start ready to take active roles within your business. Having a hand in the training and development of younger people not only benefits them but you as a business.
Taking care of your employees
Once you have your employees you now need to start thinking about how you can ensure they remain happy in your business and continue to do a good job. Taking care of their welfare and wellbeing will now be your responsibility. Think about the incentives you have, the business environment they work in and also how you communicate with them.
Have you set yourself the right level of goals and targets?
It is all well and good focusing on your business when it comes to marketing and advertising, or ensuring that the people you have working for you are the right type of people, but you also need to think about setting yourself the right level of goals and targets in which you want to achieve. Have you thought about where you want your business to be in the next twelve months? How about five years from now? Is the plan to expand or to sell? To keep ticking over or move on to new ventures?
Is expansion on the cards?
Expanding is definitely one target and goal that a lot of business owners have in common. You, of course, want to ensure that your business becomes the best it possibly can do. Expansion is one way to do it. You can think about doing things such as moving on to larger premises, or maybe expansion is in your product or service range. Maybe adding to it, or using it to progress onto another area within your industry. There are so many things you can consider with this, and having this as a target is only going to ensure that your business becomes bigger and more successful in time.
Moving to a new premises
As mentioned previously, another common goal has much to do with the place you work from. Many businesses start off at home, and expansion might mean moving into a new office or taking on a business premises. However, if youa have done that already then the goals you may have might be for a retail store, or more than one. As your business grows so is the likelihood of where you work.
Are you in the right frame of mind?
Maybe you need to think about your mindset and how that can actually help move your business forward. It is a great way to shift your focus and ensure that you are doing all that you can to achieve the targets that have been set. Your mindset is valuable and it can be the difference to being great or not succeeding.
Your business leader skills
Finally, are your business leader skills up to scratch? The truth is they may need some work, and this can have much to do with your plans for moving your business forward. Keeping staff, having people inspired by working with you. It can make all of the difference.
I hope these tips help you when it comes to getting the best out of your business.
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To your success,
Vinh Van Lam & Stuart Horrex
Your Coaches ArtSHINE industries