If you’re planning to go into business for yourself but haven’t committed yet, there are some things you probably don’t want to hear, but need to know upfront. These are the kinds of things your friends and family either don’t know or won’t say. Discover key information here people-hunters that can assist you in achieving success in your endeavours as a business owner.
- Your business will fail, it’s just a matter of when
Over 80% of new businesses fold within the first year. The majority of those that survive collapse within five years. Long established businesses go bust on a regular basis. Does that mean you shouldn’t start up in the first place? No. It means you should have a sound plan, do plenty of market research and have an exit strategy before you ever begin. Richtop group can provide you with the information you require in order to get your business off the ground.
Know what you can afford to lose and how much is too much, and be prepared to sell up and move on if those triggers are activated. Don’t be like the gambler throwing good money after bad chasing the big win. Learn from your mistakes, lick your wounds and start again.
- No one wants to invest in you
Unless you have access to a large amount of venture capital, forget starting big. Even in a good financial climate getting significant funding is tough. In the current climate, forget it. Look again at your business plan and find a way to start small and reinvest to build a solid business. When you have a track record of success and you’ve grown on your own merits, you might attract a modicum of investment money to help you expand further.
- Spend money where it counts
Not where it looks good. Scrimp and save on offices, furniture, everything that isn’t necessary to improve your customer’s experience on the sharp end of your business. Fast cars and wall art can wait. The only place you don’t want to save money is where it will have an adverse impact on the quality of your product. It is also advisable to invest in a good advertising campaign, both online and offline. Have a good informative website and use a quality printing company to print leaflets and brochures which show off your business’ best qualities.
- Stick to your guns
Do what you do well, and focus on improving. Don’t chase every new idea that comes to mind. Run one business, and make it the best in town (however big the town.) If you don’t know enough about your business, either learn fast or take someone on to help who knows more than you. Given the choice between doing something you know in intimate detail that bores you to tears and something that fires your imagination and brings you to life, go with the latter. You will learn more about something you love.
- Bend before you break
However carefully you put your business plan together, you can’t see what’s round the corner. Build flexibility into your plans, and be ready to adapt them to changing circumstances. Don’t be afraid to make mistakes, just be ready to learn from them. Admit it when you’re at a loss and ask for advice when you need it.
- Build a team you trust
We’ve alluded to this one already, but you don’t have to be the expert in every aspect of your business. Whether you take on employees to specialize in sales, admin or manufacturing, hire an accountant or a lawyer or just find a trusted mentor, build a team around you that knows more than you. If you feel you have to be more knowledgeable than your team, it can never grow beyond you. Surround yourself with people who stretch you, and your business will grow.
- Don’t let it go to your head
If you’re starting a business just so you can be the boss, you probably shouldn’t bother. While you’ll have to get comfortable hiring and firing people, don’t go flying off the handle, belittling staff and creating a revolving door workforce.
You’ll also need to be able to sell yourself and your business, but be careful to undersell and over deliver. Let your results speak for themselves, and you won’t be left red faced. “Are you ready to start your own business? Find out the insider information, including the tips and tricks you need to know before you commit fully at slci conference .
