Have you recently decided that your dream is to run your very own business? If so, then you may be wondering where the best place to begin is. When you have your own company you are responsible for everything. Getting it right from the start is essential as you may know that up to 90% of new businesses don’t make it through to their fifth year of trading. This can be due to many reasons, including not having knowledge of running a business or running out of money along the way. For 10 tips on how to start and run your own business, with all the crucial components involved, take a look at our article below.
By Team Savant
Image: Sincerely Media
Know What You Want
This one might seem obvious, but one of the very first things you need to do when you are wanting to start your own business is think of an idea. Every single business around today and even the ones that didn’t make it, started with an idea. You might want to get yourself a notebook so you can write down all your business ideas as and when they come to you. Along with these ideas, write down any pros and cons that come to you at that moment.
Research
Time to get your thinking cap on and hit the laptop for some research. You will ideally need to create polls to send out to potential customers and clients. This will give you a better understanding as to whether they want your business and will shop with you when you open. If you find that there is no need or desire for your company then you may not receive many orders. Something else that will provide you with clearer answers is looking into your competition. You can find out how much they make each year, what their main demographic is, and how much they charge.
Budget
How much money do you think you need to start your business? You may have heard that you can start one with nothing in the bank. While you can do this, it tends to be an already established business being handed down to someone else. If you are starting a brand new business then you will certainly need some funds. Work out all the things you need to purchase for your company and what aspects of your business will need more money than others. If you don’t have this final figure to hand right away then you will successfully need to apply for a business loan.
Business loans can be a risky business as you need to ensure that you have the monthly payments to be able to pay it back. Remember, if your business fails then you will still need to pay back your loan. Find a reputable bank with great business rates.
Supplies
Without supplies you won’t be able to sell anything either in person or online. Your supplies come from your suppliers and you need to shop around for the best deals. Don’t be afraid to start off with one supplier and move to another if they offer you better value for money. The business world is a chain of sorts where you are buying from another business to sell to customers of your business. Everyone is trying to make a profit so prices may occasionally rise and fall. It might be cheaper to look for a supplier outside of your home country, a lot of businesses do this. Just be aware of shipping fees and other costs involved with getting it over to you.
Online
A lot of businesses these days need to decide if they are running their business from home or whether they will have an actual office or shop. Covid-19 taught everyone that it wasn’t impossible to work from home and run everything from the comfort of your sofa. There are pros and cons to both these options. For instance, working from home means you save your carbon footprint but you may lack productivity. See which works best for you and the type of business you are running. If you decide to run solely online then you may need to find somewhere to store your stock before orders come in. If you don’t have any spare space within your home then storage lock ups are an option. That way when you have a bulk of orders come in, you can take a trip there and get everything you need.
Location
If you want to have a shop where your customers and clients can mooch around then you will need to decide where you want this. If you are relying on foot traffic to get you the most sales then you need to be situated within the hustle and bustle of towns and people. Be aware, the closer you are to transport links and town centers, the more expensive your rent will be. You can always rely on signage and people using maps on their technology to find you if you want to save some money.
Website
Your business website needs to be as user friendly as possible. In an ideal world, your customers and clients will be no more than three clicks away from the page or product they are looking for. If it takes too long or they can’t find what they want then they are likely to take their money elsewhere. If you don’t want your competition snapping up your sales then you need to have a strong, stable, fast website from the get go. Speak to web design companies if you don’t have any experience of building websites.
Branding
Something else to think about when you have your own business is what branding you are going to use. When you have interactions with customers, clients, and business partners, how are they going to be reminded of how awesome you are? This all comes from branded items such as T-shirts, pens, or even mugs. Take a look at a site like promosuperstore.au which will give you some ideas on what would be the best options for your business.
Employees
Another thing to consider for your business is whether or not you are going to have a team of employees. If you are then you will need to go through the hiring process to get a great team under your belt. It all comes down to hiring a team that not only works well together but who will also work independently when they need to. This is pretty apt for the current time when a lot of companies have adopted a hybrid or totally remote workforce. As a boss you need to be confident that your employees will get their projects and tasks finished on time.
Tech
Finally, when you run a business you need to have up to date tech to help it run smoothly. If you have ever rung a company and been told that their systems are running slowly then this is due to the old, outdated tech that they are using. It can be incredibly difficult for new businesses to fit new technology into their budget. However, there are ways to do it saving money but still getting the very best. Two options you have when it comes to kitting out your office, you could rent your technology until you have enough of a profit to buy new. You could also buy older technology that still uses the same software and systems as newer tech. So for instance, if you are getting company phones then get a slightly older model rather than the latest one just released.
We hope you found this article helpful and that it gave you some reassurance around opening your own business. If you relax, take it easy, and know what you are doing then everything should be plain sailing. Of course you may encounter some issues or obstacles along the way, it is all about how you handle these as to whether or not you stay afloat.