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Are you thinking of starting your own business? Setting up a new business venture is an exciting time, but it can also be a bit daunting.
In this post we’ll outline the steps you need to take when launching, as well as the crucial mistakes you need to avoid.
Be as lean as possible
If you can focus on being as lean as possible, then this will help you to keep your company running at an optimal level.
For example, you may be able to save money on office space by having some of your team work from home, or sharing with another business.
Focus on your team and invest in your future
You won’t be left with much of a business if you don’t start bringing customers in at an early stage. By surrounding yourself with a great team, you can make sure that you have all your bases covered to make a go of your new venture.
If you want your sales team to deliver, then it’s wise to give them the right sales tools to do their job effectively. Good salespeople can easily become great if you give them the right working environment.
You also need to provide good customer service alongside making sales. Simple things that can help here include adding a live chat to your site, and providing good after-sales support. If you want to learn how to add online chat to your website then there are many resources out there that you can use.
Focus on your product
An easy mistake to make when starting your own business is trying to be everything to everyone. You need to avoid watering down your offerings if possible, and instead focus on your strengths.
If you start with a small number of products or services, this will make life easier for you and your buyers. Over time, you can add to your product or service lines. Starting with a single focus will help you to create a brand image that suits you, while also creating a niche in your specific sector.
Keep a side hustle
It could take a while for your business to turn a profit, and you may need to continue another job on the side in the short term. If you’re serious about running your business, then you need to make sure that your side hustle isn’t too time-consuming.
Remember to use any other job as an opportunity to learn something that benefits your new business. For example, if you work in the retail sector, then take a look at the customer service your employer provides, and where they might be getting it wrong. Taking these learnings into your own business could save you some costly mistakes.
Grassroots marketing
If you’re starting your own business, then there is a high chance that you don’t have lots of cash floating around, so why not capitalise on grassroots marketing?
Creating a presence on social media, adding a blog section to your website, and writing articles for relevant publications are all low-cost ways to spread the word about your business.
Do bear in mind that you will have to pay for some marketing, whether through Google, social media, or traditional print. It’s a very good idea to build a marketing budget into your projected costs right from the start.
Free courses
Getting a business education doesn’t have to cost the earth. In fact, there are many low-cost resources that you can use to make sure you get off on the right foot.
Creating a business will take a lot of planning and analysing, but at some point, you will have to begin putting your processes into place. By taking a course, you can make things much easier for yourself.
Attempt to journey map
Whatever type of business you intend to start, you have to make sure that you have a solid grasp on your customer journey. This will help you to market to them every step of the way.
If you don’t know your customers and the journey that they are taking, this will make it difficult for you to understand how to reach them. Knowing how your customers are finding you will allow you to target them much more easily, and this can help to increase sales.
Learn about email marketing
These days, if you want your company to be a success, it’s usually vital that you look into email marketing.
If you can send out emails that are based on the type of behaviour that your customers are showcasing, then this will help you to create a loyal customer base and keep advertising costs down.
Don’t let algorithms impact your business
Platforms like Facebook are known for continually changing their algorithm. This has made the lives of business owners across the world very difficult. Make sure you track your results, and focus on what works for your company.
It’s also worth prioritising the platforms that you do own; namely, your website and your customer email list. You have complete control over these, and they won’t be affected by algorithm changes, so this is where you should be focusing your efforts.
Automate your procedures
Want to save a lot of time when starting your own business? Look at automating some of your processes.
Start by looking at the processes which are taking up most of your time. You can then find ways to try and free up your resources. It may be that you hire an accountant to handle your tax returns, or invest in money-tracking software for business expenses. Things like this can make running your business much easier, and might even save you some money.
Consider hiring an agent
It can be difficult for you to manage all of the paperwork involved with starting a business. A company formation agent can walk you through the process, and they can also help to make sure that you are forming the right type of company for your needs.
If you decide to go at it on your own, then there’s nothing wrong with this, but you do have to make sure that you are doing your research, and that you understand the consequences of the decisions you’re making.
Find the best location
Location is everything when starting a business. The city you choose for your company base will influence how much rent you pay, the number of customers you get, and even your brand image.
If you want to make the most out of your business, then you should choose a location that suits you as well as your customers. It’s also wise to identify location-specific expenses, such as average rent prices. Lastly, ensure that the location is a hotspot for your target demographic.
If your business is based online, this is a step that you can skip – but you still need to do your research! A good website host and website designer are absolutely vital if your online presence is your shop front.
As you can see, there are lots of things to think about when starting your own business. But by taking it one step at a time, and getting advice along the way, you’ll be in a good position to make a success of it.
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