Starting a business isn’t easy. Did you know that up to 50% of all businesses fail within the first year? Poor business planning can lead to unexpected situations that business owners aren’t prepared for. Here we will focus on 8 things every start-up business needs to survive and succeed.
Let’s take a look at the steps you should take:
Business Plan
You may think it goes without saying but it’s shocking how many people start businesses without a clear business plan. Your business plan is essential for your success. If you plan on getting funding from a lender, you’ll need to present a clear business plan and cash forecast so the lender can be sure your business will make the money it needs to pay back.
Your business plan must be a realistic vision of your business’ future. It’s a great way to set goals and see them through.
Business Location
Where do you plan on running your business? Many businesses start off at the home address of the owner. However, having a dedicated business location often looks more professional to potential clients or customers.
Look at the best locations for your business and your budget for the location. Try and meet somewhere in the middle so you get the best value for money. Start to build up a client base in the area closest to your business location.
Point of Sale
You should get a point-of-sale system for your small business from this website before opening your doors. The last thing you want during your grand opening is to not be able to sell any products because you don’t have a POS. Your POS system will allow you to log what you sell and take cash and card payments easily.
You should also be able to track items sold via receipts in case customers want to return or exchange items. It’s an investment rather than a purchase because it allows you to run your business smoothly.
Branding
Branding is just as important for small businesses as it is for big businesses. Having a brand is a great way to establish trust with your customers. Your customers should be able to see your brand on a product and immediately know they can trust the quality of the product.
Your logo should perfectly encapsulate your business and what you offer. When your customers see your logo, they should know what to expect and be tempted to find out more.
Marketing Plan
Your marketing plan should detail how you plan on getting the word out about your business. Fortunately, there are many ways you can do this. Social media is a powerful marketing tool that every business should make the most of.
Similarly, your website should have all the details visitors need about your business and your products. You could also consider email marketing with your loyal customers, perhaps offering a reward scheme for their loyalty.
Your marketing plan should be full of ways to reach your target audience and get vital information to those who should be seeing it.
Financial Advice
The first few years of any business can see it financially stretched. Some businesses don’t even make a profit for at least the first year. You may find that you’re spending more than you’re earning for a while which is why it’s so important to get sound financial advice.
Find a financial advisor that you trust. Ask for recommendations from other business owners to make your choice easier. When you know how to use your money wisely, you can put your business in a much better position for success.
Don’t Run Before You Can Walk
Starting a business can be exciting and there’s always the temptation to run before you can walk. Many business owners get ahead of themselves instead of taking things slow and measuring the success of products. Businesses should always be data-driven so smart decisions can be made.
Take things one step at a time so you can see how your customers react to products. Think about longevity first and foremost. Although a product may have an initial good reaction from customers, will it stand the test of time? Remember that patience is a virtue.
Find a Mentor
If you’ve never been in business before, it’s a good idea to get a successful business mentor. Getting advice from someone who has been in your position before will put your business in good standing for the future.
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