If you have a fantastic business idea that you want your dreams to come true, you’ve come to the correct location, in this short blog, we offer advice to entrepreneurs on how to effectively set up and manage a small venture.
- Start with a business plan – Once you have done some research and your idea seems doable, the next step is to crunch the numbers and plan the operation. A comprehensive business plan would answer any questions that a potential investor might have; a good plan would be 15-30 pages in length and would cover every aspect of the business, from start-up costs to marketing and everything in between. Play devil’s advocate with your business plan, trying to find fault and when you think it is finished, ask a business coach to take a look.
- Registering the business – There are numerous types of business registration and if you consult with a business lawyer, you will receive the best advice. This can be completed online via a government website with the minimum of effort and once registered, you are ready to trade. Talk to a local tax agent for small businesses and they will steer you in the right direction.
- Funding – Creating a business plan should result in knowing your start-up costs, plus you should add another 25% to cover unexpected costs, which there will be. The first year is a difficult time for every new venture and a portion of new businesses do not make it into their second year. If your budget is limited, consider taking out a business start-up loan from a reputable online lender.
- Marketing – If you think that word of mouth is enough to get your message across, think again. Without a digital marketing plan, you are unlikely to succeed, so do invest in digital marketing from a leading agency. Click here for 3 ways your business can save money.
- Essential insurance – Every small business should have public liability insurance, while you should insure your business premises, stock, and all commercial vehicles. This minimizes risk to the enterprise and if you consult with a good business lawyer, they can advise regarding insurance.
- Hiring staff – A business is only as good as the people it employs; the right attitude and mindset are important and if you put customer service as a priority, this should result in happy clients. Use an established recruitment agency to help you find the best candidates and they will screen all applicants, leaving you with an interview shortlist.
- Dedication & commitment – It takes a lot of hard work to launch a business, therefore you need a high level of commitment and dedication to achieve your goals.
- Make the best use of available technology – Store your business data on the cloud and use specific business software to streamline your processes.
This is an exciting time and with the right preparation and planning, you have every reason to expect a level of success.