If you are in the process of building your own business then you may already know that a high percentage of new businesses will fail within the first year. If you don’t want this to be you then you need to put some extra time and effort into creating a strong and resilient company. You may need some tips and tricks on how to make this happen, take a look below to find out more.
Money Talks
One of the most important things your business will need is money and a budget. If you have heard that you can start a business with little to no money then you are correct. However, this tends to be companies that have been handed down to someone or ones that are solely based online. When you are building a bricks and mortar company from the ground up then you will need a large chunk of money. It can take up to three years before profits start rolling in, you will need enough to get by for this amount of time.
You could write everything down that you need, including prices. Once you have worked this out then give yourself some extra wiggle room with the final figure, this will cover you for emergencies or items you may have forgotten. If you don’t have the money to hand then you will need to apply for a business loan. You could also work with investors to see if you could make the money that way.
Business Plan
You won’t get very far without a business plan in place. This will have all the relevant information about your finances and the budget. Having it all written down in one place ensures nobody is left out in the dark when they come and work for you. You don’t want your business to fail so everyone needs to be on the same page heading towards the same objectives.
If you need a helping hand writing your business plan then you could use a business consultant. They are experts in the field and will know exactly what your business needs to not only survive, but thrive.
Location
Are you going to have a physical location for your business? This is something you need to think about and know the answer to before you open up to the public. If you decide to work from home then you can save money on outgoings like rent. However, it means having to trust your employees or not have employees at all. This can make your life a little more complicated when it comes to knowing what everyone is doing and if they are actually completing their workload.
If you need a physical location and an office block for your employees then you need to find this. Speaking with a commercial realtor who can help you find the best location is ideal, that way you get the best deal for your money.
Apps & Software
Something that every business uses nowadays is apps and software to ensure the smooth running of their company. If you aren’t using anything like this then you can find yourself falling behind everyone else. For instance, you could use an accounting app to process your figures each month and to send out invoices to customers.
If you want everyone in your team to have access to the same system and files through email then you might want to use the add on NetSuite For Outlook. This makes life a little easier for you and your employees as you aren’t all asking where the right files are located.
Legal Woes
Another common issue that you could run into when creating your very own business is legal problems. This can stem from not having the right paperwork in place or something happening within your place of work. If something were to happen and you didn’t have the right insurance then you could face being sued for a large sum of money. This can be detrimental for your business, and could even lead to it closing down.
Speaking with a lawyer will go a long way in keeping you heading in the right direction. Finding a good one is key and you should check reviews before you sign on the dotted line.
Employees
When you start your very own business you will need to think about whether you are going to hire employees. New businesses don’t always need employees to help run things, although it might help. However, when business picks up and you have lots of customers and clients then you may change your mind and hire some extra folk.
You don’t want to end up with a high employee churn rate so hiring the right people is crucial. A high churn rate can send your business down the drain pretty quickly. If you don’t want to go through the hiring process yourself then you could always work with a recruitment agency, they will do all the legwork for you.
Customer Service
Lastly, if you are wanting to build yourself a strong business then you need to have amazing customer service skills. If you don’t have this yourself then you could hire individuals who have extensive experience in the world of customer service. Having a separate customer service team means you won’t be keeping your customers and clients waiting for a response to anything they ask.
If you add a chatbot to your website then this can be preloaded with answers, which takes away some of the pressure from your team. However, if there is no answer suitable to their question then the chatbot can automatically connect you with them to help. Many customers and clients prefer speaking to customer service agents online, this will likely get you more business and therefore more money.
So there you have it, building a strong business isn’t too hard when you are armed with all the knowledge and tips you need. Of course, there may be hurdles along the way. But a wonderful business owner will be able to overcome anything that is thrown at them.
