Starting up a business is something which anyone can do, but taking the business to a higher level is not everybody’s cup of tea. According to a survey done by ‘Small Businesses Administration’ only 50% of the businesses are able to survive their fifth year and more, rest all of them see a pitfall. While starting a new venture, keep in mind the concept of ‘slow and steady’ and see your business improve with time. Also below given are few special tips which will help your business withstand the up and downs.
- [Tweet “Do something that interests you”]
Remember that you will be spending a considerable amount of capital in your business along with a lot of energy and time. Hence, it is important that the work you do is of your interest. Doing a business or any work which does not interest you can be frustrating, hence it’s really important to deeply enjoy the work you are doing as your business.
- Start the business before leaving the job
How long can you stay without a regular income? The answer is- not very long, may be a month or two. Don’t expect an immediate profit as you start your business, because it will certainly take some time to get established. It would be great if you do some pre-preparations, start saving a fragment of your salary of the last 3 to 6 months and use it when you need while running your business. Better to start your business while you are already employed somewhere.
- Search a partner or a ‘mentor’
No matter how strongly you begin your business, you will require a support system in the starting, as well as afterwards. A reliable friend or family member should always be there by your side, to provide you valuable ideas, suggestions and to listen to your problems which very likely to occur in a new set-up. It would be greater to find a mentor who always stands by your side and helps you in all possible ways; someone who is experienced and financially sound would be great.
- Start Building relations before only
Don’t expect that your business will attract customers as soon as you open it up officially. You have to do homework to attract them even before your business starts. This would ensure that you have enough customers before you start offering your products or services. Start networking and make contacts. Start selling unofficially- it’s ok if you do it. Also, start marketing your business by searching places to find clients.
- Note down the business plan
Building up a business plan even before starting up a business can help you in lot many ways; mainly it will help you in avoiding frustration and sinking of your business in the beginning. There are many other reasons which you should know as to why you need a good business plan. It’s not important that you have to build a fully fledged business plan each time with a new business idea, but a quick layout is important at every step. Do a bit research work and find out how to prepare a small and quick layout for new business ideas.
- Do a detailed research
All aspects of the business require a lot of research and homework. Before you step out in the business you need to become an expert about it from all sides. Research work isn’t required just for building the initial business plan, but at every step to be the industry’s expert. Joining a professional association of the related industry and meeting like-minded people would be some great ideas.
- Take help from professionals
Now becoming an industry’s expert doesn’t mean that you need to be a lawyer, accountant or a bookkeeper. When you are into the business now, you will need some other industry’s experts for sure. Hire them and concentrate on your work. If you try doing their tasks on your own, you will end up wasting your time, energy and also peace of mind. Hire a good accountant, lawyer, HR etc and delegate your tasks to them for concentrating on your business.
- Create a Back-up Plan
Try to save as much as possible in your initial stage of your venture. When you have sufficient back-up you can approach potential investors and money-lenders for the growth of your business. Find out for a financial fall-back plan if available. Don’t approach a bank or the traditional money-lenders without a financial back-up because they don’t like offering funds to new businesses or set-ups without previous track records.
- Behave professionally from beginning
Professionalism has many facets. You must try to have as many as possible in your attitude. If you have hired employees under, doesn’t mean now you have more leisure time, instead you need to be more disciplined and professional than what you were as an employee. Sometimes, it might happen that you spend more time at your work than your employees. Whatever may be the working hours, be scheduled and professional always. Also keeping all the professional accoutrements like separate business contact number, a business email, business cards etc is a good way of putting the positive impact on people. Also, behave and treat people in a courteous and professional manner.
- Check out the legality and tax issues from the beginning
If you don’t check out the legal and taxes issues at an early stage of your business you might get entangle in those issues very badly. Detangling the curls then will be much more expensive and frustrating. How will your business be registered? Who will all need to be paid for doing your work? Will your business deal with payroll taxes or you’ll go for employee compensation Insurance? How will your business type affect the amount of income tax you pay? Ask yourself many more similar questions and learn about all the legal and income tax liabilities before starting up.
Following the above advice before starting up a new set-up will make your journey smoother and stress- free. Also, the new venture will start with a positive impact and last for a longer time.
All the best!