There are a number of reasons why start-ups may fail and we want to be sure that yours is not one of them. Take these tips on board when starting up your new business and you are more likely to be successful.
Be aware of how much time a new business takes up
Some people who start their own business think it will be much easier than their 9-5 job, with more time to themselves and less stress. No way!
Anyone who has a successful business will tell you that at the beginning it is a 24-hours-a-day, seven-days-a-week role. There can be much more stress and there are certainly many more decisions to be made. You need to be prepared to put in a lot of hard work early on, in order to reap the rewards at a later stage.
Decide who your client is
You need to know who your ideal client is: where do they hang out (eg what social media platforms do they use)? What are their problems? By ensuring you understand who your ideal client is, you can target them and help solve any issues they have. (An ideal scenario is to solve their problems before they are even aware they exist!)
Organise your funding
When getting ready to launch your start-up, make sure you have a business plan ready and ensure you have done a cash flow forecast, so you know where you are going to spend your money. It may be a good idea to start with a buffer fund so you have funds for your initial investment. This could be through investor funding, your own savings or loans.
Know that now is the best time
I hear many people say they want to start a business but are not ready yet. Launching a start-up does take time, but you will never be 100% ready, no matter how long you prepare for. Do your groundwork, but get going as soon as you can. Understand that you will probably make mistakes but that you can learn from them. It is better to have tried and learnt, than to have never tried at all. Be confident in your abilities and start up now, even though you may not think you are totally ready,
Make sure you are not alone
Even though you may set up a business on your own, you should be able to rely on your accountant to help you. There are also lots of networking organisations that can support you. Building up a network around you is important and you should do this from the beginning.
Join my Facebook help group
I have set up a Facebook group which I invite you, as a business owner – or potential business owner – to join. It is there to help you grow your business and provide you with tips and advice.
I look forward to you being a member and hope we can grow your business together.
Please always seek professional advice before taking any action. We are happy to answer questions in future issues. Please send your questions through the Contact Us page on our website.
Chantal Baker is the director and founder of Champ Consultants Ltd, an accountancy and tax consultancy practice in Caterham. Please follow us on the various social media channels.
