Have you recently been dreaming of setting up your own business? If you are tired of working the mundane nine to five then running your own company could be the answer. Be aware, it may not be as easy as you think it is to get it up and off the ground. There are many business owners who end up regretting their decisions. You may already know that as many as 90% of new businesses will fail to make it to their fifth birthday. There are many factors that can bring your business crashing to the ground. Check out the article below to find out what you need to consider when it comes to your business.
Every business you see around you today started with an idea, even the local supermarket. Without ideas you wouldn’t have anywhere to shop or visit when you wanted to escape the house. The same applies to your business, if you want it to be successful then you will need a rock solid idea. Speaking of rocks, did you know that there was a business in the 70s selling pet rocks? This means there is no idea that is too out there or too wacky that wouldn’t sell. Don’t be afraid of writing everything down, you never know which one you will go for.
Where is your money going to come from to set your business up? Not only do you need to know the answer to this, you also need to know how you are going to pay it back. If you decide to borrow the money in the form of a business loan then you will need to have a near perfect credit score. A bank is not going to lend you thousands if they aren’t confident you can pay it back. If you don’t get the right level of customers or profits then you will struggle to make the monthly repayments.
This is an area that will take the biggest chunk of your funding, and that is okay. Putting a large amount into marketing means that customers and clients will become aware of your company. Without the right marketing then you won’t get many sales. This means you won’t get much money or profits. If you don’t know much about marketing then you could hire a marketing manager to do it for you. It comes down to working as a team and getting the right marketing techniques that suit your business. Don’t rule out leafleting but it is quite an old school method. Set yourself up with various social media pages and go from there, the great thing about social media is that it can bring you a lot of customers.
If you want to get a good amount of sales from customers and clients then it all comes down to how well you set your website up. Ideally, your customers should never be more than three clicks away from the page or product they are searching for. You could make this even easier by adding a search bar. Speak to a website designer who will be able to advise you on the best way to set up your website.
Adding a chat bot to your website will give your customers a chance to get answers to queries straight away. If your chatbots don’t have the answers then they could be transferred to a customer service agent.
One thing you need to think about when it comes to your business is employees. Without employees your business could come crashing down sooner rather than later. They can be the heart and soul of a company so getting this right is paramount. If you have never been through the employee hiring process before then it might be helpful to use a recruitment agency. Make sure you have enough in your budget to cover their fees.
Alternatively, you can brave it and do this yourself. You will need to create a job advertisement then list it on various websites and in the local community. Once you have done this, set your closing date and take a look at all the CVs and resumes that come through to you. Interview potential employees and be sure to check references before you set your heart on the chosen ones.
If you are hiring employees then you might want to hire a specialized customer service team. They will only be in charge of running the emails, web chat, and phone calls that come in from clients and customers. If you don’t want to keep them waiting the usual 24 hours then it is a great idea to have a dedicated team. Whatever your web chat doesn’t have the answers to, your humans will. Try and hire a mixture of experienced and inexperienced members of staff, they will make the most wonderful team. Ensuring your customers feel valued is one of the main selling points you can use within your company brand. If your customers and clients feel you have helped them then you are more likely to get a sale.
Another thing you might want to do as a business owner is reply to all reviews left about your business. It is well known that around 80% of customers check reviews before shopping with a company. If you have any negative reviews then this could put people off from using you. Make sure you take the time to try and respond, as this will show other potential customers that you care.
One thing that can bring your business down is failing technology. If your competitors are using newer equipment, software, and tech then they will instantly be better than you. It can be incredibly expensive to invest in brand new technology for your business, however, it does have its benefits. If you don’t want to waste time and lose money in the early days of your business being up and running then get the best technology you can buy.
Other things that can make your life easier as a business owner are various apps and software. For instance, if you are running a plumbing business then there is plumbing software that will help you book appointments and send invoices to customers.
Will you work from home or will you have a physical location? This is one of the most important questions you need to ask yourself. There are pros and cons to both of these options and it comes down to whatever is easier for you. You also need to consider which one will bring in the most customers and therefore the most money. If you decide to work from the comfort of your own home then you will be relying heavily on your website to bring in customers. If you decide to open a shop then it needs to be somewhere you can easily be found. There is no point in opening a shop if customers cannot locate you, invest in some good quality signage if you are set back from the main street.
Lastly, you need to have confidence as a business owner. This includes confidence in yourself and in your company. You need to have the confidence to approach this new venture with your head held high. If you think it will fail or that you won’t do well then there is no point opening. In the beginning it can be incredibly tricky to get everything right, having confidence will ensure you excel. Confidence tends to come from knowledge and power, if you have never run a business previously then it might be a good idea to gain some qualifications in business leadership.
Hopefully this article helps you on your way to setting up a unique, successful business that stands the test of time. Remember, getting everything right from the start puts you and your company in a great position.