Starting your own business
The self-starter is often fully equipped with a wealth of business experience, ready to dominate the industry in a steady stream of successes.
Unfortunately, success doesn’t come pre-packaged - and that vital realisation is the start of your business journey.
From loving what you sell through to delivering the goods in the best way possible, there are many tried and tested tips that remain critical components in the planning and progression of your start up.
To help you in constructing a solid start up checklist, we have compiled 5 fail-safe business tips.
5. Do your homework
Good ideas and a can-do attitude are a necessity to effective execution – but good ideas alone don’t necessarily mean good business. Just like building a house, a new venture cannot be effectively built without a solid, structural and logical plan.
From finance to marketing, a well-constructed business plan will ultimately save you time, money and a lot of stress. Incorporate your business mission and purpose throughout each stage of the planning process and make sure your end result is a strong and well-structured foundation.
This business tip is also better remembered as, having no plan at all or a plan to succeed.
4. Overestimate expenses, underestimate revenue
Being conservative in your budget planning does not automatically ensure that your budget will stick to that particular plan, especially in the start-up phase of your business. Err on the side of caution when it comes to your finances – unexpected costs are all too common, and your bank balance won’t always be kind.
It’s always best to overestimate the cost of your expenses by around 10% – this will ensure there are enough funds available should anything go astray, but also helps in understanding the average costs that each department is spending.
This tip is also closely associated with the rule of two, aka – expecting everything to take twice as long and cost twice as much.
3. Back your decisions with facts
As tempting as it is to go with your gut or follow the lead, business decisions should be credibly backed with cold, hard facts. Drive your decisions with data and make sure you’re using metrics to your advantage. Doing so will help you develop a clear idea of what does and does not work effectively for your business.
2. Have the right team on board
Successful businesses don’t necessarily require a great amount of staff behind them, but they do require hired members to be great at what they do. Have a clear idea of the key qualities you are looking for in each department of your business, and ensure that you project exactly what you want from each person during the hiring process.
The better the fit, the more cohesive and effective your team will be (and the more likely your employees will stay around for the long term).
1. Be persistent!
Let’s face it: mistakes will happen, plans will fail and strategies will sink. For every successful business start-up, persistence plays a central role. Prepare yourself with the tools necessary to continue business, even when plans go awry – think risk management plans, emergency contingencies - and prioritize keeping morale high for your team. If plan A doesn’t work, there are still 25 more letters in the alphabet – persist and success will follow.
Whether it’s adjusting your strategies, testing out a variety of marketing avenues or keeping yourself on a strict budget, adhering to the basis of these 5 business tips will assist you in the development of a solid foundation for your start-up. Best of luck!