4 Things You Should Do Before Starting a Business

Many businesses are set up from scratch each year in the UK, but some will never make it past their first year’s trading. A relatively high proportion of new enterprises fail in their first twelve months and this is often down to poor planning at the outset rather than something inherent in the business plan which means it will never take off. When setting up a new business, think about the following tips to ensure your venture meets with success.

I myself run a eBay business, as well as being a blogger. You can find out more about this on my personal finance blog, At Home & Online.
start a business

Control Expenditure

Starting a new business means spending money, so be aware that it can be an expensive time. From setting up your office to paying bills for marketing materials, there are going to be huge demands on your wallet. When you are running around organising your initial business outlay it is highly likely that you will also have other demands on your time, notably from your new customers. However, keeping a firm amount of control on what you spend is key to the future success of your company. Make sure anyone that anyone who is approved to spend money on the company’s behalf checks with you before paying out. Keep written records of all your expenditure and ensure you have weekly, if not daily, reviews of your spending.

Work Hard

Self-belief is a factor that some people just don’t take into account when it comes to running their own business. Set yourself achievable goals that you can tick off each week and month that you are in business. You might, for example, want to gain at least one new client each week or to increase your turnover by a given amount each quarter. Keep going. No one is going to achieve success for you, so put the hours in and don’t give immediately if things get tough.

Get Your Storage Organised

When you run a business that has physical stock, as opposed to running a service company, you must have adequate storage. A stock room which is not large enough will mean you lose things or that items become damaged as things are shoved on top of one another. Damage or loss to stock means you lose money but also time, crucially. This often means letting clients down and that can damage a new business’ reputation irrevocably. Invest in some good pallet racking from the outset which allows you to stay organised, to process goods rapidly and to keep your stock in mint condition. In UK different companies provide Pallet Racking services such as WarehouseStorageSolutions.com offers pallet Racking services to different businesses all over UK.

Get Yourself Known

Take every opportunity to let people know about your business. Don’t rely on a few people in the know getting you heard of. Turn to the local press, to customer recommendations and to social media campaigns in order to draw attention to your new business. These are relatively cost-effective ways of developing a winning marketing campaign.

 

This is a collaborative post

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2 Comments

  1. Anneka Avery
    August 26, 2017 / 8:43 am

    Great article and tips. I’d love to start my own business but it can be quite daunting! I love your other blog at home and online so have been working my way through that one too! Thanks for all the tips you are brilliant!

    • September 28, 2017 / 8:25 pm

      Hi Anneka, thank you for your lovely comment! I’m so glad you like At Home & Online too – that means a lot to me. I say go for it if it’s your dream! It is daunting but so worth it.

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