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Important factors to remember when starting your own business

Written by Business World, on 10th Aug 2018. Posted in General

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Setting up a business and becoming your own boss is incredibly exciting. But, unfortunately, 90% of startups will fail which is why you need to do everything you can to ensure that you are in the 10% that succeed.

There are many elements that need to come together in order for your business to be a success, including having the right product or service to start with.

Once you have that nailed, here is everything else you need to consider:

Funding and budgeting

It is imperative that your business manages its cash flow effectively, especially when you are starting out and money is tight. This means ensuring you have enough funds to keep you going until you start making money.

It is also important to keep on top of all outgoings and budget to ensure that you don’t spend it on say, creating your dream office space and then discovering you don’t have anything leftover for your marketing campaign or recruitment. You’ll have the perfect environment to work in but no employees to share it with and few customers or clients to show it off to. 

A well thought out business plan

There is very little chance of winging it when it comes to setting up a business. You need to create a business plan that details your goals and how you are going to achieve them. This will keep you focused and heading in the right direction. This will help you make strategic decisions, particularly when deciding which roles you need to hire for.

While this needs to stretch you, it must also be realistic. You are setting yourself up to fail with impossible goals.    

Your customers

Customers are vital to your business– without them it will be difficult to make a success of it. You need to keep them in mind with every decision you make. It is important to do some research and analysis to ensure you know what they want and that you are providing for them. If you are targeting the wrong people, you won’t drive traffic or sales.

Marketing

Content and marketing is vital to the success of your business, from the copy on your website to active social media pages to promoting your business offline.

This won’t only make people aware that you exist – it will determine how your business is perceived. This is why you need to think carefully about how you write your marketing copy and develop a tone of voice. Take a look at the likes of Firebox, Innocent and ASOS, they all have a distinct voice that is targeted towards their audience and runs throughout their marketing material. 

Your competitors

Don’t be afraid to look at what your competitors are doing. In a digital world this doesn’t just mean your direct competitors either – especially when it comes to marketing. Be inspired by their successes but more importantly, learn from their mistakes. You don’t want to make the same ones.

Remember these important factors and you will give yourself the best possible chance of success. 

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