The first few years of a small business startup determines the strength of the company indefinitely. Some startups will fail, not just due to poor management, but for a variety of reasons. Most of which aren’t within your control.
If you’re starting up a business, here’s our top 10 tips to help you succeed:
1. Make sure there’s a market for what you sell
This may seem like an obvious tip, but many small startups die within their first years of business by not understanding the market. You may have a product of service that you’re eager to sell, but if people aren’t interested in buying it, you won’t flourish.
2. Define the behaviors in the people you hire
Hiring the right people early on is key. Establish not just the roles you want for your company, but your talent’s behaviors too. You’re most likely going to be starting off with a small team, so make sure it’s a team that you get on with.
3. Customer acquisition
Always approach customer acquisition with a solid plan. Try to focus on building quality engagement and always maintain a positive buying experience for potential customers.
4. Establish financial goals
Determine exactly what you need to support your business without going broke. You will experience some financial hits as a startup, so stay frugal.
5. Get the right kind of funding
Not all funding packages are the same – most are tailored to suit your needs. At Konnect Financial, we understand the importance of exactly what you require, rather than just getting cash quickly at the cheapest rates.
6. Manage your cash flow
Once you’ve established your financial goals and gained some funding, it’s vital that you stay on track with your spending. Hiring an accountant or a financial advisor is recommended for greater cashflow management.
7. Be prepared to adapt
After you’ve established your market needs, be flexible. Industries and consumers alike always develop and change. Adapt to that change you’ll stay above the competition.
8. Identify your competitors
A key part of measuring your own success is by identifying the success of your competitors. Perform a regular competitor analysis and focus not just on what your competitors are doing right, but also what they are doing wrong.
9. Don’t get put down by the success of others
You will see some of your competitors doing well and they will undoubtedly be boasting about it. Don’t get too disheartened if you’re not doing as well as them. Some companies see major financial gain in their first couple of years, but it can go downhill at any point.
10. Stay sane
Most importantly, keep your mind healthy. Starting a new company can be one of the most stressful and time-consuming period in someone’s life. Make sure you maintain a healthy work-life balance.
We’re here to help
If you need any help with getting funding for your business, we can assist you. Konnect Financial offers free consultation and advice for business funding. Give us a call today on 0333 011 2208 or email firstname.lastname@example.org.