It’s no secret that getting a new business venture off the ground requires the owner to be conscious of even the smallest detail to avoid crashing and burning in a heap of bank loans and shattered dreams.
Indeed, with the Office for National Statistics showing that around one in three UK start-ups nosedive in their first 36 months of trading, it’s little wonder that a new business proprietor may harbour feelings of trepidation.
While this figure for firms failing is astonishingly high, it’s a fact that many owners simply cannot cope with the pressure of finding appropriate premises for their business, balancing the books and hiring the right staff for the job.
Admittedly, it’s easy to stand back and mock from afar, but the simple truth is it can happen to the best of us, which is why, when branching out on your own, you should be equipped with our top tips to help you avoid the potential pitfalls of starting a new firm …
Sort out your energy requirements
Optimising your power supply may sound inconsequential, but energy consumption is actually one of the biggest expenditures for any firm. Consequently, if your premises is powered by electricity and you require gas, or you simply want improved sub metering, it’s vital to shop around to ensure you’re receiving the most bang for your buck.
Choose your employees wisely
Admittedly, the search for sparkling candidates you can trust to drive your firm forward can seem like finding a needle in a haystack – but it’s important to take the time to get it right. Put simply, your employees are the life force of your business, which means the right team will often help the wheels of your operation turn slickly.
Find the perfect premises
Likely one of the most important decisions you will make as a business owner, your premises should obviously be affordable, but not so cheap that the location makes it difficult for staff and customers to reach. Obviously, the advent of the internet has done wonders for the global scope of a business, but if your business requires fixed premises, a good location is vital.
Don’t be afraid to innovate
Your business may be armed with the greatest product or service on the market, which will hold you in good stead for a while, but customers will soon expect a certain level of innovation from your firm. Consequently, you should set aside time and resources to look at your business model and identify areas where you can improve or expand on existing services.
Keep the books balanced
For many firms, keeping on top of finances can be the single biggest killer – which is why you should be cognisant of all income and expenditure, and be able to keep the cash flow streaming to ensure you prove the Office for National Statistics dead wrong and survive well beyond your first three years of trading.