There’s an old Chinese proverb that says “a crisis is an opportunity riding a dangerous wind” - and that is how many are treating today’s lack of job security. The numbers of startup small businesses and the self employed are on the increase. Do it right, and it can be hugely rewarding. Consider how hard you have to work for your employer and how it would be to reap the benefits all to yourself. However the majority of new businesses fall flat in the early stages. So if you’re thinking about going down this road, it’s crucial to do things right.
Now I can’t claim to have an exhaustive list to follow. However speaking from personal experience I think these are a few of the most important factors for success:
¢ Do something you enjoy. The path before you is going to throw you a lot of tough challenges. The people who make it a success on their own are the ones who live, breathe and sleep their work.
¢ Get a pro to do your accounting. My advice is don’t go it alone when it comes to taxes unless you have experience with it - letting an accountant deal with it can really save a lot of hassle. I’d say do this for at least your first year or two - then you can take it over.
¢ Go online. The web can be the best friend of the small business owner. Even if you’re not planning on selling online. Never before has there been such a cost effective way of gaining business. Make sure you invest in a well made website. And look at search engine marketing in particular.
¢ Learn from your competitiors. Then Do it Better. The wisest thing you can do is take a good long look at who your competitors are and how they do it. Have respect for the fact that they know what they’re doing to a certain extent at least. Then take it one step further and see what they aren’t doing but should be. Find yourself a Unique Selling Point, no matter how small. Ignore this at your peril.
¢ Appreciate your staff. If you have a team underneath you, no matter how small, you need to look after them. Youll need them more than ever right now so show them theyre appreciated by treating them now and again, or taking them out on team building days.
¢ Be intelligent with your marketing. There are of course a wealth of choices facing you in terms of marketing and advertising. However you’d be surprised at how many small businesses aren’t aware of whether their advertising is paying off, and consequently they keep wasting money on ineffectual methods. It is invaluable to find out the advertising source of your custom. This is easier with online marketing, but can be as simple as asking your customers where they heard about you. Review every few months and act accordingly.
I hope these tips are helpful to you. Let me know how you get on! For business tips and corporate cookery events.