There has been a large spike in people starting their own business. With the ever changing economy and the modern demands of the working world, having a degree of control over your own future has become a very attractive option. In fact, Britain has hit a record number of start-ups as aspiring entrepreneurs take the plunge.
Starting your own business can be highly rewarding. We’ve got four great tips to help you avoid the common pitfalls and ensure that your business can steadily grow from strength-to-strength
- Know what makes you different
You’ve set up a new business and you have the best new idea or product. You’re going to work your hardest and harder than anyone else. They are all the right noises and you have the right ideas, but one thing you need to know and you need to shout about is what you do that is different to everyone else. Why should anyone choose your product or use your services? This is your Unique Selling Point and is the key to your success.
- Plan your marketing budget
Once you know your USP, you need to make sure you have the budget to get your message out there. A lot of your capital might be locked up in stock, but you need to make sure that you have planned you marketing campaign properly, to maximise your opportunities. Free marketing on social media is good, but is it right for your product, will you be able to make a big enough impact to generate sales?
- Buy the right equipment
As a new company, you will have to slowly buy all the equipment and tools you need. Some things will be vital and are immediate buys, then you have items which would be nice, but they can wait until the sales have picked up. If you are buying a work van or car, you should consider using car finance deals to help you spread the payments over a longer period of time. Planning your outgoings and what you plan to spend in a month, will help you to know what you need to be making in sales to become a profitable business.
- Aim big, but don’t expect
You wouldn’t be launching your own business if you didn’t believe in your product or service and think it could change the world. You should believe that it could go massive and become a world leader. It’s great to have this belief, but you really cannot expect this to happen overnight, there is the slimmest of chances of that happening. Create your five-year plan to have a gentle success curve, not an immediate sell-out.
Over expectations will kill your new business in the first quarter. Shooting for the moon is not a negative thing but expecting it is. Following our four-step plan will help to ensure that you have a successful first quarter and are able to increase your sales and revenue.