The Aspects Of Business Start Up You Might Forget to Consider
There are hundreds of articles online giving key information around how to start your own business. You can always gain something from reading them, especially at the outset. But the problem is that there are always key aspects of starting up a business that are often not factored into these articles. Sometimes it can be hard to find what’s right and wrong, especially if you are in a very unique type of trade or there are special circumstances behind your business. The truth is, whether you’re opening a restaurant or a yacht chartering business, there are always going to be key aspects that you prioritise over others. This means things can get left by the wayside, especially if you’re starting out on your own. The items below are aspects to starting a business which a lot of people forget about to their detriment. You might have already thought of some of them, which is great. But some of the others might change your way of thinking and hopefully give you the insight to protect your business so it can flourish and succeed. Good luck!
When you’re plowing into your business plan it’s often easy to forget that you may need storage solutions. Especially if you’re starting out from home. A bedroom or garage can only usually hold so much stuff. It might sound trivial, but if you are limited in the amount of stock you can carry, then you’re limited by how much you can sell until you get more from the manufacturer. What sounds small could soon impact your business. If you can’t fulfil larger orders, you’ll get a bad reputation and when you’re just starting out it can be deadly. Now, your storage needs will differ depending on your business type. In some cases, it might be worth using safety steel to have your own solutions built, so long as you have the land. You could rent space in a self storage company, so long as they’re close. There is usually warehouse space for rent. In certain situations look to family and friends too, especially when you’re starting out. Renting a spare garage or room space in the short term can allow you to have the right product turnover you need to really go. At least consider it, don’t launch without thinking about where your products are going to go, and in the main, whether it’s safe to do so.
Another thing which can be pushed to the back of the queue. Make sure you register with your local companies registration. There are a lot of conditions to consider, the main being what type of business you are. If you’re a sole trader there are other rules to consider than if you’re launching as a company. Whatever you do, check the rules and apply them. You don’t want to fall foul of the authorities and you’ll be surprised by how easy it actually is. Governments usually want to support new businesses in any way they can.
You might be entitled to a grant of some kind of government sponsorship scheme. To help certain economies governments will try to boost you up where possible. Never hurt yourself by not looking into it. There are all different types of grants and reliefs too so make sure you dedicate a little bit of time to doing it. If you’re not sure, then ask. There are always points of contacts you can pin down. When you’re launching you’ll be super vulnerable so any extra help you can get could tip the balance of success in your favour. For a few minutes of research, you can’t go wrong.
It’s vital. Unfortunately, a lot of people think they can just launch and succeed without having any contacts within the industry. It works for some people, others get lucky. But if you want to give yourself the best chance of success you’ll be better off building a network around you. You might already know the industry well from having worked in it. If that’s the case, great. But if you think you’ve found a niche in another industry then you’d be better off building a network first. There are many ways you can achieve this. Offer to do some work for free in the lead up and you can build bridges. Attend trade fairs and conventions. Be vocal on blogs. Have a dig around the various social networks and check the groups there. Spending some time networking is always going to be worthwhile. If you can find your customer base and network there, you’re onto a great headstart that a lot of new businesses won’t have.
Don’t be one of those people that are completely precious about all aspects of your business. It’s not going to be perfect. Don’t be so defensive. If you can take criticism your business will be better for it. This can be off industry experts, where it’s most useful. Or even to the odd customer comment you get. Think creatively about the criticism and what you can do to implement any feedback you receive. If you become defensive it’ll look like you’re not listening to your customers. You don’t have to act on every bit you recieve, and some will no doubt be wrong. But at least consider each criticism you get until you can really nail your business model.
If you’re launching anything online, which you likely are, garnering reviews need to be top of the agenda. However, a lot of people think this means when you start your business, you need to get reviews. Nope. You need to get the reviews before you launch. How do you do this? You need to solicit people for them. Offer them your product to test and use for free. Cook them food in your restaurant. Whatever business yours is there will be a way to do this. These reviews mean your launch will be a little bit more seamless. It means customers will see reviews and know you’re trustworthy and provide a good product or service. Scared? Good. it can be nerve wracking. What if the reviewers don’t like what you do? Relish the opportunity to improve your product in line with what they’re suggesting, so long as it correlates to other reviews.