After the recent political uncertainties and ongoing issues with the US and the UK, the economy has finally stabilised and has become a much more nurturing environment for businesses to grow. With property prices growing, it’s becoming much more viable for entrepreneurs to buy their office space and to begin a long standing business. Unfortunately, not every business can survive in an increasingly saturated market and general trend indicates that as much as 80% of new businesses fail within the first two years of opening. If you are a dedicated entrepreneur, set on becoming part of the top 20% who have a healthy business life span then, here are some simple steps that can really help you on your way…
Do what you know, know what you do
Knowledge is power, this is one of the best life lessons to learn, and the sooner you learn it, the more successful you will become. Rule number one of becoming a business owner is that you must be an expert in your field. There is nothing more off putting to potential clients and customers, than a business owner who does not know what they are selling, or the service they are trying to promote. If you pursue something that you love, and something that you have a great knowledge of, then the money will follow. Whereas, if you decide to pursue something solely because you believe it will bring you prosperity, but have little insight into the market, then you are setting yourself up for failure. People only want to spend their money on people they can trust, so knowledge and reassurance are essential factors in the process.
Every working day will be different, and some days you will question why you have even started your business in the first place. Remember to celebrate the small victories and to remind yourself of the end goal, as this will help keep you afloat when things get tough.
Always keep track of your expenses
Throughout the lifespan of your career, you must be vigilant when keeping track of your spending. One of the biggest mistakes that business owners often make are taking out large loans and living above and beyond their means. It’s important to draw up a budget, take out insurance and to live realistically. Weigh up how important the location of your office is and whether or not it would be a good idea to buy or rent office space, as both have pros and cons. Remember, your wallet is your business’s life blood, so be wise, seek financial advice and be sure to document and monitor any spending that goes on internally and externally.
Think in a digital way (it’s the future!)
A necessary factor within any business climate is becoming technologically attuned and digitally integrated, as many business processes now follow this procedure. Mark Zuckerberg, the creator of Facebook has predicted that the very existence of business convention is set to change within the next three years. He claims that by the year 2020, new technology will become integrated into the business processes and this means that businesses must begin to change their ways for a more streamlined and easily accessible process.
As a new business owner, having a website is crucial, as you are opening up your services and products to a whole host of new potential clients and customers. We are living in 2017, and having a website is not enough to get yourself in front of the right people. As well as having having a website, you also need to invest in (or do it yourself) search engine optimization, also known as SEO. SEO is the process of getting your website appearing or “ranking” in a good position for keywords that are relevant to your clients and services. The process is quite simple, as long as you have a good quality website and you have a good position in the search engine, then more people will visit your website and you will essentially make more money.
If you are selling anything online, then it’s also important to have a mobile friendly website, as consumer trends dictate that more and more people are beginning to purchase things on their mobile than they are on their computers and laptops. As well as having a mobile friendly website, many of the larger commercial companies have also designed and developed their own applications, which make shopping on your mobile even easier.
One of the most important things to remember about being a business owner, is that your business plan is never set in stone. In order to stay afloat in a sea of other businesses, it’s important to take advice from as many industry experts as possible and also to be adaptable. As the market changes, you must listen and change accordingly.
