If you are in the process of setting up your own business then there are things you need to do before you open your doors to the public. You may already know that a high percentage of businesses won’t make it through to their fifth year of trading. This is typically due to running out of money or not knowing how to handle a business. Surprisingly, you need to have some of the basics of running a business before you actually open one. You can take courses to learn how to run and manage your own business. Take a look below to find out what you need to set up a long lasting business. 

Have a Plan

Every business you see around you started with a plan, no matter how small. Sit down and work out what you want to do and which business you would like to run. You may have always had your dreams set on a certain business, so follow your dreams so they can become a reality. When you are sorting out your business plans, you will also need to figure out how much money you need. You should ideally write a list and include funding on this as well. This will help when it comes to applying for funding further down the line. 

Have a Coach, Mentor or Role Model

Setting up a business by yourself is completely possible, but doesn’t it make sense to put yourself in the fast lane and learn from someone who has been there before? Having an experienced mentor, coach or role model at the forefront of your mind such as David Shulick will help you to learn at a much more rapid rate. All of the initial business errors that entrepreneurs make when they’re just getting started can be easily avoided when you have a professional in your corner. Whether you’re simply reading about their previous successes or you’re talking to them on a one to one basis, you can expand your knowledge and become equipped with everything you need to know to get your business off the ground.

Market Research

Carrying out market research will give you an idea of whether customers need a business like yours and if they will use it. You should always carry out market research if you plan on opening your own business. Don’t be afraid to look into your competitors as well, this way you can gauge whether there is any need for your company. Don’t feel bad about this, many companies will do exactly the same thing as they don’t want to close as soon as they open. 

Get The Funds

Now are you planning on funding this business venture of yours? You may have been saving for some time or you might need to apply for a business loan to cover costs. Make sure that if you do decide to apply for a loan that you are able to make the repayments each month. In order to apply successfully for your business loan, you will need to have a high credit score. 

Hire Some Staff

Next up, you need to decide whether or not you are going to hire employees. Employees can really excel your business and have a positive effect. However, you will need to have a salary for them in your budget otherwise you will be going it alone until you start making profits. Be aware, if you have staff members coming and going then you could end up with a high employee churn rate. This can be detrimental for your business. 

Outsource

If you need jobs completed from time to time but don’t want to hire a salaried worker then you could outsource these. Outsourcing is a wonderful way to save money in any business. Work with an individual or company who will get the tasks done in a timely manner. Make sure you are using reputable people and companies. Check reviews before you sign up for their services. 

Set Up Your Website

Your website will be taking orders long after your doors have closed so you need this to be strong, stable, and user-friendly. If your customers or clients are spending ages trying to navigate your site then they are likely to take their money elsewhere. This will be to your competitors and you don’t want that to happen. If you have never designed a website before then it may be worth working with a web design and development company. 

Online Vs Shop

You will need to decide at some point whether you are going to have an online business or a place where your customers and clients can come. There are pros and cons to both these options. Online businesses are cheaper to run, more convenient for customers, but far less personal. Physical locations can cost a lot in rent but will give you and your staff the chance to get to know your customers on a deeper level. 

Get Your Marketing Right

Marketing and content is king when it comes to your business. You need to get this right so that you can be found by your customers and clients. Using the wrong marketing strategies can mean you aren’t reaching the people you need to make profits. If you have never run a business before then this step can be tricky. There are so many techniques and strategies out there, it is all about finding the right one. For example, social media is your best friend and video marketing is becoming increasingly popular. 

Know Your Branding

You also need to know your brand associated with your business. If you don’t know this then how can you expect your customers to know? Business branding is far more than just your logo and color scheme. It is about connecting with your customers and knowing exactly what it is they are looking for. Of course, you will need to get your logo sorted before you open up your business as this will be the first thing customers see. 

Attend Networking Events

When you are trying to build a customer and client base you should try attending networking events to help this grow. These networking events tend to be held in big arenas where many other businesses gather to show off their products and inform customers what they are about. Make sure you book onto some of these, especially if you are more of a niche business. You will also need some exhibition furniture for this, if you don’t want to buy it for a one time only event then there is always the option to hire this. 

Use the Right Software

You will need to invest in software that is suitable for your business. For example, if you are running a waste business then you will need to use a waste management software. This will make your job much easier when it comes to sorting waste collections and sending invoices. There may well be a cost included in this, be sure to check if it fits your budget plans before signing on the dotted line. If you are wanting to give equipment and tech to your staff then you might want to include some productivity software that keeps track of how much work they are actually doing. Many employees can get distracted throughout the day, especially if they are working from home. 

Kit Out Your Business

Finally, there is one thing that you will always need for your business. That’s tech, without it you won’t be able to place supply orders or accept orders from your customers and clients. Kitting out your business can be hard work as you need to get the right tech without breaking your budget. A good tip is that you don’t need to buy brand new stuff, you can get second hand equipment as long as it runs efficiently and it’s not too outdated. You don’t want to be one of those businesses that keeps customers on hold forever because their systems aren’t working. 

We hope you found this article helpful and that it explained a bit more about what you need to set up a new business. Something to remember, Rome wasn’t built in a day so you can’t expect your business to be successful overnight. If you need help along the way don’t be afraid to ask.