Tips for a Successful Start-U- Do not run out of money
Cash flow is a major reason that new businesses fail. If you cannot pay the telephone bill then you are in trouble. So avoid reaching that situation
- Keep expenses down –
Work out what is essential to the survival of the business. List these in order of importance. Make sure that whatever you can pay for these items by means of income, savings or a loan. Remember that if you worked in a large business before they normally provide all manner of services to help you do your job properly. All these may help but are not necessarily absolutely essential. So get used to running on the basics until you can afford more.
- Obtain value for money –
As always cheap is not necessarily best for you. What you obtain must reflect the standard your business is aiming for or your customers will not be convinced. Obtain a polished website that works not necessarily with bells and whistles but the minimum appropriate for you and your business. Obtain a decent business card properly designed. These are what people see. With all things look for what works and does the job and is value for the cost.
- Carefully review all the services/products you will be offered –
A new business owner has to acquire skills in areas they have probably never been to before.-marketing, bookkeeping, HR, accounting, admin. Work out how essential these are and how much it would cost you to do these as opposed to what you would have to pay someone skilled in that area. Weigh up carefully if it is worth using paying someone or doing it yourself.
- New Fields–
You will be going into new areas so avoid being as when on holiday when you pay for what is there because you are unused to the true cost of what you are dealing with. You may have never paid for a website or a business card before. Be as careful as you would normally be and do not be afraid to ask questions to make sure you are not over paying. There are lots of businesses out there ready to relieve the new business owner of their meagre funds.
Find them. There are lots of online tools that are free. Use them and postpone the paid option until you have made sure you need them and can afford them. Look for free training courses and events. Use social media.
Keep everything lean and simple- the essential thing is to keep going – you can always trade up later