Planning to start a small local business in the city? Keep in mind that a successful business idea with potential that is perceived as high does not guarantee its success in the existing reality that proves that quite a few new small businesses fail to survive over time. Initiative, determination and brilliance in the eyes, along with a particularly high work ethic, will contribute significantly to the successful management of the business but these are not exclusive for the purpose of making it profitable, successful and expanding. In order to minimize the risks of making mistakes due to lack of knowledge and experience, it is important to be equipped with a “toolbox” that is essential not only for the start-up phase of the business but also for its entire lifespan for its expansion. This “toolbox” will include ongoing professional guidance, professional financial services, building a proper professional business plan, and more. Here are some tips to keep in mind for starting your next business. 

From the pre-establishment stage of the business, it is important to consult a professional consultant in the field for ongoing guidance. Whether you choose the assistance of a business consultant or coach, you can enjoy confidence building, assistance in building the business plan and useful tools for setting up the business and moving forward. It should be borne in mind that the nature of a business coach’s activity is fundamentally different from that of a business consultant. While a business consultant comes with clear financial and business training and is focused on formulating the business idea, market knowledge, trends and competitors, examines the financial viability of the business and provides useful information about bureaucratic procedures and steps, coach activity is driven by other assumptions. The training process is based on the assumption that the business owner has the information and expertise necessary to start the business, with the pre-defined training process focusing on developing personal abilities, identifying barriers, inhibiting weaknesses and realizing the existing potential – which is necessary in the initial stage. Whether you choose a coach or consultant, you should prefer a professional who works in a geographical area close to your city (for the convenience of weekly meetings) and one whose recommendations have been received from clients who can verify their services. You should consider looking at an impeccable business plan as well as the financial implications. You can also gain more information about your training process with feedback forms online.

A proper business plan

Building a smart professional business plan is important for a clear definition of goals and objectives in accordance with defined and realistic schedules. A business plan is also required for the purpose of obtaining a loan for the benefit of the business since this document is required to be presented to the relevant financial entities. The plan is required to be as detailed as possible and to include a business profile mapping, including a clear breakdown of the services and products it offers. Also, a description of the market and its trends, including identifying the prominent competitors and competing products. The plan also addresses financial aspects such as sales and revenue forecast, optional financing methods, cash flow and reference to the marketing aspect, including decisions at the strategic level – marketing and budget planning for marketing and business sales. Given the importance of a proper plan, professional guidance from a consultant, like those at Syte Consulting Group, will help to ensure the goals and objectives are defined in a way that is as reality-oriented as possible.

Financial support and business services 

Even before setting up the actual business, you should be equipped with an accountant or office that offers accounting services (and preferably local for convenience and efficiency). Finance professionals will be able to guide you regarding the business-adapted association at the beginning of the journey, advise on everything related to taxation and provide the professional information required to open cases with the authorities and bookkeeping. Although when it comes to a small business, sometimes there is a temptation to take on the task, it is worth entrusting it in professional hands to a quiet mind and a minimum of amateurish mistakes. In choosing the most suitable service provider, you should prefer one that you have received recommendations for and is experienced in accompanying small and medium-sized businesses. In a face-to-face introductory meeting you will receive the required initial information and coordinate expectations. It is important to make sure that all the way, from the beginning, the financial activity is required to be in full transparency in front of you so that your hands are on the pulse and you are always up to date with the actions being taken in your portfolio.  In addition to financial services, you can and should use entities that offer business services to entrepreneurs and small and medium-sized business owners. These entities offer dedicated professional training to the business sector. You want to know what to do if by any chance you come into financial difficulties and become bankrupt. It is important to look at the difference between chapter 7 & chapter 11 bankruptcy and know your rights also. 

Get the plan just right

In order to make the right business and financial decisions for your business, it is imperative to know in depth the business and economic space in which it operates. Therefore, it is important to regularly orient yourself in the activities of your customers and competing businesses. It is advisable to visit their website periodically, read industry reviews, keep up to date with business information and professional materials and also conduct undercover client activities to learn about the offer, how to service and price. It is important to regularly monitor cash flow – make sure to receive revenue from customers before making payments to suppliers and plan the payments policy in the business. These measures will facilitate the liquidity of money and save the payment of fines and interest as a result of overdrawing in the account. It’s time to create your best business!