Running A Business Needn’t Be Impossible
It is no secret that running a business is hard work. However, you will reap the benefits of your hard work eventually. It can take a while to get your business up and running, especially if you are doing everything yourself with little help. If you are trying to get your business going while working another job then it may take a little longer than you expect. It is a well-known fact that up to 90% of businesses will fail within their first year of trading. This can be due to a number of reasons, including running out of money and not being situated in the right place. If you are unsure of how to get your business up and running then take a look below for more information and guidance.
Have An Idea
Every business you see around you today in the big wide world started with an idea. Without ideas there would be no business, even the pet rock started with an idea. When it comes to creating an award-winning business idea, it will help you to write everything down. No matter how small and pointless you think the idea might be, you could come back to it and work on it later down the line. Don’t forget that just because you are starting your own business, it doesn’t mean that you have to think of a totally new idea. You can take an existing concept and twist it to improve it or change something about it.
The key here is to think of an idea and then do some market research on that idea. Without market research, you would be going into this plan blind. You wouldn’t know how your public is going to react to it. For instance, if you think of an idea, float it about in polls and surveys asking what people think of it. At all steps along the way of starting up, you need to be thinking about your target audience.
Find The Money
When you are building a business you won’t get very far if you don’t have any funding to do so. There are cases of people opening a business without any money, but they didn’t technically do this. They had a helping hand, either with the business already existing or from others buying into the business. If you want to start a business from scratch then you will either need to have the money to hand or apply for a loan. If you need to apply for a business loan then you will first need to find someone who is willing to lend you the money. You could use a broker or you could apply in person. Banks and other places will need to know what you plan on doing with the money they are lending you. They will also need to do a background check to make sure that you are a safe lending option. If you have a high credit score then you are likely to pass this application with flying colours. If you have a history of debt and unhealthy borrowing then you might struggle.
Sort Your Employees
Something that your business will need is employees. You can of course create a business that you run yourself but that will be a lot of hard work. Employees can take the pressure off so you can put more time and work into your company. When it comes to hiring employees you need to make sure that you are only hiring the very best people for the job. If you hire people that aren’t interested in your business then you run the risk of a high employee churn rate. This happens when people come and go within quick succession of each other. It can be detrimental to your business as you are then taking time out to hire new people which means you aren’t around to help bring in a profit.
It might help to hire a manager or two that can watch over things in the company when you are not around. If you can’t find anyone to do this then it might be a good idea to offer training to some of your existing employees. Offering training and promotions to your staff is a great way to keep your staff members productive.
Locate A Premises
You will need to decide if you want to work from home or be located in an office block. There are pros and cons to both of these options, you just need to find the one that is best for you and your lifestyle. If you have other commitments that you need to work around, such as childcare, then you may choose to run your business from home. Thanks to the covid-19 pandemic a lot of companies realised that they could actually run their business from home. However, if you feel you would like to be more present for your staff members then an office-based environment might be better for you.
Create A Website
Something else to consider is how your business website is looking. If you have a website that matches your business brand then you are more likely to bring in customers and clients. If you are unsure of how to design and layout your website then there are website design companies who can help you with this. Make sure you do your research on which one would be best for you to use.
When you are creating your website you need to think about how easy it is for your customers to use. There is a rule when creating a website that suggests your users should be no more than three clicks away from the page or product that they are looking for.
As a business, you are classed as being self-employed. This means you are responsible for all the taxes that you are liable to pay. You will need to register as a company so that the tax man can find you and you can file your taxes. The more money you make, the more taxes you will have to pay. If you hire an accountant they will be able to help you and advise you on the best ways to manage your taxes. You can choose to pay your taxes in one big chunk or you could set up a payment plan to handle the payments.
When you run a business that has customers and employees you will need to make sure that you have the right insurance in place. You need these pieces of paper to cover you in case of any freak accidents within your workplace. You will need to make sure that you have purchased public liability insurance if you are welcoming guests into your business. You will also need to have employee liability insurance in place to make sure they are safe and covered at all times. Some insurances are required by law, so when you start up your new business you will need to make sure that you know which ones you need. Before you open your doors you should make sure that all the necessary paperwork is in place.
We hope you found this article helpful and that it gave you some insight and ideas on how to get your business off the ground. Remember, when you hit an obstacle it doesn’t have to be the end. Keep calm and carry on, you will get there and be running your business in no time at all.