Things to think about when setting up a business

Setting up a business from scratch is not an easy thing to do. So many people think it’s all about a good idea and a gap in the market and that the rest will just follow easily from there. Of course that is not the case at all. The truth is that the idea is the easy part, it’s actually hard work, attention to detail and pure graft that gets you over the line. And along the way there are lots of surprises and unsuspected sticking points and complications that you never thought of. Here’s a list of items you should think about and make sure that you take care of as you look to get your start-up off the ground.

Do digital properly

In this day and age whatever business you are in requires a digital presence – in short, a website. But websites are not as easy as you might think. They don’t just appear magically and if done incorrectly they can do more damage than good. You need to make sure that your site is responsive and if it is going to be a vehicle for transactions then you will need to buy ssl certificates. It’s probably best to speak to an expert to ensure that your website is able to do everything you require it to do. If you know what the goal is it’s much easier to create the vehicle that gets you there – that is certainly the case with websites.

Finance

The most important part of any business is its finances. Quite simply a business that doesn’t have any money is doomed to fail. And while this might sound like we are stating the obvious, there are lots of businesses that theoretically have money, while actually having nothing at all. We are talking about cash flow and the inevitable fact that you will need to outlay capital before getting a return. So proper planning, projections and partnerships are critical. Before you have performed your first transaction you need to make sure you have the right backing or banking in place to tide you over any lean patches. The right partnerships can be the difference between winning or losing, and you need to make sure you have everything place from the outset, because if you only start looking when cash-flow gets tight, as it inevitably will, then it is too late.

Modesty

Do not be afraid to start from your garage or your spare room. There are far more successful businesses that started in these sorts of modest premises than you could possibly know. Or conversely there are more bankrupt and long forgotten businesses that went for ostentatious premises and paid the price than you realise.

Get people talking

Whatever it is that your business does, you need to make sure that people talk about it. Word of mouth is the best type of marketing available so make sure that you are making impressions of the positive kind from the very beginning. You might have a budget for advertising or public relations and if you are lucky enough to be able to pay for these services, well played, but in the event that you can’t afford it, or budgets are limited, make sure that your customers have to talk about you because you are so nice and deliver so much more value than your clients expect. It’s this kind of reputation that will translate into repeat business for years to come and it’s an attitude that can only have a positive effect on your business.