- 28th November 2017
- Posted by: Kate Field
- Category: News, Tips
Giving up your career and starting up your own business can be a truly daunting task, but the fear of failure should never stop you trying. The joy that can be found in running your own business is unquestionable, however you have to expect tough periods before you can fully reap the rewards. The success of your business relies on your ability to plan thoroughly and react well to setbacks. Here’s some measures you can take on launching your business that will hold you in good stead:
Plan the path to success
Setting the foundations for your business is vital at its beginnings as a lack of preparation can allow cracks to appear. Start by identifying your gap in the market and putting a schedule in place for goals and objectives that you want to achieve at different milestones during the growth of your business. It’s imperative to remain flexible as things will not always run smoothly and the ability to react well can be the difference between surviving and not.
Study the market
All business people think they are the only one doing what they do, but the cold hard fact is that you are probably not the first. You must evaluate your competitors to see how they started and how well they are doing in the market as it will signal where you can prosper in your business where they have not. Concentrate on your USPs and push them when promoting your business because even the smallest aspect that sets you apart can make sure your offering is unique to the market place.
Get in the right help
As your business grows it will be impossible for you to do everything yourself, which means hiring staff. Employing effective people in the right positions can guarantee that your business thrives, so be specific and thorough with your selection. Remember though that there is a lot of people willing to help for free you just have to ask; just like at the CEME Launchpad Centre where our business support team can offer guidance on a range of issues that can make your life easier.
Stay positive despite knock-backs
Everything when starting a business comes with a caveat and knock-backs can hit you hard when you are not expecting them. At all points in the early stages of a business there will be costs and issues you did not foresee. If you want to ride these out then a positive mindset can be hugely beneficial. Taking time to step back and reflect on anything can give you time to react and showcases the importance of retaining a good work/life balance so you can keep everything in perspective.
Keep the cash flowing
The biggest cause of business failure early on is cash flow as orders may come in but payment may not be so forthcoming. As the lifeblood of your company it is preferable to have a financial buffer that can protect you should incomings stall. If your business is selling high-ticket items then perhaps securing upfront deposits can guarantee yourself some breathing space, while waiting for funds to come in later. For more volume-based sales organisations it would be wise to get networking, marketing and selling from the word go.
At CEME, we know every business is different and our programme of support is tailored to your individual needs. Whether you are an existing established business, a one-man start-up or an SME who is finding their way, we can help. Call us today on 020 8596 5400 or email firstname.lastname@example.org.