Running your own business can be one of the most rewarding things that you can do with your career. Whether you are dreaming of opening up your own shop or starting up an entirely new business venture, there is a great deal that you may want to know in relation to how to get started and become successful too! Through the ups and downs, something that the founders and CEO’s of companies always comment on is the fact that it is not the destination or end goals that have meant the most to them, but rather the destination and steps it took to grow their businesses. Here are some of our top tips for running a company…
Will people buy?
Just because you enjoy doing something and a few people have asked you to do it for them doesn’t mean there’s a big enough market. Make sure there is demand for your product or, if no one else is already offering your product or service, make sure it’s not because no one wants it.
Will people pay a realistic price?
Often business start-ups make the mistake of offering their service or product cheaply, or for nothing, in order to gain exposure. If people pay nothing, or next to nothing, then that’s the value they place on it and they won’t pay more. You’ll only be able to put the price up with new customers.
Get inspired
Sometimes one of the best ways to learn about the ins and outs of running your own business is through merely being inspired by someone you admire. Previous entrepreneurs and leaders in the industry have even created blogs that will allow you to learn their tricks of the trade and get inspired by their experience. Be sure to check out blogs written by the likes of Ben Austin, Mark Zuckerberg, Bill Marriott and Richard Edelman.
Don’t forget you have to live too
When you’re analysing your costs, selling prices and profit margins, allow enough to pay for your living costs. If you don’t you’ll end up working all the hours God sends just to stay afloat. That’s why so many ‘cake companies’ rise and fall within six months when they realise they can’t pay themselves.
Get help – often for nothing
Don’t start a business without having help you can call on to teach you the basics. Online business forums are full of people asking the most naive questions when often local chambers of commerce or other organisations offer courses and mentors to guide new businesses.
Even HMRC runs free webinars and clinics teaching you basic accounting, responsibilities of directors, new PAYE guidelines – all sorts.
Use top-notch services
Start-ups are in an enviable position today as there are so many services available to them. Don’t fall into the trap of doing everything yourself because you’ll run out of time and be unable to grow your business. Using services for things like digital marketing will release your time so that you can spend it doing what you should be doing.
Plan conservatively
When you’re running models on a spreadsheet with costs and sales prices to work out margins, err on the cautious side – always over-inflate your costs and under-estimate your selling prices. Things won’t always work out perfectly and you need some contingency – if a supplier puts prices up, that way you’ll have a cushion.
Always market your business
Don’t fall into the trap of not promoting your business because you’re too busy. All you need is for a couple of customers to fall away and you’re in trouble. It’s far easier to cope with over-demand than to struggle through times when you can’t feed or clothe yourself and your family.
Don’t be afraid to learn
There’s a lot more to running a company than can be fitted into a short article like this. But above all, accept that other people have been through what you have and their help can be invaluable. Whether it’s from training or using an expert so that you can grow your business, help is out there.
Kidal Delonix is a contributor to Mr. Hoffman's blog. The views and opinions are entirely his/her own and may not reflect Mr Hoffman's views.
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