The Difficulties That Stop Us Going Into Business
Running a business. It’s something a lot of people dream of doing, and it’s something a lot of people rarely execute for themselves. And yet, with the innovation of modern technology and a break away from traditional conventions means it’s easier than ever to get started. The more people realise this, the more success stories we’re going to see in the corporate world!
So maybe you’re intimidated by the idea of competing against big business, or maybe you’ve never even tried to micromanage every single part of an institution before (and let’s be honest here, nobody has!). Even with all these doubts at the back of your mind, there’s no harm in simply trying your hand at running your own company when you’ve got a solid business plan behind you and some good advice by your side.
And we haven’t even gone into all the details of the difficulties that make us stop ourselves from clicking through to the link on the government website to begin registering our business name! There’s a lot of worries out there for everyone to consider before they establish a startup, and a lot of the time they’re right to make sure they’re prepared for them. So if you really want to take your career to the next level, and you know once you’re in with the rest of the business in your area you’ll be fine, don’t let the doubts keep you from realising this. Here’s some of the biggest worries that don’t have to be as unapproachable as you might think.
Earning a Good Reputation
Reputation is usually everything when it comes to the business world. If people don’t trust you, both in and out of the consumer base, you’re not going to have much of a market to sell to. And thus, making sure you have plenty of measures in place to stop this from happening is essential; have good integrity to start off with, and you’re going to have it for years to come.
In other walks of life, what other people think of you isn’t something you should take to heart. But when you have an entire company at your fingertips, other people’s opinions is what makes you. So make the right choices for your customer base, and that boils down to doing what you promise. Follow up on all routes of sale with a few reminder emails or phone calls, and you’re going to come across as a lot more reliable than making no effort whatsoever. Even better, when this kind of follow up marketing asks the customer what they think, people are going to be a lot more interested in coming back to you!
Make your customers, and your investors feel appreciated, and you’re going to be recommended to other sources of funding alike. Becoming more of a positive force in your own community, by helping to boost other businesses at the same time, will only make your ability to expand more popular of a move.
Gaining and Retaining Customers
If you have a business, the first thing you need to know is if there’s either a want or need for your business. Of course you want to start it up to make sure you’re bringing in money for yourself, and because you’re an innovator in your field, but do the customers feel the same way?
Making your first sale is an exciting waypoint to mark in your journey, and don’t ever let yourself forget where it came from. If more and more sales happen via the same means, whether that’s online or instore, make sure you’re investing in all the methods to keep people coming the same way. Have word of mouth advertising on your side, such as radio adverts and testimonies to include in any leaflets or flyers you can hand out (and there’s a lot of rules about that too).
Making sure a customer stays with you is all dependent on their experience. A lot of this can be situational, such as you’re the only bookstore or fried chicken takeaway restaurant within a 10 mile radius, but you also need to be good at what you do. Be worth the money with everything you give out, and offer promotions from time to time when when customers come through your tills: a money off voucher never hurt anyone!
Finding the Right Employees
Employees are always a part of the business model and integral to survival. You need trained professionals on the ground at all times trying to make sales and looking after the books when you can’t yourself. Generating yourself a payroll is always an exciting part of business, as you can find many people with a talent for sales, marketing, and managing the office. They can help your business grow just as much as you do, and maximising on this is a great way to start expanding your company.
Make sure the people you hire are trained for the roles you need them for, and if you’re willing to take a chance on someone with no experience, make sure you train them on site. People can’t do jobs properly if they don’t know how!
Shipping and Its Costs
Shipping is something no one likes to pay for, both customer and high level executive alike. And yet, we have to get our products out there somehow! So when you’re trying to be a reliable business that’s worth the time and money of both yourself and your customers, make sure you’re investing in a trustworthy transportation service to help build that crucial reputation we mentioned above.
There’s many types of transport out there, and they all come with their own fees. Be sure to shop around before settling on any one method, as rates can vary depending on the season. You should also take your target market into account; for example, use interstate transport if you’re in an area where you’re targeting people outside of your own community. And if you’re not selling to people outside of you country, there’s no point immediately investing in a shipping service that’ll take products overseas. Consider it your first mark of expansion when you’re making enough turnover to target the market in another country.
Staying in Profit
Profit is something we all need to bring home at the end of the day, but there’s a lot of money considerations between taking in cash at the till and putting it into the bank account to live off of. Taxes, insurance, and expenditure are all going to come first to make sure your business stays in business, and that can often leave you at a bit of a loss.
However, this is to be expected when you’re just starting out, and when you’re experiencing slow periods in business! And don’t worry, every single business out there experiences these periods, so you’re not alone in your struggles. Yet still, telling you not to let the money hold you back is going to be a complete mistake, and you’re definitely going to need a good amount behind you before you start up. So make sure you understand how to properly navigate the financial world before you try your hand at running a healthy cash flow.
Cash management is tricky to get a handle on, but it’s not an impossible feat to accomplish. One thing to do when you get started is to hire an accountant to look after the books for you, and to give you properly informed opinions on where you’re going right and wrong. Just because it’s your business doesn’t mean you have to take care of everything yourself after all! Accountants don’t even have to be a permanent fixture in your model if you’re trying to learn the ropes yourself or if you simply can’t afford it; outsourcing is an incredibly popular move these days.
Overall, Make Sure You Take a Chance
You can find a lot of uncertainty about the future when you’re running your own company. It’s not something we ever like to feel, but it is something we’re going to have to deal with if we want to make it in the corporate world. Markets fluctuate every single day, and something you got for pittance one day could be the most expensive thing to invest in another day. However, navigating these troubles is what makes you better!
There’s a lot you can do in business that can both accelerate or hinder your progress. A lot of the time a trial and error system is what shows us where we’re going wrong, so don’t be afraid to experiment. Just because it’s a whole new venture into a world where you’re already scared to tread doesn’t means it’s not worth the time or effort. The customers are out there for you, the reputation you’ve always sought is just around the corner when you do everything you can to tailor a customer experience, and the competitors are people you can both outdo and collaborate with when the time comes for it!