More people than ever are starting their own business and even more want to. The number of small businesses continues to rise, even as large global companies continue to grow and to dominate. People are seeking ways to improve their quality of life by working for themselves, and consumers are doing their bit to support local business. But, despite this, most small businesses fail within the first two years. They go in filled with excitement, but without proper planning or investment and despite all of their hard work, commitment and passion, it just doesn’t work out.
If you are keen to start up on your own but want to make sure that you create a business that lasts, grows and becomes successful, here are some of the things that you need to do.
Do Your Research
Research is one of the most important jobs when you are starting a business. Don’t rush in without first researching absolutely everything involved. Look at the market and the economy. Research your competition. Look at similar companies that have failed and try to analyse where they went wrong. Prepare business plans and financial services. Research materials, supplies, offices, marketing campaigns and anything else that you can think of. If you are able, outsource some of your research tasks to other people, and get them to prepare reports on the essentials for you.
Hire the Right People
Your team is crucial to your success. Whether you employ one person or a small group, they need to be right. They need to understand your vision and share your passion. They need to be organised and great at managing their time. Don’t rush into hiring, and don’t employ more people than you can afford. Remember, you can always add to your team as you grow.
Have Some Values
Ask yourself why you are starting a business. What do you aim to achieve, and how do you want to do it? What are your core values? The things that you put above everything else? Do you want your company to be known for its customer service or sustainability? Make sure your team, and your customers understand what your values are.
Work with the Right Companies
Most businesses have to work with other companies. You’ll need to find the right suppliers and manufacturers. You might need the right injection moulding company and the right marketing team. Whoever you work with, make sure they are the right fit for your company, that you can work well together, that their prices and services fit your needs and that they agree with your values. Lasting relationships can make your business stronger and ease pressure going forward.
Focus on Customer Service
Whatever your business, customer service is essential. It’s what brings people back. A loyal customer base will keep coming back to you, they’ll forgive mistakes, and they’ll tell their friends. It’s much easier than having to find new customers all of the time.
Many businesses fail because they get excited with early success and try to expand straight away. They spend too much money and spread themselves too thinly. It often leads to disaster. Take your time to grow your business slowly, and your growth will be sustainable over time.