Starting a #newbusiness can be an exciting and rewarding experience. It can give you the freedom to be your own boss, create your own schedule, and pursue your passions. However, it can also be a challenging journey with a steep learning curve and sleepless nights! In this blog post, we will explore some essential tips for starting a new business.
Set up a separate business bank account
One of the first things you should do when starting a new business is to set up a separate business bank account. This will help you keep track of your business finances and make it easier to manage your cash flow. Mixing your personal and business finances can be a recipe for disaster, as it can make it difficult to track your expenses and profits accurately. Your bank account can be linked directly to accounting software like #Xero so from day 1 you will be able to monitor your income and expenses in an instant!
Outsource the tasks you are not confident in or you simply do not want to do
Starting a new business can be overwhelming, and you might not have all the skills needed to run a successful business. We all know we put off certain tasks if they do not interest us or we don't understand! You don't want this procrastination to result in missed opportunities or missed deadlines! Don't feel you need to do everything yourself, outsourcing can be an affordable option to keep your new business running smoothly. Outsourcing examples could be a bookkeeper, a designer to develop your brand, social media guru.
Put processes in place from the start
When starting a new business, it's essential to start as you mean to go on. Don't look at your business as a newbie! Plan as if it is an established, successful business with a team. Put processes in place that an employee will be able to follow when the time comes, should you be unable to work due to sickness can someone easily fill your shoes and keep the business going? Have clear goals and objectives in place and review them regularly. Starting off on the right foot can help you establish a strong foundation for your business and set you up for #success.
Build good relationships with suppliers
Building good relationships with your suppliers is critical for your business's success. Suppliers can provide you with the products and services you need to run your business, and having a good relationship with them can help you negotiate better deals, get faster delivery times, and access exclusive offers. It also helps boost your network and keep you in the business loop!
Research your competitors
It's essential to research your competitors when starting a new business, what are they offering? What can you offer that will make you stand out above the rest? However, it is important not to get caught up on their pricing. Your pricing should be based on your unique value proposition, your costs, and your target market. Instead of focusing on your competitors' pricing, focus on providing value to your customers and building a strong brand that stands out from the competition.
Get to know your compliance obligations
I am sure you are a pro at your trade but one oversight I see regularly is business owners lack of knowledge around their compliance obligations. When do your tax returns need submitting? Do your employees need a pension scheme? Should you be #VAT registered? Getting this area wrong can be costly and the stress can easily be the reason a business owner shuts the doors. Don't let that happen to you. Find out your obligations and deadlines, diarise them and adhere to them!
Running a business can give you freedom if you do it right, but it's important to remember that you are running a business, not just giving yourself a job. This means taking the time to set up your business properly, putting processes in place, and building a strong foundation for success. By following these essential tips, you can start your new business on the right foot and achieve your entrepreneurial dreams.
What do I enjoy about being a #businessowner? Picking my kids up everyday, the flexibility to work the hours I choose from where I want, the variation of my workload, choosing the work I do and who I work with :)
