Starting up a new business is a daunting and exciting time. Particularly in the current economic climate, new businesses are facing greater struggles than during the boom time and need to be as prepared and planned as possible when getting their venture off the ground.
A business angel is a great source of support at this time and could be a mentor, coach or advisor. There are various commercial and funded schemes around the UK that put new businesses in touch with established and experienced mentors, who can give them the advice and support they need in the difficult early days.
Certainly, your new business should have a solid business plan. For most new ventures, this will have been a prerequisite for obtaining business funding, so you should have the encouragement that your projects, figures and business analysis and proposition are broadly solid.
People are key to any successful business. Think about staffing carefully: the bigger the team, the greater your HR and legal responsibility. Consider flexible options such as temporary staff, freelancers, contractors and outsourced business services such as outsourced HR and payroll functions. These will minimise your risks associated with hiring permanent staff, although temporary recruitment can be expensive if done via a recruitment agency. Try social media routes such as Twitter to advertise and use job boards. Word of mouth can be powerful in local business communities.
Get the right insurance in place too. Either go to a comparison site such as Constructa quote or speak to an advisor to check you have correct and adequate provision. An independent advisor will give you market-wide advice rather than promoting commissioned products. Look at business liability insurance, public liability insurance and even employee liability insurance depending on your set-up and circumstances.
Other things to consider are your premises, making sure they are fit for business purpose and that your equipment is insured. Make sure you have a clear marketing strategy for your business launch and are using as many low-cost channels as possible during the financially stretched early days. Nowadays, print can be cost-effective and social media and PPC advertising can be cost effective too. In fact, digital marketing offers great routes to market, but without prohibitive costs if you have a tight budget.
Network like crazy in the early days to get your name out there and approach local newspapers and the media to tell your story. It can be worth investing in a PR contractor for a short period to promote your news and spread the word, another good form of advertising. Make sure your operations are effective and seek to keep costs down as much as possible. Continuous improvement methodologies recommend taking regular reviews and finding small incremental ways of improving your business at frequent intervals.
Finally, stay responsive, alert to changing market conditions and be prepared for the business to change and for you to experience difficulties and setbacks. Any new venture is a learning curve and sometimes the best lessons are the hardest! Enjoy it, make the most of it and be prepared to work very hard at the start to help ensure your business success.