Starting your own business can seem overwhelming. Suddenly you’re in charge of every aspect, you’re the decision maker, and all the business’ triumphs and tribulations are your responsibility. However, if the right precautions and processes are put in place, running your own business can be a fulfilling, and rewarding endeavour – both mentally and financially.
The first year of running your business is crucial; the decisions you make can either make or break you. We’ve put together our top pointers for 5 critical decisions you are sure to encounter during your first 12 months of operation.
1. How much will I invest into the business
There isn’t a one-size-fits-all approach to how much you should invest in your business. There are a few important factors to consider when considering how much you need to invest into your own business. You should consider these important pointers when deciding this:
? Your one-time startup costs
? Your working capital
? Figure out a six-month financial cushion
? Add forgotten fees
? Add a little extra for forgotten fees
? Add a little extra for the unexpected
2. How will I measure success?
Creating a business plan will help to focus your business in terms of its aims and goals. Once this is done, create achievable mini-goals and ensure they are completed in a realistic timeframe. Ensure your business plan and goals are clear and effectively communicated to your staff. That way, people will know if what they are on the right track.
3. How will I hire and retain the best staff possible?
Having reliable staff is one of the most important factors of a successful business. Once your business plan and objectives are established, look to hire like-minded staff, intuitive and enthusiastic about your particular nature and aims. However, the responsibility of managing a great team of staff doesn’t just end there. Ensure your staff feel valued and protected by looking into helpful learning processes, reward systems, and insurance of their job roles. Verdure Financial Planning Solutions offer reassuring and effective insurance options that can make you and your staff feel more at ease during the developing stages of your business.
4. Get all the help you can find
There are many resources and platforms you can utilise that will help you to run your own business. Join a networking community to get advice from business owners who’ve already been through the trials and tribulations you are experiencing. Keep up to date with your government’s rules and regulations, and do some research about any bursaries or business grants you may be eligible for. The world needs entrepreneurs like you, and the support is out there to prove it!
5. How will I improve in the future?
As your business begins to evolve, it is important to have plans in place to keep up with any expansions and challenges that may come your way. For example, this could mean planning for when your business grows and you move from working out of your home to finding an office space. As well as this, after the initial rush of a new business, many hit a plateau. Plan for these times, and always constantly assess past decisions and processes, and how they could be improved upon.