Things to consider when starting your own business

When it comes to starting your own small business, getting the basics right can be a challenge. Whether you’re entirely new to the profession or you just lack business experience, there are a whole host of factors and considerations to bear in mind in order to maximise your success. Below, we have put together some of the most important factors for you to look at before setting up shop.

Competition

Even the most original business ideas have competition, and the chances are that yours is no exception. By carefully following what your competitors get up to via social media, the internet and through friends and family, and conducting a simple competitor analysis, you can save yourself time and money, and focus on delivering a product or service that your competitors are failing to do so.

Admin and bookkeeping

Even the most experienced professionals can find bookkeeping and administration a challenging part of their business strategies. Although you may turn to a local accountant to sort out your finances, you should also consider online software such as Eviivo, which was designed for bed and breakfast owners. In addition to hosting your website on a variety of booking websites, the service allows you take online bookings and manage your finances using one accessible platform.

Marketing and promotion                                                                                                

Although your friends, family and industry contacts are likely to lend a hand, marketing is an essential aspect of most small businesses – particularly start-ups. By focusing on your marketing and promotional strategy before you begin the process of launching your business, you will be able to deliver a more effective and manageable campaign that delivers the results you need.

In addition to the obvious marketing aspects, such as growing a social media channel and writing a press release, you should implement online pay-per-click advertising to attract a local audience, attend industry-related networking events to boost your brand’s name and consider a focus group to get information from your customers before you launch.

Staffing

Although it’s likely that your small business will be a ‘one man job’ to begin with, it’s important that you take into consideration staffing. Whether you’re looking for a waitress for a new local cafe or you require an experienced account manager to join your team, you need to be prepared to make the right hiring choices for your business.

The secret to hiring a great employee is to focus on the seven Cs, which are competency, capability, compatibility, commitment, character, culture and compensation. Whether you’re looking to hire from day one or you are considering a recruit in the future, planning ahead means that you can be prepared and hire only the right person for the job.

By focusing on these four key aspects of business management before launching headfirst into your plan, you will be able to save yourself time, money and headache when it comes to growing your brand.