4 Top Tips to Help Your Fledgling Startup Hit New Heights
It’s not easy this starting a business caper.
Aside from researching your market, testing your product or service and struggling to secure funding, there are several other areas where inexperience can catch you with your pants down.
Whether it’s a tendency to hire unsuitable employees or keeping important company receipts stuffed in a shoebox, it’s vital mistakes are recognised quickly to avoid falling at the first hurdle.
Indeed, this veritable wetness behind the ears may explain why almost 50 per cent of all small business in the UK fail in their first couple of years of trading.
Admittedly, this is certainly a sobering statistic for all you enthusiastic entrepreneurs out there, but oodles of forward planning and heaps of hard work can help your startup avoid the same fate.
To get you started on the road to success, check out our four top tips to help your fledgling firm soar to new heights …
Top Tip #1: Choose a Good Location for Your Premises
It’s an old cliché, but when it comes to property, whether it’s residential or commercial, it’s all about the location. For cash strapped startups, however, paying over the odds for a premium spot on the high street is simply an unnecessary wrong turn down a one-way road to failure.
Importantly, depending on the products or services you offer, finding an affordable base may be easier than you think. Check out government-backed enterprise zones in your area, which have been set up to support businesses, both new and expanding, seeking reasonably priced premises.
Top Tip #2: Take Yourself on a Power Trip
Once you’ve sorted out your premises, it’s important to shop around for a reliable and cost effective energy provider. If it sounds insignificant, think again. In fact, your firm’s energy consumption is likely to be one of your biggest overheads, so it pays to get it right from the off.
With this in mind, it’s vital you opt for a system that allows you to keep a watchful eye over how much energy you’re using, with an automated meter reading service typically the easiest solution for business, regardless of size or stature.
Top Tip #3: Invest Time to Find Suitable Employees
Considering how much blood, sweat and tears you’ve poured into your stuttering startup to get it off the ground, the last thing you need or want is a lacklustre employee treating your customers and your bottom line with a contemptuous shrug and a derisory laugh.
As a result, take your time when hiring new members of staff, rather than employing the first enthusiastic briefcase that walks through the door. Delve deeper into their work history and ensure they’re incredibly keen to push your firm forward, as opposed to just picking up a wage.
Top Tip #4: Business Is Survival of the Fittest
For any fledgling firm, surviving past the initial 36 months is the toughest – but to survive beyond the three-year mark, it’s vitally important to evolve as a business. Therefore, keep your finger on the pulse with marketplace changes and try to look at your products and services objectively.
Indeed, keep an eye on what your competitors are offering and explore whether they’re providing something different, as well as shopping around for technological advances that can help your startup gain a significant edge over its rivals.
Now it’s over to you …
Do you have any top tips for a new firm looking to soar to new heights? Please let us know by leaving a comment below – we’d love to hear from you.