As an entrepreneur—whether you’re an operating on a local scale, or a global scale…with small dreams, or with big dreams—your focus and drive for success is the thing which pushes you ever onwards. You had an idea or a brilliant, new concept non-existent elsewhere in your market of choice; or perhaps you’ve had an idea for a brand new market. Whatever the case, you wanted your idea to be more than an idea, so you’ve taken the initiative and striven to make that happen.
But where do you actually begin with a brand new business idea?
In whichever early stage you find yourself, if your business is still new, you have a long way to go before you’ve fleshed it out from a startup into a fully-fledged enterprise. Perhaps you already have a company name; perhaps your idea and brand are fully realized and you’re ready to get on the road.
You might have a few friends with the experience needed to make this business a reality. Make sure your aims are clear and you’re all up-to-date on the avenues necessary to promote and build your business. Once you’ve done this, you’ve already taken the first few important steps.
However, manpower and expertise are only two parts of this huge equation. The financial elements of starting a new business will be the aspects which make or break this concept of yours, no matter how brilliant it is or how brilliant you are as a driven, intelligent individual (or how smart your group of multi-skilled individuals may be).
When you apply for a loan, depending on the company offering it, there may be a series of hoops through which you’ll have to leap before you’ll be seriously considered. It’s the same for all startups, because you’re a potential risk if your new company flops.
Ensure that your business plan is tight, your financial projections are promising and you’ve budgeted everything correctly. A safety net of well-planned finances is crucial to your success in these early stages, so you have to think about money to eat and drink as well as money that you and your small team will be investing into the new business.
You need to think about your base of operations.
There is no “perfect” office—only the perfect kind of office for your specific company. You need to consider your size projections for the roughly foreseeable future. Maybe you’re only a small startup right now, but if you have plans for rapid growth, then your team might have to rapidly grow to meet the needs of your business and its ever-expanding services or products on offer.
You also need to build an image within the office as part of your overall brand. The aesthetic is important as the core services within your new business, so ensure that you project professionalism to achieve professionalism. You should invest in an office which allows room for growth and is located within a professional setting, with a mail forwarding service and other facilities on offer, so that clients know you are an organized and serious corporation.
Remember, innovation and determination make up 90% of creating a successful business, but the other 10% comes down to how you project the brand itself.
Fear can be a real constraint when you are trying to run a business. It’s only natural to fear failure to some extent, but don’t allow that fear to straightjacket the company and hold it back. That would be a complete disaster for everyone, and you can’t let it happen. Here’s how you can mitigate some of the most common risks out there:
Perform Regular Risk Analyses
If you want to mitigate the risks, you first need to know what those risks are. Every business faces different risks because they all do different things. That’s why it’s so important to perform regular risk analyses. These allow you to see where the business is and what the major risks are. When you do this, you can be sure that your business is prepared for the worst and is able to battle threats.
Set Controls and Keep Records
You should set clear controls in the office when it comes to things like accuracy and quality. When these kinds of things are in place, it’s much easier to achieve consistency and avoid disappointing the customers. This is something that you should definitely think carefully about if you want to keep the ship steady and mitigate risks. Keeping records helps too because it allows you to pick up on changes and monitor how processes are being carried out.
Use the Best IT Setup
The IT setup that your business has in place will play a big part in setting the direction for your business. If it’s in good shape and able to do what your employees need it to do, your business should tick over nicely. But if the IT system is shoddy and below par, your employees will be less productive, and work will be done in a less efficient way. There are many companies out there that can provide you with managed IT services, so take advantage of this.
Get the Right Insurance Cover
You can transfer some of the risks your business will carry by getting the right insurance cover. Then you won’t have to worry about things like damage to your property. If something like that does happen, the repair costs will be covered by your insurance company.
There are so many different types of insurance you can get for your business, so make sure you explore all the options. It’s a great and simple way to mitigate some of the risks you’ll face.
Keep Debt to a Minimum
It’s always a good idea to keep debt to a minimum when you are running a business. Nothing can be achieved by running your business in a way that is financially unsustainable. Sooner or later, those problems are going to catch up, and you’ll have to find a way to deal with them.
So, when setting up the business, it could be better to find an investor rather than borrow from a bank. That way, your debt can be kept down, and you can focus on other things rather than worry about repayments.