Five Tips for Setting up a Business
2020 was a difficult year for many people, but for some it provided the perfect opportunity to reflect and perhaps change the things they were unhappy with. If, like many, you have come to the conclusion that you don’t want to work for a faceless corporation anymore and would rather be your own boss, congratulations!
Identifying that desire is a big step, but what lies ahead of you now is a long and difficult path to success. 60% of new businesses fail in the first 3 years and there’s a good reason for that – they fail to research, plan and prepare.
If you want to fall into the 40% of new businesses that succeed after 3 years, read on for our essential tips and tricks to setting up a successful business.
Identify your niche
If you are looking to establish a financial business you will first need to identify what area of finances you wish to specialise in. Are you going to become a crypto consultant? Perhaps you want to focus on brokering mortgages? Or maybe you want to go down the time old path of making loans?
Whatever it is you need to identify your niche and stick to it, for now. In the future there may well be time to diversify and expand but for now you want to focus on becoming the very best broker you can be or the most detailed consultant imaginable.
Buy your tools
Is there anything worse than a tradesman who turns up to your house to fix something, only to leave because they haven’t got the right tool for the job? Similarly if you are going to start your own financial business you need to ensure you have all the tools you’ll need to succeed.
If you’ll be taking a lot of check deposits, make sure you sign up for intuit checks to keep you one step ahead of fraudsters. Will you need access to specialised markets? Do you have a salaried accountant to utilise or could you benefit from buying accounting software? Think these things through.
You might think you know everything about your chosen field or that you have all the necessary experience needed to make your small business a success. The truth is though that everyone can always improve and you are no difference.
Just because you are starting out on your own it doesn’t mean you know it all. Prioritise your professional development and learn as much as you can about operating your own business.
Train your staff
You can’t be present for every single customer or client interaction that your business will have, but you can do the next best thing. You can train your staff to the highest level possible, ensuring that whether a customer speaks to you or a staff member they receive the same high level of expertise.
Learn to prioritise tasks
One thing that we can guarantee is that at some point in the first month of starting your new business you will look at the clock and realise it’s nearly the end of the day and you haven’t done anything productive.
That’s because you’ll have been wrapped up in busy feeling tasks that have detracted your attention from the important stuff. A great tip for new businesses is to ignore your email inbox or voicemail for the first 2 hours of the day and instead focus on the nitty-gritty of productivity.
If you do this you’ll spend the most productive part of your day doing things that really matter and make a difference to your business.
There are a myriad of different things you can do to make your new business a success and not just a statistic. Some of them are included in this article but there are a great many more that you can read in other articles or learn from established business owners.
Keep your eyes and ears peeled for tips and advice and never be afraid to ask for help and your venture may just take off!