Anyone who is planning to start a new business at this moment will no doubt be struggling to cope with the amount of well-intentioned advice that is coming their way. It’s a sad yet inevitable fact that many pieces of this advice will be doing more harm than good if the entrepreneur should listen, so great care needs to be taken.
Any new venture needs to hit the ground running in the most positive way, because this momentum will help to achieve goals at the crucial early stage. For this reason more than any other, those first few weeks are vital. Here are five ways to make sure your start-up stands a good chance of success. As always, it’s all about the planning.
Know your target market
While the phrase ‘build it and they will come’ worked well in Field of Dreams, it’s far too vague to apply to new businesses. This isn’t the movies, this is real life, and you need to be realistic about what you can achieve. Therefore, do as much research as possible about the type of people you hope will be using your goods and services.
Make sure your products are just right
Whether you are letting holiday homes in Turkey, selling fresh fish in a market or providing business services to the financial district, you have to make sure your products match the needs of the consumer. Compromising on quality at this stage could have disastrous long-term consequences, so always be careful.
Surround yourself with experts
There will be aspects of your business which, to put it bluntly, will be best left to those in the know. You don’t need to be an expert on every matter, so make sure you have the right people on board. For issues such as payroll services, health and safety and marketing, specialist assistance could make all the difference.
Recruit the right people at the right time
Even if you are planning to run a one-person company at the start, there may be a time in the future when you want to take on new members of the team. To this end, always use a specialist recruitment agency which has plenty of links with the local business community. This will prove to be a very sensible decision in the long term.
Don’t aim too high at the start
There is nothing at all wrong with having ambition, and with wanting to reach for the stars. This type of enthusiasm needs to be encouraged, of course, but it should be pointed out that it is more important at the very beginning to make sure you are going in the right direction. Those early steps are what will determine later success.