Getting involved with the setup of a fresh new startup business is exciting! You get to shape the future direction of your new business. And, on a personal note, you decide what path you will take to shape your personal destiny.
Some folks have prior experience to running a business, even if it’s for somebody else. Whereas others are just thrown in at the deep end, so to speak. Are you planning to set up a new business soon? If so, it’s important that you know there are the right ways and wrong ways of doing so.
In today’s blog post, you’ll learn some essential tips to help bolster your new firm’s success. They are tips that are useful during those crucial early stages. Some of these tips might be ones that other successful entrepreneurs might not have shared with others. But today, I am sharing them with you – for free! Keep reading to find out more.
Focus, focus, focus!
I remember reading about a guy that set up a business selling refurbished golf clubs. It was an online business, and he had a small workshop where he did the work. A few months later, he decided that he wanted to go retail.
Instead of leasing a suitable retail unit, he decided to put himself in a lot of debt and buy a dilapidated golf course from somebody! This guy is still in business, even though he had to spend a small fortune making his new golf course look nice and fit for purpose.
What doesn’t surprise me is that this guy is now making a loss. He lost focus on his original business idea. He turned something profitable into a loss-making concern. Make sure you don’t end up like this guy. Be smart with your spending, and only spend what you’ve got.
If you borrow money for other “ideas,” you need to remember that you have to pay the money back. Regardless of whether you’re making a profit or not!
Outsource where possible
Employees are expensive. The costs don’t stop with the salary you have to pay them. You also need to pay out for the insurance, tax and admin fees associated with each individual. That’s too much cost when you’re a small, startup business!
The best thing to do is outsource various operations where possible. For example, let’s say that you want to build a profitable website where you can sell your products and services.
Don’t hire an employee to do the work for you. The other day I was reading some of the Today’s Growth Consultant reviews as they are a firm that specialize in such activities. The good news is that there are scores of companies like them that can help you out. Google is your friend here!
Avoid cheapskates like the plague
Some folks think it’s OK to ask for big discounts from the “little guy” – i.e. you. These are the worst type of customers you could have. Stand your ground and tell them the price for your services is as advertised.
If they don’t like it, they can go elsewhere. You’re in business to make money, not lose it!