What Not to Do When Setting up a Start-Up
In the UK as many as a tenth of businesses fail within their first year of trading. However, if you have done your research, have a great plan in place, enthusiasm and knowledge of your industry, there is no reason why your particular company shouldn’t succeed. In this article, The Gattinetts, who have a range of business units to let in the Colchester area, looks at top tips on what not to do in the early days of your start-up.
Not Filling a Gap in the Market
Having a business idea is all very well, but before you implement it you need to research the need for this type of company: don’t leave it to fate. Think about who your customers are likely to be and study your competition. If there are a few companies of the same type in your area, think about what you will do differently. Ask yourself whether your start-up will fill a niche.
Not Being Organised
Setting up a start-up means exciting times ahead. But it involves hard graft and doing your groundwork. Writing a detailed business plan puts you in a strong position – particularly if you need to ask for funding – as it means you are clear about what your company’s role is, you have assessed the competition, you know where you want to be, and are realistic about how to get to this stage. You need to be constantly updating your plan as your business grows and develops.
Not Keeping Track of Finance
Every penny counts. As with any business you need to keep track of all your incomings and outgoings, as bad cash flow is one of the biggest causes of business failure. Keep comprehensive records of all payments to your suppliers, loans, bills, invoices to customers, staff wages etc. Also, make sure that you know when your peak months of trading are, so you can plan in advance. If you foresee a fall in demand, you might have to adjust your prices if necessary to keep your company competitive.
Not Being Motivated
Keeping motivated is vital for the success of a business, although maintaining enthusiasm can feel difficult at times, especially when things aren’t going as smoothly as you expect. Certainly, setting up a business is extremely time-consuming, but it is also very rewarding too. Try to stay positive and remind yourself why decided to go it alone in the first place and think about what you are hoping to achieve in the long run. Talking things over with a business coach, or even taking time out to get some exercise or breathe in some fresh air, all help to clear your head and keep you upbeat.
Not Choosing the Right Location
If you are choosing business units in the Colchester or Ipswich area it is important to pick wisely, and not to pay over the odds for your offices. Having premises on a designated business complex may provide the answer, especially if the premises offer flexible rental terms. When you are looking for office space, think about how far the site is from your customer base, whether there is sufficient parking, and how easy it is to get to and from your business each day. If you move to a business complex, you can rent bigger office premises on the same site as your business grows.
Not Employing the Right Team
There’s a saying that ‘your business is only as good as the people you employ’. This is true to quite a large degree. If you have employed someone who hasn’t got the right rapport with your customers, is often late, or isn’t pulling their weight, this will have a detrimental effect on your whole team. Top tips are to lead by example, keep your staff motivated, and ensure that you employ new recruits with the right skills who will fit well with your existing team. In the long term this will reduce stress levels and keep you, your staff and your customers happy.
The Gattinetts (link: http://www.gattinetts.co.uk/) offers a wide range of business units for companies who may be looking to relocate from Colchester and the surrounding area. Click on the link above to see our current availability of premises to rent.