Starting a business from scratch can be a tricky thing. Not a lot of people make it and will quit within the first two years. If you are finding at yourself at wit’s end, make sure that you are following these 5 tips to get off the ground.
First and foremost, don’t give up, keep pushing until the very end. If you are reading this post, then you are taking the first steps to make sure that you succeed. You never know when the big break is going to come, or when the right funding will happen.
A big reason that businesses fail is that they tend to undervalue their products at the beginning. This is a mistake because if you start charging lower rates/prices, it becomes much harder to raise them later. Do the research and make sure that you are on par with the market value of current goods/services being sold.
A big mistake that many make is the failure to monitor their finances from the very get-go. Step one should be getting separate bank accounts and credit cards for your business. It’s very hard to distinguish between personal and business at the end of the year. Always keep it separate. Use an online service like Freshbooks to make it easier.
Many businesses will run out of cash in the first year due to overspending. You probably don’t need that fancy office space, but a more reasonable shared office would work just fine. The same goes for supplies and other business expenses. If you want to re-evaluate your office space needs, check out our article on which office space is right for you.
If you don’t have a business plan, chances are you won’t actually succeed. Having a plan, with set goals and financial forecasts is the most important thing that a new business needs. If you haven’t made a plan, stop what you are doing and start making a business plan. Many companies offer business plan services.