If you’re planning on starting up a small business then you’ve probably not got a lot of spare cash. With tight budgets, rising costs and so much going on there are a lot of essential things you might overlook which will make a huge different to your profits and how successful you’ll be.
Although you may want to employ the best and most qualified specialists in your field it’s unlikely that you’ll be able to afford to pay your employees’ huge wages. Assess how many experts you will need and then fill the other positions with interns or juniors. If possible, contact the local university or college who might have a work experience scheme you could get involved with to attract new talent. Students and graduates will be easy to train up, have fresh ideas and be much more cost effective.
The amount of effort you put in to your digital presence will affect the success of your business massively. If you create a buzz by using Facebook, Instagram and Twitter to promote your services before it even opens you will have loyal following of customers already. Plus, you’ll have got them for free so you can save loads on advertising. Developing a great website is also essential, ask some tech savvy friends if they’re willing to help out and you’ll be up and running in no time.
Investing in the services of a reliable delivery courier is essential. All your businesses deliveries must be on time and arrive in good condition so that customers use your company again and again. You need to look for the companies that represent the most value to your area, for example, there may be couriers in London that are great but not appropriate for your business. A bad domestic delivery service means customers will go somewhere else, so choosing the right courier is essential – try TNT UK, who are trusted and affordable. A decent delivery service also means that you’ll receive fewer complaints and be able to get on with the important things.
Sorting out your payment methods and making sure they are working in advance is essential. Often testing out that the card machine is working or making sure online purchase orders are going through properly are the little things that get forgotten and cause the biggest hiccups. If you have a few test runs in advance this will make sure that things run smoothly for the opening weeks and the cash should hopefully start rolling in.
If your company is innovative via the development of new products, processes or services, you will be able to attract angel investors. This will ease your funding constraints and allow you to commercialize your product earlier than expected. Many governments look favorably upon startup companies rewarding investors with a reduce tax for their part.