Starting your own business can be one of the most challenging, liberating and rewarding things you will ever do. It can also be very stressful and isolating if things don’t go exactly how you would like them to.
At the very beginning of your journey it is important to ensure that you plan and prepare for the future with a clear goal of how you want your business to operate. Whilst we would all enjoy to manage our empire from a beach hut in the Bahamas, the reality for the majority of us is quite different!
Your Team & Your Time
Working on the assumption that you have a great idea, a business plan, target audience and a clear idea of how your business is going to work, with the financial stability to support it, the most important advice we would give to any new business is to build the right team.
Your team is just as important whether you are working on your own or employing a national workforce, it includes not just your employees, but suppliers and contacts who contribute to make your business happen.
As your business grows and develops, your time will become more valuable and the relationships with the team around you will change. It is important that whilst you are at the planning and start-up stage of your business, you get the right people in the right places and invest sensibly.
The brother-in-law is a nightmare!
The key advice is investing the right money in the right places. If you are poor at managing finances and paperwork, then hire a professional and invest in your team that way. Get it right in the beginning and you will save in the future. Don’t try to muddle through as this will ultimately detract you from focusing on your strengths and the things you are good at!
There is no point in having your brother-in-law to help with the finances in his evenings over a glass of pinot noir, if it means that when you need information or hit a problem he is at centre parcs with the family!
Plan, budget and pay for a professional to complete the tasks you are not a specialist in, leaving you to focus on your business and the work-life balance which works for you.
Graphic Design vs Microsoft Word
The best and most practical way to ensure sensible managed growth is to spend time at the beginning selecting a team of individuals or companies who you know can support you throughout the evolution of your business.
Instead of spending hours trying to learn how to use a graphic design programme to design your logo, or even worse using Microsoft Word clip art, select a professional organisation whose starting point will be ten times better than where you would finish.
Investing in the beginning will save in the long term. One of our most common issues is companies that don’t have a high quality or vector file version of their own logo, which can produce poor quality print or additional costs to rectify.
A successful business requires strong sales, administration, accounting and marketing, in addition to a great product/idea. Review your strengths and weaknesses to ensure you give your business the best start and surround yourself with a support network which is ready to join you on your journey.