By Lorenzo Billie Starting a new business can be both an exhilarating experience and a daunting one. On the one hand, you have the freedom to make the most important decisions that will shape your business, and a successful business will most likely earn you far more than working for another organization. The obvious downside is that business failure is a personally costly outcome, and the risks rest with you. Less than 80% of businesses survive their first year, with the most common reason for failure being that their product or service offered was not as popular as first imagined. To improve your chances of business success, here are three key factors you should consider first as part of your checklist.
Get your business plan completed as a priority
Every business needs a great business plan to ensure its success. You need to be sure that there is a demand for the product or service you plan to offer and that the business makes sound financial sense. You need to understand the market you will be operating in and who your key competitors are. Crucially a good business plan will be built on well-researched information and will avoid bold statements that cannot be backed up. For example, if you cannot effectively demonstrate how you expect to gain 20% of the market share for your product or service within two years, don’t say it. Achievable, measurable goals and a well-researched understanding of your target market will make your business proposition far more attractive for potential investors. For more advice on what makes a great business plan, look here.
Hire a web design company to create your online presence
According to Google, 97% of all consumers surf the web for businesses online. In this modern world, there is no financial reason for your new business to be without a web presence. Today there are many companies that can give you the tools to create your own website, often free of charge. In a few hours, you can have a professional-looking site with a minimum of fuss. However, will it be fast and accessible, will it be optimized for SEO, will it bring you web traffic, and will it be intelligently designed to allow you to climb those ultra-important Google search pages? If you are not ultra tech-savvy, it makes excellent sense to consider hiring web design Cheltenham professionals to take care of your online presence. Remember that a webpage that does not generate traffic does not cultivate your business, and having a fully optimized site is a huge step to improve your business viability.
Start your business while you are still an employee
Every business, no matter what size or type, requires money to operate. The early years of a business can also be the most expensive with all the associated start-up costs, and considering that revenues will need time to grow as you build your customer base. 29% of businesses do fail because of a lack of cash flow, so it makes good financial sense to keep your current employment as you begin to build your own business as a proportion of your income can be transferred into start-up funds and can help to reduce any third-party financial help you may require.
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