If you’re thinking of branching out and starting your own business, you wouldn’t be alone. This year has been a year of tribulations, but it has also presented a fantastic opportunity to venture out on your own and start your own business. Hive Consulting Co. has rounded up five of our top tips for starting a successful business.
One thing we like to ensure is our clients are given a roadmap to success with all of their business goals – so if you’re in startup mode – start here with this simple checklist for creating your new business.
Make a business plan
The golden rule of business is to always have a business plan. A good business plan will answer the key questions – why are you starting this business? Who needs your business? Is it solving a problem or filling a gap in the market? Then of course you should include an overview of your services or products that you plan to sell.
You will need to include revenue streams in your plan – how do you plan on making a profit? And costs – what costs are involved in your start up? Do you need a commercial space? Do you need equipment? A website? A financial plan of your outgoing expenses from the beginning is crucial to ensure you don’t over capitalise before you’ve even started. During the business plan phase, you will need to be thinking about a name for your new business, registering it as a business, bank accounts, a logo and social media/website to get the word out about your new venture. The more detailed your business plan, the more confident you will be with rolling out your business.
Build your brand
Once you have a brand name, it’s time to build a profile for your brand and get your name out there. Attending networking events is a fabulous way to get the word out about your new business. If you are a local level business, getting involved in community activities through sponsorship is another great way to build some brand awareness with your potential customer base. Your social media accounts are crucial too for your online presence – don’t overlook your digital footprint as a business. Make sure you post regularly on social channels including Facebook, Instagram, LinkedIn, YouTube, Pinterest, Snapchat and TikTok (depending on your target audience). And be active on your social media accounts too – follow other businesses and comment and like their posts. When you engage with others, not only can their followers see your brand popping up in front of them, but you leave a great impression with those you’re engaging with and they’re likely to reciprocate on your posts.
Get a mentor
A mentor keeps their mentee on a straight path with sound advice from their own experiences. Having a network around you is important when you work in business but particularly in the start-up phase. You should book regular meetings with your mentor to discuss your progress, your downfalls and to ask questions! Mentors are invaluable not only in the business world, but in the corporate world too. It’s not uncommon to see mentorship programs running within large institutions.
Manage your time effectively
Once your business is operational, your daily activities will change dramatically. Suddenly you are no longer just responsible for yourself, you are also there to mentor, train, support and motivate your team too. But it is critical for the growth and performance of your business that you don’t get bogged down in the day to day running of the business and take your eye off the future and the goals that you set in your business plan. You have to monitor what is happening within your business from the outside, track your progress, adjusting direction as needed and continually work on a pipeline to ensure a long-term stream of income. Successful business owners study trends and anticipate what's coming around the bend. This allows them to easily adapt and evolve. Allocate your week so that you have scheduled time to work on the business, not just in the business.
Create a healthy work-life balance
Running your own business can be all-consuming. You get caught up in the day to day and want to put as much time and energy into it as you possibly can. This is often at the detriment of your family and friends and your own health and wellbeing.
It is paramount that you find time to stay active, fit and healthy and to enjoy your time away from the business with those who love you.
Staying healthy and keeping a strong mindset will provide you with a lot more energy and focus when you need it.
Be productive when you are working and make sure that you set boundaries for yourself. It's easy to let work dominate your life. But your business can’t run without you. Working at a high-level pace indefinitely is not the answer and that pace is what could burn you out.
Time away from work is as important as your time in it. Find activities to create energy and to revitalise yourself, make time to catch up with friends & family. They'll help recharge your batteries and inspire you to persevere as you dream even bigger.
To discuss how Hive Consulting Co. can help with your business plans, please get in touch with us today.