Setting up your own business is no easy feat. You have endless things to take into account before you so much as consider letting out a brick and mortar commercial property. The whole process can be massively overwhelming and many people rush in an attempt to get everything set up so that profits can start to roll in. This is perhaps the reason that so many businesses fall flat at the first hurdles they encounter: their owners simply aren’t prepared. You need to take your time when establishing your company and accept that the majority of businesses do not yield any profits in their first year of operation. In fact, many will turn over a loss. Success takes time and there are few more scenarios in life where the age old statement rings true: patience is a virtue.
Sit back and read through our complete guide to becoming a successful business leader who nurtures their company into fruition.
What's the Concept?
At the core of every successful business is a brilliant business concept. This is what makes you a business owner, not an employee. It’s your idea and you are the only one who can nurture it to success.
Whatever product or service you are planning on centering your company around, you need to make sure that it is a genius idea for it to stand out from the crowd. You may have a completely unique concept. Something with no competition in the current market. Ask yourself. Why doesn’t this product exist already? Has someone already tried it out and failed? Or is it simply something truly innovative?
Do your research. Find out whether others have tried in this sector and failed. If they have, what went wrong? Some products simply aren’t destined to succeed. But if you can see major flaws in a market predecessor’s delivery of a product, don’t lose hope. Perhaps you could make a better job of it. If nobody has tried this before, you’re treading new territory. This is something to be excited about. You could potentially make a major success of this innovative, new concept. Sometimes you will have a product or service that is merely a variation on an existing concept.
This isn’t a negative thing. After all, we are standing on the shoulders of giants. If you believe you can improve on an existing type of product or branch of service, go for it. Just make sure that it is different enough from the original to make it worth your time and effort. Remember, the original is probably already well established and your difference needs to be significant enough to draw the market to you over what they’re used to.
Conduct Market Research
Perhaps you will have to go back to the drawing board. Maybe you will only have to make a few alterations to your original idea. Regardless, it will encourage a humble outlook and the patience that is necessary to succeed in any business venture.
Protect Your Intellectual Property
Your concept is your intellectual property and there are people out there who will attempt to steal it at any chance. If you are finally happy with your product or service, it’s time to protect it. This means copyrighting or trademarking various aspects of your brand. This can include a brand name, logo, color schemes, products and services. You can even protect jingles or taglines. The process doesn’t take long and is relatively cheap, but completely secures what is rightfully yours.
Once you’re completely dedicated to your concept and are confident that it seems viable and reliable, it’s time to start educating yourself. You may think that by the time you are setting up your own company, education should be far behind you. A thing of the past. But this would be a huge mistake. You should always aim to improve your knowledge. There are always areas that can be improved upon and it’s your role as a leader to ensure that they are improved upon. Education can take many forms in business. First of all, consider formal education. This is higher education through an Institute that will result in the reward of a diploma or degree. This form of education has untold benefits. Firstly, you will receive a formal, internationally recognised qualification that certifies your competency in a given field. This will give staff, clients and potential consumers a confidence in your ability to be able to provide a quality workplace, partnership and products. The title of “Dr” that accompanies PhDs also endows you with an air of authority when signing off letters or emails and when introducing yourself to others in the business sphere. An authoritative image is highly beneficial when you are in a position of control in any business. Perhaps more importantly, these qualifications also give you priceless knowledge and information to help your business thrive. Consider advanced leadership degrees. These programmes show you how to create strategic goals for your organisation, communicate effectively, solve problems and lead change in the global economy. What’s more? You don’t have to take them on full time. In fact, you can undertake study from the comfort of your own home or office alongside your usual work
Recruit Top Talent
Becoming an employer shows that your business is really taking off. You are taking it seriously and so should everyone else. Remember that your staff are the backbone of your company. Their service can make or break any business, so it’s important to take on reliable and loyal members. First things first, know the kind of person you want to fill each position. Will they need certain educational qualifications? Will they preferably have experience? How many hours do you want your staff to work? Once you know the kind of person you’re looking for, you’ll be able to find them much more easily. Don’t just sift through resumes, throwing those without the relevant qualifications to the side. Read each one over with respect. Some individuals may not have the direct qualifications but could prove an impressive asset to your company through other factors like personality, dedication, enthusiasm and budding potential for growth. Ensure that every staff member receives full training before being put to the job. This will make sure that everyone knows their role, responsibilities and what is expected of them. They will then be able to provide the best level of work possible and will be content within their roles. Remember, the top cause of loss of high-quality staff members to competitors is job dissatisfaction. Happy staff members make loyal staff members and you want your workforce to remain as consistent as possible. This means you will have individuals who have bonded, can work together well and also saves you from having to train new staff members regularly. Keep on top of working conditions by offering anonymous feedback surveys where staff can make recommendations for better working conditions. Something as simple as a coffee machine in the office could make all the difference to staff productivity levels if your employees like a coffee while they are working.
Enhance Your Digital Presence
The internet is one of the most powerful business tools available to you. With more and more people spending increasing amounts of time online every day, it’s a great place to catch the attention of potential consumers or clients. So set up a web page that can compliment your brick and mortar business. This is a relatively simple process and given the right help, should be relatively cheap too.
All you will need is a web designer, who will be able to put all of your ideas down on the screen. Bear your target audience in mind when coming up with website ideas. If you cater to older generations who might not be as computer adept, make sure the layout is simple, pages are easy to navigate between and there is plenty of information on your products and services. If you are catering to the younger, social media generation, make sure you have links to business Instagram, Facebook and Twitter pages which can also serve as brilliant marketing tools.
Once you’ve completed all of these steps, you should be a well-established business leader with happy employees and intrigued clients and consumers. Your business should thrive and you will be turning over profits in no time.
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