Starting a business is easy. You can do it in a day.
Starting a business that lasts is a lot harder, even if you set all your time and money into it. And the all-in approach is a lot riskier, since the extra time and money you invest, the more you put at risk.
Here are six steps to minimizing risk while building a solid organization for small business success:
- Live like a college student.
Almost every business venture requires spending money before making money. Some small businesses take years to turn a profit.
A huge percentage of startups fail because they run out of wealth, and even if you do not, chronic money problems can lead to poor long-term decisions.
Before you start your industry, cut all your personal expenses to the bone.
- Work incredibly hard at your current job.
Work incredibly hard at your work so your evening and weekend time is yours, not your employer’s.
- Set a daunting schedule.
When your ordinary work day ends, your start-up workday is just beginning.
Decide how many hours you think you can spend on your start-up all evening and add 25 to 50 percent.
Then commit to that schedule. Write it down, and if your program says you will work from 5.30 p.m. to 9 p.m. every evening, and from 8 a.m. to 3 p.m. on weekends, work those hours.
See the schedule you make for your start-up the same way you see your schedule for your current job–as non-negotiable. Then work that plan.
- Ignore the temptation to whine about your daunting schedule.
Say you start a consulting business. Once you land a few customers you’ll be working every evening and most weekends.
You may have to get up early all day to take care of e-mails and also voice mails by you start off to work. In large part your clients will choose your job hours for you.
Don’t complain. Don’t protest. Maintain reminding yourself that having demanding clients is great because it means you actually have customers.
Resist the temptation to complain or feel sorry for yourself. Happily pay the price–it’s a price most other public won’t pay.
- Be Ebenezer Scrooge.
Don’t. Reinvest every dollar you earn. Use profits to set up the company infrastructure you need (not the one you want, but the one you need). Buy supplies. Buy equipment you’ve been renting. Promote. Or save cash to tide you through inevitable revenue downswings.
- Keep your full-time job longer than you desire.
Deciding when to quit your work and go into business full-time is the hardest choice you will make.
It’s impossible to make a purpose decision when you’re tired, stressed, sick of your full-time work, sick of your boss, or when you just desire your life back.
But don’t quit too soon. When in doubt, hold out. Always focus on numbers, not emotion.
Your financials–personal and business–will tell you when it’s finally time to quit your job.
The whole process has now been simplified with the use of internet and modern technology. Databases of companies are easy to search through and even Companies House has a website. Just about any company that seeks longevity in the business world has to have a web site lloyd agencies in order to survive and to compete.
Setting up a company online could not be easier. A few simple forms, then payment in the usual internet styles make it a breeze. It is even possible to buy a ?Limited Company? ?Off the shelf? for under £100 !
These days it is important for every company, be it mufti-national or a small corner shop to have an online presence. It is the only way to compete in a society that is getting ever more used to ordering products on-line.
A few short years ago, a person would decide to buy a product from lloyd agencies. They would then, if it was a luxury item then maybe visit 2 local stockists, compare both of them and then decide where to purchase.
Nowadays people search for product specifications online. They decide what they require and then price match all the stores in a matter of seconds. The order is placed and dispatched. Often there is NO communication other than the checkout page, so getting it right is important.
As with any business it is important to set it up correctly from the start. You need terms and conditions. These are best done by a solicitor and you need to make sure all your financial liabilities regarding tax and VAT are taken care of.
This is where your accountant comes in. A good accountant will pay his bill many times over in the savings he makes for your company. He will understand and be aware of all current legislation.
The easiest way to set up an online company is to buy a domain name and create a web site. This whole process is relatively cheap. Having your site coded and managed is one way that many may choose to go. Having a webmaster that will do all the analytic?s for you. Search Engine submissions and key wording.
Key words are the foundation of internet searching. You can have the greatest site ever. BUT no one will ever find it on page 127 of a search engine.
You have to use words associated with your stock, business and company name. With careful thought and planning and a lot of hard work, time and determination it is possible to promote your company through the pages to the top pages of a search engine.
Registering your company is important. This gives you a certain amount of protection. Choosing what type of company to set up is
equally important as is ensuring that you cover all the legalities. Once again the internet is a fabulous source of information here for deciding on whether to be a Sole Trader or a Limited Company.
The potential audience for your company, if you go online, is worldwide. The global market place is just a mouse click away. You can order from other countries these days, so very easily. Payment methods take care of the exchange rate. So you can buy and sell your products anywhere.
The UK Trader that takes some time and effort to accommodate overseas sales will expand his catchment area from say a few thousand people in his local town to to a few million throughout Europe. However, there is no need to stop at Europe and it is just as easy to go Global. Then your audience is not millions but a billion!
So, to recap. It is possible with a little research, work and determination to set up an online business, that you can control extremely cost effectively. Alternatively you can use a company that will do this for you for a fee. Be aware and understand how search engines work . Use Keywords that outline your products and your company when submitting to search engines.
Get professional help for finance in the form of an accountant, also think about getting a solicitor for your trading terms and any partnership agreements when setting up. If you are not particularly computer literate and do not have an understanding of algorithms, coding and essential key-wording then it is probably advisable to seek the services of an SEO or Web Page designer to get you set up and making your way up the ranks of a search engine. After that the World is at your disposal.