Are you thinking about taking the big leap in the new year? Fed up of working 9-5, Monday-Friday with little control over when you can take your lunch break or book out your holiday allowance? The New Year is a time when we all make promises to change things for the better and what better a time to take the leap of faith and set up your own business. Whether you want to set up a restaurant, consultancy firm or an ice cream van the initial considerations are the same.
Now I don’t want to start off by sounding really negative but it is an essential point so I shall do! Always start by having a plan B, and maybe even a plan C and D too. It is hard setting up a business and there are no guarantees that it is going to work. You can put things in place to give it every chance of succeeding but that doesn’t mean that in this tough economic climate it is going to.
Make sure that you have a thorough financial plan in place that has a decent buffer for if your business doesn’t hit the ground running. Try and cut corners here any way you can to save money. Does it make sense to hire an office when you could work from home or from the back room of your cafe? But also remember that wise spending is good spending, hiring an accountant for example should more than pay for itself.
Don’t take shortcuts and order from the pro’s; There’s a lot in a name you know so if you want a commercial catering fridge then visit Fridgeland not the cheap warehouse depot down the road! Make sure that your business is well positioned with a targeted marketing strategy that engages potential clientele that have money to spend rather than just a generic audience. Also make contact with other local small businesses and start networking and the sooner the better!
Start with a bang. Perhaps arrange a launch party if it is a home business or an opening night if it is catering establishment; Go with whatever works for your business to launch it straight into the spotlight. It might be an idea to enlist as many family members and friends as you can for this as there is often an initial spurt of sales/business that far exceeds predicted or expected regular custom.