The 5 common mistakes a new business can make
The 5 common mistakes a new business can make by not having the following in place:
Know-How
Just because you may know how to do the job, be it making something, repairing something or providing a service, have you asked yourself: “Do I know how to run a business?”
Many people think that just because they have a trade or professional skill/qualification, they can run a business. Business management is a trade/profession in it’s own right, so it is imperative to have the skills to deal with this side of your “business”.
Business plan
Does not have to be a complex document but should be a road map of how you the new business wish things to happen and at what point or time.
Targets need to be made so as to be able to judge whether the business is viable. Without these targets or crossroads, you could be fooling yourself and spending valuable time and resources (money), in other words “Throwing good money after bad”.
Funding
How are you going to pay for the needs of the business. This should cover all aspects of what you do. It needs to include
- advertising (website, media etc)
- Communications (Landline, mobile)
- Tools of the trade/business
See what start-up funding is available in your local area. You may be surprised to find that there is something for your type of business and it will really give you a boost.
Speak with telecoms suppliers and see what discounts they have. Most will have something to offer you.
Potential clients and suppliers. Where will you get your business from?
Lists can be obtained from professional list suppliers at a cost. However it is quite easy to make your own lists from the internet and create a concentrated and professional campaign.
There are various business network clubs. Though these charge, you can go to each one a couple of times before having to commit to an annual fee.
Banks organise local business “mixers”, call your business manager and ask when they have the next one.
Local chambers of Commerce and Borough Trade & Industry Groups.
Meet as many people from as many walks of life as possible. They may not be of use today but can become your greatest asset somewhere down the line.
The appearance of your new business
Are you satisfied with clients & suppliers seeing you as a start-up or a home based business?
Do you want sales people or clients arriving unannounced at your home?
Are you happy to be out on a job or visiting a client and your caller being answered by an answer-phone or your mobile ringing whilst in mid conversation with your potential client or whilst you are doing something physical?
What level of confidence do you portray to the caller or to the person you are sitting opposite?
From day one you can look like an established business and for relatively little. Hire a quality Virtual Office.
They will:
- Give you a business address and receive your post, forward it to your home or wherever you wish.
- No cold callers at your home or all and sundry knowing where you and your family live.
- Answer your calls in your business name and patch calls to you if you are available and if you are not, no problem, they will take a message and assure the caller that someone will call back shortly. The caller is more relaxed knowing that they are dealing with a business which values the call.
So, those who know that you are a start-up will also be impressed with you for having created a proper business with an infrastructure to allow you to function professionally.
