Start-up success: 5 Tips for new business owners
Congratulations, you’ve done it! You’ve taken your first steps to fulfilling your dream of becoming a successful business owner, now the hard path to start-up success can begin.
New businesses are delicate flowers that need to be tended to, nurtured and grown with precision in order for them to blossom to their full potential. With this in mind, the team at Exchange Utility have manufactured this list of tips for new business owners to help you get on your way to becoming the best in your trade.
1) Become an advocate for your industry
Too often, businesses fall at the first hurdle by trying to do too much too soon, giving the saying:
“Jack of all trades, Master of none.”
A real foundation with small businesses and start-ups.
Focussing on one primary strength before becoming distracted by others helps you to perfect your strategies from the beginning meaning that you are organised in your existing trade before attempting to breach other areas.
This also means, when it comes to looking into new opportunities, you will be in a safer position to do so, alongside already having the reputable reliance of an existing successful product or service.
2) Avoid splashing out to impress
Blowing essential funds on extravagance to impress others, as opposed to ensuring that your business is running smoothly financially is, in short, a bad idea!
You’re a start-up or new business, so act like one!
In fact, the more money you can save on the menial things, the better! Try buying super market own digestives as opposed to the branded versions – Out of the packet, only biscuit connoisseurs can tell the difference!
Save as much as you can and invest it in essentials in the beginning rather than preening and you’ll remain fixated on what’s really important: The products that you sell or the services that you provide.
This in turn will create better return on investment than any fancy suit, shoes, drink or event because it proves a devotion to quality over image.
3) Take advantage of business freebies!
Who doesn’t love something for nothing?
Social media can become just this for your business. It is a great way to get essential free advertisement for your new business and can create friendships in and around your industry to aid you in your pursuit for success.
You can also get your business listed in many online directories for FREE! Creating more opportunities for referrals to your business.
Never underestimate the power of social media and online presence, it has become an essential tool for customer procurement and brand building over the last few years and any business would be foolish not to utilise these channels.
4) Funding’s the word
There is more help out there for small businesses that can lead to start-up success than you might think.
Being a business owner, you are an essential part of what makes the UK innovative – You help the country as a whole prosper and position itself in the world.
There are no developed countries in the world that do not use businesses in some way to shape their success. Therefore, it is in the Governments best interest to assist you where they can.
You can find out what help is available to your business using the Business Finance Support Finder
5) Organise your overheads from the start
By getting in control of your business overheads you can shave away a decent portion of your costs. Make sure that you do your research and compare prices when it comes to anything from phone contracts to insurance and business energy contracts.
Getting this right from the start can help your business to excel at a much faster rate so it’s definitely worth looking in to. Exchange Utility are a business energy and utility comparison company. We specialise in using buyer power to help businesses, like yours, take control of their energy and utility costs by using our sheer volume of customers to negotiate better rates. We then pass the savings onto you.