Below are some points gathered from successful businesses for you to consider.
- New businesses need capital
The rule of thumb is that the entrepreneur should have access to a sum of money at least equal to the projected revenue of their first year plus anticipated expenses. Without this sum, a new business runs a high risk of failure.
- Costs of Marketing
It's no secret that traditional forms of marketing can be quite expensive. However, with the evolution of social media marketing, marketing and promotion are easier cheaper and arguably more effective thanks to the wide and integrated audience at one's disposal. A company website has the ability to project a business owner's vision with companies operating from a bedroom able to look as competent, and often more professional, than larger corporations!
- Juggling priorities
Things go wrong and multiple small tasks need to be completed. Whatever the business, the phone needs answering, the printer needs mending, the post needs sending, and the clients have to be invoiced. Whereas in a big office there is an employee for every role, working from home means answering every call and dealing with admin as much as building the business. Expect this and either budget the time or calculate how much this is costing you and outsource where possible.
- Starbucks is not ideal
The struggle for the small or one person business is to appear credible against larger more established competitors. An account with a virtual office offers access to meeting rooms, receptionists, admin support and more on a pay-per-service basis. It projects a professional image for a new business economically.
- Fear of the unknown
Choosing an unknown name presents risks for the buyer if things go wrong so you will need to build relationships and a trustworthy reputation. Monitoring feedback enables you to respond promptly and show growth. Unique selling points, case studies and testimonials can all help.