Everything You Need To Know About Opening A Business

If you are fed up with the daily grind of your nine to five then you may be wanting to set up your very own business. If this is the case then this can’t happen overnight and will take some time getting everything right. If you don’t get all the steps right when setting up your business then you could join the ranks of failed companies. It is thought that as many as 80% of new businesses will fail by their fifth birthday. Check out the article below to find out more about opening a business of your very own.

Have An Idea

Every great business you see around you today started with an idea. Without an idea, you won’t get very far as you need to know what you are doing. You might have a few things you want to do, it is a good idea to write everything down. Have a little book that contains your ideas and the pros and cons of each idea. You won’t be able to carry out each idea so it is important you choose the right one from the get go. 

Funding 

You need to figure out how much money you will need to start your new business. You may have already heard that you can start a business with little to no money at all. While this may be true it tends to be businesses that have been handed down or ones that are based online. The money you need can range from as little as $12,000 right up to $100,00 and more. It varies massively and all comes down to the type of business you are running and all the tech and equipment you will need to get started. You will need to write everything down that you need, including prices and go from there. 

Once you have this figure, work out if you have the money to hand or apply for a business loan. The bank needs to know you are a responsible borrower so a high credit score will be needed. Failure to make the repayments each month will result in you losing your business. 

Market Research

Before you get your business off the ground you should conduct some market research. This will give you a better idea and understanding of whether there is any need for your new business idea. You could poll potential customers to see what they are interested in and if they would use your business. This shows you how many customers and clients will use your business and become repeat customers. Think about using social media and emails to gauge a better understanding of how well your business will do. 

Location 

Now it is time to find a business location, if you are having one. You may just be an online based business. However, if you are in need of a location for your business then it is time to shop around. You might have a checklist of all the things you want and need in your business, head to a commercial realtor and they will be able to find the perfect location for all your business needs.  And remember, when it comes to real estate the rule is location, location, location!  If you find a “great” location, but the last 7 businesses failed there, yours probably will too. Look somewhere else! 😉

Office Setup 

If you are having an office location then how are you going to set this up? Many people forget that not all businesses will come with everything in it and set up just the way they want it. Once you have chosen your business location, it is important that you visit a few times to get an understanding of the layout you need to fill. You will need space for a kitchen, bathroom, working area, and dining room. If you are having a separate break room then you might want to get some dining furnishings to fill this. It will be nice for your employees to have a proper break, away from their desks. 

Hire Employees

In the beginning stages of running a business you may not need employees, especially if it doesn’t fit into your budget. However, there will come a time when you may need to hire employees to continue running your business successfully. The hiring process might be something you are dreading, as you want to get this right the first time. The good news is, you don’t have to do all the legwork if you don’t want to. You could work with a recruitment agency to hire your staff. The only downside to this is that you may not get to meet the employees before they are hired. 

One thing you need to be wary of when it comes to hiring is a high employee churn rate. This happens when you have employees coming and going in quick succession. It can be detrimental to a company so make sure you are keeping employees happy and offering them chances to progress. 

Accept Payments

You will need to think about which payments you are going to accept both in person and online. If you are having a physical location then you might want to invest in a card payment terminal as well as accepting cash payments. Online payments vary massively and it is all down to what you want to accept and give as options to your customers. There has been a growing trend in customers wanting to use buy now pay later features when checking out. This might mean making a payment every two weeks, each month, or paying it all off after 30 days. Check the charges to your company and if it is worth offering to your customers. 

Set Up Your Website

When your main doors are shut, there needs to be somewhere for your customers to place their orders. This is where your website comes into play and this needs to be strong, stable, and user-friendly. If you have never designed a website before then you may need help and assistance from a web design and development company. The last thing you want is for your customers to try and use your website but not be able to place an order. This will cause them to take their money and custom elsewhere. If your customers have to spend ages trawling through your website then they will get bored, when you design your website think about adding a search bar. This will make life easier when customers and clients are looking for a specific product or service. Need a great website? Call Ascend now at 1-850-602-1926 for a free quote! 

Invest In Tech

When you are trying to open and run a successful business you will need the very best tech that money can buy. When you are sorting out your budget you may have got a rough price for tech. What you need to consider is how old that technology was, if it is too old it won’t work well for your company. You need recent tech to stay ahead of the game and turn a profit. If you have ever been kept on hold because a companies ‘systems are running slow’, then this is because they are trying to work on an outdated laptop/computer. Over time, technology becomes better and able to handle much more. You don’t have to get the newest laptops that have just come on the market, you can get ones that are a couple of years old. 

Sign Up For Utilities

Before you open up your business to the general public you will need to sign up for various utilities. This includes water, electricity, gas, and internet service. Don’t be afraid to shop around for the best deals. Be careful with variable rate contracts as you won’t be able to get out of these if the costs rise too much. Speak to the providers and tell them exactly what you need, they will be able to go through everything they have to offer. Make sure you are aware of when your contracts are ending, perhaps mark this on a calendar. Utilities won’t tell you when contracts are over, they will just start charging you more if necessary. When this happens, do your research on the best budget friendly contracts and move over to those. 

Marketing 

Lastly, if you are wanting your new business to be successful and show great potential then you will need to sort your marketing out. Marketing will take the most of your budget and there is good reason for this. If you don’t have experience of marketing and using strategies to market your business then you may want to work with a marketing agency. They will be able to use the best strategies to get the most customers placing orders and becoming repeat customers. If you don’t put your attention into marketing then your business could slowly go down the drain without customers or clients joining you. Need a great marketing plan? Call Ascend today at 1-850-602-1926!

We hope you found this article helpful and that it gave you plenty of ideas on how to open your very own business. Bear in mind, Rome wasn’t built in a day. Take your time to get everything right and your business will thrive and stay standing for a very long time.

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