If you think you have what it takes to start a business and build it from the ground up, then there are lots of things to consider. From securing the finance you’ll need to hiring the right team to get the company off the ground, it’s a gamble – but it could pay off! All businesses have to start somewhere, and first came to be as an entrepreneur’s dream.
Launching a business is extremely hard word and one of the biggest setbacks is being unprepared. If you don’t plan for what lies ahead, (or what could lie ahead) you won’t be capable of dealing with it effectively. For a start-up company, even tiny setbacks can result in business failure. Here are some things to think about if you’re planning on launching a business.
1. Focus on growth strategy
This is what we mean when referring to planning ahead – if you don’t plan for growth then you won’t be able to deliver it. And if start-ups fail to grow, they fail altogether. Create a growth strategy from the very beginning, with targets for each month and year. If you’re not able to purchase stock to keep up with demand, or you don’t know how to hire the right talent to take the company forwards, you’re destined to fail.
2. Conduct market research
Global economic uncertainty means that all businesses are volatile – especially start-ups. Make sure there is a market for your product and service, and ensure you’re delivering something different from the competition. There is no point in trying to compete in a saturated market, so be certain your product will sell.
3. Create a company culture
In today’s consumerism, it’s not just about the product or service – it’s about the brand behind it. Make sure you have relevant core values and company missions which customers can relate to. Give your brand a voice and a personality – it’s branding and culture which sets businesses apart and could help you attract loyal customers.
4. Recruit well
Many business owners had never had to hire anyone before setting up their business. Recruiting is a legal minefield so although it’s tempting to just hire your friend or put out a social media post looking for staff, you should start as you mean to go on. Find the right people for the job so you won’t have to waste time re-recruiting once they let you down.
Contact an HR expert who can help you think about the fundamentals you need in place to grow and to help you source the right team first time without paying placement fees.
Starting a business in 2018? Hunter Adams has the resources to help start-ups and companies of all sizes. Contact the team today: [email protected]