The Formula For Business Success in the Early Years

It’s 2017, and finally the darkest days of the recession are over. However, while some customers are loosening up their wallets a little, it is clear purchasing habits have changed. People are undoubtedly more careful with their cash than they once were.

 

With this said, are people now less likely to start their own business? There are a number of thing you have to think about when you’re starting up, and if you want to be successful, you need to have a plan.

 

The market is becoming saturated with various different industries, but the first two years separate the strong from the weak and it’s during this period that a whopping 80% of new businesses fail.

 

There are hundreds of lists out there that will tell you what to do to take your business a success - but it’s things you’ve heard a thousand times before! This list features a few thing that maybe you haven’t heard about yet, but could be the difference between failure and success in the first 2 years…

 

THE REAL ESTATE

 

Okay, so everyone tells you to make sure your business's property is in the perfect location - but that’s obvious! Yes, if your retailer, find a spot on a busy high street for your shop, and if somewhere with good transport links if you’re a distributor - it’s not rocket science.

 

What people fail to mention, it that you need to think about more than just the location. Offices for example, will need to be ideally in a city centre that people want to work in, but the building also needs to be a building that people want to sit in all day!

Remember - in the initial stages of starting a business your wallet is your life blood, so make sure that you stick within your budget, whether you decide to buy or rent office space. it's important to factor in all of the hidden costs, like a deposit and even business rates. Some companies do apply for a business rates appeal if they feel that they are being charged an unfair amount, but this can be a lengthy process and take a long time to come into affect.  

 

If you want to retain the best staff in your sector, you need to make sure the facilities at your workplace match or beat those of your competitors. Think of everything - this included aircon, and shower facilities, comfort factors etc. It’s not an issue everyone always thinks about, but it could be the difference between success or failure after a couple of years.

 

Good facilities are solely important for your staff either -your clients and customers will judge you based on the facilities you are based in. Spending more on good real estate now will potentially save you in the future.

 

STAFF

 

Onto the people. What is your company if not the people that work for you? Attracting and retaining staff is one of the hardest tasks businesses face in the modern day. People ‘job hop’ significantly more than they did 50 years ago in the modern day - so you need to give your staff a reason to stay with you.

 

Find experts in your sector isn’t an easy task, but it’s a worthwhile one. Investing in hiring smart is priceless in the long run. Don’t be afraid to pay more for the right staff - and give them perks when you find them.

 

PROTECTION

It is so important to complete risk assessments, regardless of what industry you’re. Be it an office environment to a bicycle shop, a restaurant to a construction site. You have to cover yourself and protect your business, your staff and your clients from any potential threats.

In 2017, we have sadly seen the rise of the cyber hacker. While they've always been there, they are becoming more and more prominent. Cyber crime is becoming one of the most dominant threats to businesses, so make sure that you protect your data and install all updates, and have firewalls in place.

 

With this said, physical threats are still just as prevalent. Robberies happen every day, so it’s important to also ensure that you are vigilant and invest in protection and prevention systems.

 

SUMMARY

 

Almost every market in the modern day is saturated, and in the first two years a whopping 80% of new businesses fail. If your business plan isn’t working, take a step back and explore over options and avenues that you can go down - be persistent and take the peaks with the troughs. Take every day as a new learning opportunity and, most importantly, enjoy it! 

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