Wednesday, February 20, 2019
Business

Starting Your Own Business: 5 Things You Need

In order to start and run a successful business, there are few things you are going to need to make it happen – some fundamental, some simply to enhance the way you do business.

Being your own boss means that you are having to put on many different hats, many different times throughout the day, so having an easy transition between each ‘hat’ will enable you to run the business smarter and grow more easily.

Starting Your Own Business: 5 Things You Need

Your Business Plan

The main one you need, no matter what type of business you are starting, is a business plan.

You need to know what the business is all about and where you are planning to get it to in the short and medium term. This way you can stay focused on what goals you have set yourself before you get too busy and forget. Sometimes set yourself some key dates to look back and reflect on what goals were set and if you are, or are going to, achieve them on time. Businesses do sometimes change over time due to all sorts of factors, but as long as you stay focused and take on board and change and adapt, you will be on course for a successful business.

Systems and Processes

The second key thing you need is to ensure your processes are in place for everything you do in the business, no matter how small. Even down to such things as, if your business requires to get supplies from a wholesaler, it would be good to map out the route you need to take a how much the route will cost you every time you visit. Whilst this may seem tedious, in the long run you may find fewer trips with a larger vehicle or more with a smaller vehicle (that’s more fuel efficient) would benefit the business more. Even more tedious you may not think costs like these matter, but they do.

It is not just money that you have to consider either, it is your time, hence the stress on process. If, in this same example, you require stock from a wholesaler, you may want to consider having a way to managing the stock, like using abarcode scanner to monitor the levels.

Software

Keeping similar to the topic of systems as well, another key part to starting a new business is having the right type of software for your money. This could be with invoicing and your accounting. If you have a system like this in place then you are helping make this part of running a business, easy and simple. Most software, if not all, will do the necessary tasks such as working out the VAT, or even something simple like creating a template for an invoice. Most importantly, software for accounting can provide you with history and reports of payments and invoices, so you can keep track of the business finances.

Workspace

Whether you’re running a garage, office, or digital business, you’ll need at least a small space to work. Whether you mark out a corner of your bedroom with a desk and cabinet, or hire office or warehousing space, make sure you don’t spend too much to start with, but that you have enough space to perform all tasks with ease.

Organisation

The most important part of setting up a new business really is to ensure your workspace, whether it be an office or a warehouse, is exactly as you need it to be. There is nothing worse than having a disorganised workspace, especially when you need something that you may only use once a day. The likelihood that you lose things is very high. For example if you are setting up a car garage, you can look at organised shelves and hooks with labels, so when you’ve finished with the tool, it goes back in the right place.

Likewise if you’re setting up an office, a stationary cupboard or desks with dividers are a simple and effective way of keeping everything organised. Whilst this may not seem important on the face of it, running a business will be much simpler if everything is where it should be.

If you’ve already covered these 5 essentials, then you could be closer to opening the doors to your first customers. If not, then get these into place and you’re sure to start off on the right foot.