Starting your own business and seeing your vision for a money making scheme come to fruition after years of toil and sweat and tears can be incredible. Finally, you have made it into the entrepreneurial arena. You have waved goodbye to your well-paid job complete with excellent promotion prospects and a good pension for the insecurity but the thrill of working for yourself. As a new entrepreneur, you want to get things right the first time and don’t want to fall at the first hurdle. The well-known statistic of only 20% of businesses making it through their first eighteen months of trading needs to include you. Take a look at the pitfalls you need to avoid to make your business a success.
As you begin trading, there will inevitably come a time when your cash flow is a little less fluid than you would like. By ensuring your initial business plan forecasts your finances for the first two years of trading and mitigates any lulls that you foresee, you can be armed ready for any situation. By utilizing a site like businesslineof.credit you won’t have to rely on credit cards or extortionate APRs to ensure the flow of your cash. Providing your business has revenue of at least $50,000 a year you can instead tap into a revolving capital style credit.
Running Before You Can Walk
If your cash flow is a little low, you may feel like more orders will see you through a lull. While an effective strategy in principle you could find yourself becoming a victim of your own success. You will have a list of orders as long as your arm but not the necessary finances to facilitate completing them. It’s vital that you pace yourself especially when first starting out with your startup. Try to secure more orders each month and encourage a reward scheme to ensure repeat custom. If the cash is flowing, profits are being made, and the revenue is coming in you can then think about reinvesting into your business and making it fit for growth.
With an abundance of competition already established within your chosen market, as a newbie, you will inevitably be playing catch up for a little while. The easiest way to ensure that you can compete with your rivals is to make it a priority to provide an exceptional customer experience. Businesses live and die by their reviews online on sites such as feefo.com. In the twenty-first century, it’s easier than ever to view the feedback of a company on a tablet or a smartphone. One or two poor reviews and you will see your business plummet. Under promise and over deliver, ensure the communication with your customers is speedy and courteous and go out of your way to provide bespoke services if possible.
It is ridiculously difficult to break into any field when there is so much competition in every sector. However, by avoiding these pitfalls, you can maximize the success of your business and see it thrive.