Business Start Up Advice – 2017 Edition

Apr 24, 2017 by

Business Start Up Advice – 2017 Edition

Avoid the Pitfalls and Make Your New Business a Success

Starting a new business can change your life, but to succeed, you need a great business model, the right help and a little bit of luck. What are the keys to success?

Few things can be more exciting than setting up your own business. If you have a great idea and a passion for what you do, then you are already on the right road. But the truth is that most new businesses struggle to survive the first few years. Let’s look at some of the key issues facing new business startups in 2017, and at how you can avoid the common elephant traps.

Look after the finances

One of the biggest difficulties that new businesses face is maintaining their fledgling company’s viability during those crucial first years, and this is where the help and support of one of the top accountants in Peterborough can be a deciding factor on whether your company sinks or swims.

Looking from the outside, this might sound like a statement of the obvious, but the fact is that most entrepreneurs are so focused on driving the business forward and developing their products and services, that mundane matters of budgeting, forecasting and generally keeping on top of their finances are not given a high enough priority.

Prepare to succeed

“By failing to prepare, you are preparing to fail.” So said Benjamin Franklin, and 250 years later, the advice still holds true.

The day-to-day activities of running a new business will place enormous demands on your time and attention, but it is almost as dangerous to ignore the future as it is to disregard your finances.

Both your business and the environment in which it operates will be evolving at an enormous speed, so allow yourself time to step back and review your overall strategy. This can relate to opportunities in the emerging market, but also to threats that could damage your business. It always makes sense to consider an additional old proverb alongside the Franklin quote, and that is about hoping for the best but preparing for the worst.

Digital technology is your friend

Practically every kind of new business has some sort of online presence these days, and your virtual shopfront is just as important as your physical one.

The digital revolution has opened up global markets and reduced barriers to entry for a huge number of new business startups. This is great news, but the flip side is that it means the marketplace is more crowded and competitive than ever.

Get together with a digital marketing expert at the earliest opportunity to get your web design, SEO and social media campaigns up and running at the outset, to ensure that everything is on-brand. Anything less will place you at a huge disadvantage to your competitors.

Look after yourself

The business needs you even more than you need it in its formative years, so resist the temptation to burn the candle at both ends. There is no doubt that starting a business demands a huge commitment, but if you are working 18-hour days, something is going wrong.

Do not try to do everything, and be prepared to delegate non-core tasks so that you can focus on the important role of driving your business forward towards long term success.

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