If you have decided to go for it and start up your own business, you have likely heard the fact that most small businesses fail within the first year. Although this can be a worry, it isn’t necessarily something that you really need to be worried about as there are a few practical things that you can do to reduce your chances of your business becoming one of those first hear failure stories that we hear of all too often.
The first thing to make sure that you do before you start up your business is to make sure that your business plan is top notch. Many people often think about a business plan as the thing that they need to do to provide a bank or investor details of their business plans, but in fact the person who will most benefit from a well written and thought-out business plan is you. It is a good way to consider lots of practicalities, what you will do if something goes wrong and how your business will work – it is a useful to thing to have to refer back to further down the line too.
The financial side of running a business can seem very complex and stressful – however, if you spend some time thinking and learning about it, it really doesn’t have to be. Getting an accountant or bookkeeper to help you is often a very good idea when you first start up a business as it can be stressful and they can take the financial loads off you, whilst you concentrate on the running of the business itself. Many new business owners make the mistake of trying to manage the financial side themselves, only to be hit with a tax bill or to have overlooked something further down the line which can get them into a difficult position and cause stress.
As well as the practical side and the financial side of running a new business, the mental side is something else to consider. Many people are not aware of how mentally draining, stressful and all consuming it can be to run a business at times (particularly during the last eighteen months when many small and large businesses alike have suffered from the pandemic). It is important to pay attention to your mental health and when running a business, it can be helpful to have someone like this Gloucester business coaching company Randall and Payne business coaching help and support you. This will help you to manage staff better, strike a better work life balance and gives you another fresh and professional perspective on things. When you are new to something, it is always a good idea to seek some guidance and support from those who have been there and done that, so it is also good to have a good network of other business owners who may also be able to offer you advice.