SPONSORED: Calling All Budding Entrepreneurs: Here Are 7 Ways To Set Your New Business Up For Success
Almost all small business owners will agree that the first few months after launch are a rollercoaster of emotions. But as Tamara Reid, Head of Brand for Timely Business Management Software explains, you can steady the ship by focusing on these seven things.
For many new business owners and sole traders, the first few months can be exhilarating, filled with dizzying highs – imagine the feeling when your first customer walks through the door! – but there can also be disappointing lows too. And that's why it's so important to seek out advice from people who have been there before, such as serial entrepreneur Haylee Benton, Founder and CEO of The Fern Group.
Benton's first piece of advice for all budding entrepreneurs is to “have a really clear focus on what you want to do and why you want to run your own business before you take the leap.”
Ready to start your own business but have no idea what to do first? Here are seven things you can do in your first six months to set yourself up for success:
1. Before you do anything, sort out your insurance, to protect yourself, your business, and your staff.
2. Join an association, such as the British Association of Beauty Therapy and Cosmetology (BABTAC), for community, professional advice, and support from like-minded peers.
3. Work out your induction and onboarding process (if you're planning on hiring staff, that is). Haylee says that finding your “dream team” is crucial and from there, you need to look after them.
4. Invest time and resources into your branding. Build a recognisable brand that your customers (and potential customers) will easily remember.
5. Maximise on profits by pricing your services correctly. By charging what you're worth, you're more likely to hit revenue targets, set yourself up for success in the long-term and create a reasonable benchmark for your client's expectations.
6. Create an emergency bank account for tax, pension, savings and… pandemics. “Make sure you have the right finance available because everything costs more than you realise,” Haylee recommends. “There are a lot of unexpected costs.”
7. Focus on your strengths and outsource the rest. Business management software, such as Timely, can help you streamline the booking and appointment reminder process, along with POS and stock management. By automating your admin, you can focus on what matters: your clients.