By | Alice Porter
At some point in their life, everybody has thought about becoming a business owner. There’s nothing more interesting than the thought of becoming your “own boss”, working when you want, taking holidays when you want, but in reality the grind of being a business owner is extremely tough. Now more than ever, people are taking the next step and starting their own company, as the economic climate begins to stabilise, there has never been a more lucrative time. It has been revealed that 80% of businesses fail within the first two years, here are a few simple pointers to give your company the best chance for success…
Always remember that the people make the company – if they succeed then your company will succeed, and if they fail, then your company will fail to. It’s important to welcome people through the door who will share the same goals and dreams as you do. There’s no point in hiring somebody who is going to put in the bare minimum efforts and fail to motivate the rest of your team. This being said, the hiring process is crucial and needs to be executed perfectly. Be sure to include some form of psychometric testing into your interview process, this way, you will be able to guage a sense of their strengths, weaknesses, goals and aspirations.
Be sure to start a business in a market that you are passionate about and have a great knowledge of. Don’t choose a business based on the potential financial gain, do something that you love and the money will follow. There is nothing more concerning than a business owner who isn’t a master in their craft, this will be a really off-putting sign for potential clients and customers. If your head, heart and soul is in your business, then you will have a much better chance of succeeding.
Always work within your means, whether you’re just starting out or have been established for years. There is no point getting your company into unnecessary debt, so be sure to pick your location wisely. For some industries location can be everything, it is a reflection of stature for potential clients, customers and investors. Although this may be the case, it’s even more important to make sure that your business and vision comes before location. Never take the “fur coat and no knickers” approach when it comes to finding the best office space – your wallet is your company’s life blood, so don’t make the mistake of picking a prime location and bankrupting yourself in the process.
As a business owner in the UK, you are also obliged to pay business rates, which are calculated based on your property valuation. If you believe that you are being charged too much in business rates, it is within your best interest to consult with an expert and see if you are eligible for a business rates appeal as this could save your company a substantial amount of money.
It’s important to seek advice from property management experts to ensure that you’re getting the best space, in the best location for the resources that are at your fingertips. Once you have established yourself as a successful business, then seek to have the best office space, flashiest car and fast expense accounts.
As a business owner, it’s standard procedure that you can no longer live the 9-5 lifestyle, but it’s also important to separate work from play. Make time for yourself and make sure that you are not married to your business. Burning the candle at both ends can lead to you resenting your craft and becoming withdrawn from life. Remember why you have started a business in the first place.
No business venture will be the same, but if you want to be in the top 20% of business owners who are successful, then it’s important to be receptive and open to change. Versatility is the key to business success, be open to every challenge that’s thrown your way and don’t marry yourself to your business plan.