With that in mind and in the spirit of business development, I have put together my top five tips for start-ups, beneficial for all new businesses across the UK.
1: Prioritise your expenditure
Whether you secure £25,000 or £250,000 in investment I guarantee that the money will quickly run out! Therefore it is vital to prioritise your expenditure, only investing in what is necessary for day-to-day success and business development. When you reach the point of making a profit, it is so important to stick to the business plan and reinvest funds to secure that steady growth.
2: Mistakes are there to learn from
No matter how hard you plan, prioritise and organise there will still come a time when you make a mistake – we’re only human after all. However, there is very little point in wasting time obsessing over it. Instead, be productive and focus on what you have learnt and what you can now do to prevent it from happening again.
3: Spend time sourcing the right staff
Hiring the right employees is essential for every business and I cannot stress this point enough. Really take the time to source, interview and develop new team members, ensuring they are right on board you when it comes to your vision and goals for the future success of the business. I have said this before, but will say it time and time again – bad staff can break a business, but good staff can make it.
4: Source a good business mentor and listen!
Every good businessman or woman has or has had a business mentor. Richard Branson and the late Steve Jobs included. In winning the Apprentice 2015, Joseph will now benefit from the invaluable advice of Lord Sugar, which from experience is the real prize. A business mentor has the experience, the patience and the belief to guide and help you when it comes to making those all-important decisions – often providing an alternative perspective, which, in most, is difficult to see for yourself.
5: Marketing Marketing Marketing
You may have the best business concept, product or service in the world, but there is little point if no one knows it exists! Make sure you take the time to research your market and develop a coherent strategy that will focus on promoting your USP to the right target audience. At risk of stating the obvious, online or digital is the best place to start, and will be the first place people look when searching for a similar product or service.
Mark Wright, Director of Digital Marketing Agency Climb Online