There is no getting away from the fact that anyone with a business idea will need to work hard to get their concept off the ground.
Official research shows that around 50% of new companies will fail within the first twelve months, and about 70% will deteriorate within the first two years of trading.
That means you need to ensure you cover all the bases when it comes to launching your new brand, regardless of the nature of the business model.
The information in this article will draw your attention towards some essentials that you can’t afford to overlook. If you don’t have these things in place before you start trading, there is a decent chance you will encounter many stumbling blocks that could ruin your commercial ambitions.
A business plan
Your business plan is the document that highlights how you plan to launch your company, and how the venture will create profits.
It is also the document you will use the seek the investment you require to get the business off the ground.
You need to make sure that paperwork is watertight, and that is answers any potential questions investors might ask.
That is the best way to ensure you make your opportunity as attractive as possible to people who might want to get in on the ground floor.
There are free templates online that you can use to design your business plan and ensure it contains all the most relevant figures and information. You could also hire the services of a business adviser if you want to ensure your document cuts the mustard.
Startup investment capital
Next up, you’ll need to seek some investment to get your operation off the ground. In most instances, you will go to your bank for money first.
Depending on the state of the economy at the time, most high street banks are more than willing to loan cash to people with business ideas these days.
You just might encounter some issues if you failed with a commercial concept in the past or you have a terrible credit rating. However, even in those situations, it’s still possible to get the cash you require from alternative sources.
Search online for private equity firms in your home country and get in touch with them to arrange to make a pitch. You could also crowdfund for the investment money in some instances if your business model has mass appeal or offers a benefit for society.
A reputable accountant
Never make the mistake of launching a new business concept without first locating and building a relationship with a reputable accountant.
There are thousands of accountants out there today with excellent track records, and you just need to read some online testimonials to sort the wheat from the chaff.
While you can record your financial transactions in-house without assistance; you’re going to need some help when it comes to completing your tax return at the end of the year.
That is because many obscure rules enable you to reduce your bill and tip the scales of balance in your favour. Only those working in the profession understand all the ins and outs, and so you need someone like that fighting in your corner.
A legal professional
For much the same reason you need an accountant, it also makes sense to build a relationship with legal professionals like solicitors.
That is because you never know when your company might face a legal challenge, and you’ll always have to act fast in that situation.
If you get to know a lawyer ahead of time, they will learn the ins and outs of your operation. That will mean it’s easy for that individual to swing into action when you need their services most.
Also, lawyers can assist with everything from registering your company with HMRC to writing employment contracts that will stand up in court.
You also might need to apply for patents and trademarks at some point in the future. A legal representative will help you with that too!
A professional website
You live in the digital world, and so whether you like it or not, building a stable online presence is an essential step for your new business.
You start on that path by paying professionals to design and publish a website for your brand. That domain must let potential customers and clients know about your products or services. It should also enable people to place orders and open accounts.
The last thing you need to include is an instant means of communication like a live chat feature. That is the best way to ensure you never lose any customers to your competitors.
Whenever people have a question or complaint, they can converse with a member of your team instantly and seek a resolution.
A customer service plan
That live chat advice leads us on to the last subject of importance today – customer service. If you fail to treat your customers and clients correctly, there is a reasonable chance your company will develop an adverse reputation.
That is not something you want to happen because it could take many years to turn that situation around. So, you need to approach your customers in the most sensible way from the onset.
Thankfully, there are many specialist training providers out there today who can offer suggestions and point your staff members in the right direction. Invest in training of that nature if you want your brand to succeed.
If you manage not to overlook any of the issues mentioned on this page today; your company should stand the best chance of success this year.
Now you just need to create a growth plan that highlights the milestones your business needs to reach before you expand or increase your range of products or services.
You always have to keep moving forward in the business world because people who don’t will often see their competitors strive ahead.
Whatever your new concept might involve, be sure to consider this article before you open any doors to the public. Good luck!