The economic climate is beginning to stabilize after the recession, and as the dust has settled on the political changes and instability in both the US and UK. Running a successful business is extremely taxing and takes a lot of patience and wisdom.
Studies have revealed that a whopping 80% of businesses fail within the first two years, so if you want to be in the top 20%, then you will have to be wise and also follow these simple steps…
Do what you know, know what you do:
In the business world, knowledge is power, so it’s important to be an expert in your field before you decide to run a business.
You have to ingrain the market and the profession into every fiber of your being. The saying “do what you know, know what you do” springs to mind here.
Be sure to do something that you love, that you have a great knowledge of and what you would be happy to do for the rest of your life. Starting a business because you believe it will make you
money, rather than starting a business because you are passionate about the market/service/ product, often ends in failure.
If your heart and soul are invested into your business, then the money and success will follow.
Always remember to keep a level head and to remember why you started the business in
the first place – set yourself goals and celebrate the small victories when you make them.
Running your own business isn’t a 9-5 job, it becomes your life, but you also have to
remember that you are working to live, not living to work!
Keep track of your spending:
Always start out somewhere that is within your means, as spending too much money on
rent or buying a property can leave you in serious financial crisis. Remember, your wallet is
your business’s’ life blood.
As a business owner in the UK, you have to pay business rates,
which is calculated based on the value of your business property – although these are
often very accurate calculations, it can be the case sometimes that you are being over-
If you believe that you are being charged too much, then you can put in for a
business rates appeal, which could save your company a lot of money!
Accept the digital world:
Being digitally attuned is a necessity in this business climate, as everything is becoming more technologically connected and driven.
Mark Zuckerberg has predicted that the very existence of business convention is going to be changed within the next decade, as everything steers more towards the virtual world.
Digital marketing is one of the most valuable and necessary aspects of any business who wants to succeed in a saturated market, and ignoring it can be detrimental to the success of the company.
Using SEO (Search Engine Optimization) will increase the organic traffic to your site, by allowing you to rank for the most relevant keywords and “long tail” phrases”.
So in essence, if you want to be successful in the long run and get in front of the right people, then you need to invest in this. Other methods that will get you in front of the right people at the right time are PPC (Pay Per Click) and Paid Social Media.
As well as accepting digital marketing, having more of a technological focus for your business will prevent you from being left behind in the dust of your competitors.
If you have a website, then creating an application can give you much more of an advantage in comparison to companies who choose not to.
Applications are trusted pieces of software, designed to assist the user and give them the best possible user experience.
Mobile app development is set to overtake web development before the year 2020 as more people and businesses become smartphone focused.
Hire smart and don’t micromanage:
When you’re first starting out, hiring your first employee is going to be quite overwhelming, and it is a milestone in your career.
Making a quick hire can be really tempting, but be sure to properly get to know the person before you choose to employ them.
It’s important to see what their long term goals are and essentially whether they share the same goals as you.
If your employees fail to see your vision, then they are not going to carry out their days with the same passion as you.