You may have spent years toying with the idea of starting up your own business. Maybe you have an in-demand service you want to offer or an innovative new product to bring to market. Whatever your business idea is - you'll likely only get one shot at making it work.
Bear in mind that many small business start ups fall by the wayside in the first year - and not for want of enthusiasm or belief in the business; it's normally a lack of financial control or business acumen which contributes to the business not being a success.
Here's how to avoid being part of those small business statistics.
Make sure your business idea is sound
Yes, maybe it all seems great to you, but have you done your market study, costing and other essential research before taking the leap and starting your own enterprise. You need a good business plan and a good cash flow forecast to be able to launch your business with confidence. While it's all well and good to have the backing of your savings - the business must be viable from day one, even though it may take time to grow to a sustainable level.
Do what you want to do
Many small business owners start off focused on their business idea but soon get distracted by the many other aspects of owning or running a business. The demands of customer service, marketing and financial record keeping among others can soon begin to weigh on the shoulders of the new business entrepreneur. This is not what you signed up for, is it?
Surround yourselves with experts
Anyone who starts their own business has a steep learning curve ahead of them. But there's no need to make it any harder than it needs to be. You didn't start a business to become an accountant, or a marketing specialist - stick to what you know best, your product or service, and the passion you have for that. Seek out experts such as central London accountants who can help you grow your business by taking care of the necessary financial functions, and do likewise for other essential business functions such as marketing, etc.
Use the expertise of others to get faster results
Yes, it will cost you more upfront, but then you'll also probably get immediate results (which saves valuable time). Trying to learn it all yourself means you're not doing what you should be - concentrating on driving your business forward to establish your presence in the market and gain new customers and sales.
Don't lose sight of why you wanted to have your own business. We're betting that it wasn't to become an expert in various business related areas such as accounting and marketing, so focus on your core business idea and recruit the help of others who are already experts in those areas to help drive your business forward.