Creating a long lasting business can be tricky, especially as a high percentage won’t make it through their fifth year of trading. If you don’t want to become another failed business statistic then take a look at the article below to find out how to be amazing and the best in the business world.
Enough Money
One thing that you will need before you start your own business is enough funding to last until the profits come in. you don’t necessarily know when this will be so it can be a bit of a guessing game. However, if you don’t give yourself enough wiggle room then one purchase could push you over the edge. Write down everything you might need money for and how much that will be. This could be anything from salaries to rent, if you don’t write it down you might forget about it later. If you don’t have the money to hand then you will need to successfully apply for a business loan.
Great Employees
If you are wanting your business to stand the test of time then you might want to consider hiring employees. It might be hard in the beginning, especially if your budget doesn’t stretch that far. However, once you have profits rolling in then you can hire whoever you want. You need to treat your employees right if you want them to stick around, otherwise you could end up with a high employee churn rate. There are many ways to do this, you could offer them training, promotions, perks, and coffee! Take a look online at an office coffee station, these work out better than kettles to make your own. These are far more convenient, meaning your employees can grab their coffee and get back to work.
Top Locations
Have you decided where you are going to be located? If you want a physical business location then you will need to decide if you want to save money or gain more customers. If you want to be set further back, saving money on rent then your customers and clients may struggle to find you. However, paying a little bit more each month and being situated right in the middle of everyone could mean customers are popping in on a whim. This gives you the opportunity to invite new customers into your store every day and welcome the returning ones.
Strong Website
Finally, you will want to create a strong website that is capable of taking orders when your main doors are closed. If your website runs slowly or your customers are unable to navigate it then they are likely to take their custom elsewhere. You have to bear in mind that it will be everyone accessing your website, not just tech savvy individuals. If you have never designed a website before then it might be helpful to work with a web design and development company. Try also adding a search bar when creating your website, studies have shown that customers like these to be in place.
We hope you found this article helpful and that it gave you some insight into what you need if you want your business to stand the test of time. Of course, there will be hiccups and road blocks along the way but it all comes down to how you handle these. Remember, Rome wasn’t built in a day so you can’t expect your business to be either.