Having that brand new idea for a business that is lacking in the market, that’s creative, and that buzzes with excitement are all incredibly important components of starting a new business. Some of the best businesses started with just a solitary wild and crazy idea that someone had the patience to nail down and turn into something real and tangible.
The problem with ideas, is that they’re just that: an idea, not a plan. Moving from an idea to a plan and eventually to a physical business is what separates those who succeed and those who just move on in life without ever making an idea come true. If you’re ready to start a new business with that idea that you just can’t get out of your head, and you have the patience and fortitude to see it through, here are some of the top business tips that will help you go from nothing, to something.
Getting your budget right
The most paramount step to starting a new business is your budget. Just like you can’t go out and buy a car or a home without knowing how much you can spend, you can’t just simply start leasing or buying office space and advertising a product or service without a baseline budget, unless you are keen to jump into some massive debt that you won’t be getting out of any time soon. Getting your budget right is hard work, which is why a lot of people are overwhelmed and simply give up at the beginning. Bypass those who give up, and make it easier on yourself by working with a small business accounting firm to get started.
If you have already started your business, it’s still important to finetune your budget, and do it often. Track everything, even down to the wine sales online that you purchase for the office parties or the cardboard storage boxes for the storage room. You might be surprised how many extraneous expenses you have that you could easily reduce to save money.
Promote learning for you and your employees
Creating your culture as a business is vital to your success as a leader, and the success of the company as well. Besides the usual team bonding and trust exercises to help bring your team together, you’ll also want to create a community of learning.
Your employees, and yourself, are an investment in the company. This means that you want a team who is continuously learning and growing together on multiple levels. Send yourself and any other leaders on your team to leadership coaching to brush up on your communication and management skills. Have your employees participate in building site safety sessions, or in brainstorming for office design ideas. Try and have your culture be one of open collaboration and respect, and utilise the knowledge that you have right there on your team.
Don’t forget physical advertising
These days, most of the focus on advertising is more pointed towards online advertising than anything. And, for good reason. Online shopping has become more and more popular, and will only become more common in the future. Despite the definite need to make your online presence a strong one, especially with new business, you absolutely can’t forget the need for physical advertising as well. Take a look at this article for reasons why print and physical advertising still remains so important.
Part of the main goal set of being a new business is bringing in new clients and garnering interest in your service or product. One of the best ways to do this is to find your customer base right there on the ground, with things like custom signs on the streets, and effective product labels displayed on your storefront if applicable.
If you are taking advantage of the online sales world, make sure your print packaging is clean and fresh upon delivery. If you initially invest in quality finishing equipment and other machinery, you’ll make the right impression straight away. First impressions make all the difference, and can seriously set you apart from your competitors in either a good or bad way.
Making your office a place people actually want to work isn’t as hard as it sounds. However, when most people think of a corporate office design, they think of cubicles and white walls and terrible, bland artwork. The good news is, you can break this stereotype because you’re new and get to start from the beginning!
Think about the kind of office design you want, and what you hope to gain from that design. For example, does an open floor plan suit you and the types of employees you’ll have? What kind of culture will an open floor plan create for your business? Have a look at the four main types of office designs to get you started on brainstorming the best type for you and your company.
Build a network
Probably one of the most undervalued and underutilised tip on this list, is building a network of mentors and colleagues who are like minded and in a similar stage in business. Finding a mentor will help you learn from their mistakes, gather feedback about how you’re doing, and in general, have a strong support person in your life.
Finding your people, your network, will help you learn from the experiences of others, and potentially help you find coworkers in the future. You might also find that you can gain clients by simply getting the word out there about your business in your network. Best of all, you might even find some lifelong friends out of the deal!
Hopefully this article helps you move that buzzing idea from a creative, vague place, to a foundation of something that can actually take off and become a successful business. Remember that almost every business has the opportunity to succeed, as long as the work, the dedication to the product or service, and the awareness of the customer base is there.