I have started a couple of businesses and this article lets you in on a number of my secrets that I have learnt in the process. The following is my guide to setting up a new business.
1. Make a business plan. According to things you need it for will depend on what form it takes. If you are searching for a bank loan or investing a moderate to large amount of your personal money then you must do this formally and thoroughly. The key features of it are the market analysis, and the financial forecast. Especially if you are investing your money it can be vitally important to be practical. I would suggest making a conservative best guess of what you might achieve and then half it. My very first business had a thoroughly constructed business plan however we were overly ambitious on what share of the market we could get.
2. Get the balance right between minimising costs and being overly frugal. Now this one is hard and experience certainly helps with this. With my first venture I got my priorities completely wrong and tried to do a shop fit on my own. Consequently I got behind with other activities and it also didn't look that good and it cost me a lot more in the long run.
3. Get your financial systems right from the beginning. Now it does not need to be fancy, but you will need a solid way of recording your income and purchase invoices and for cross referencing with your bank account. You may even do this on excel or paper as long as it is always updated on a daily basis but you probably want to buy an accounting system. Bear in mind you need to keep all your purchase bills organised and ready for inspection for 7 years for tax and VAT purposes.
4. Do not waste money on ineffective advertising. You need to understand what advertising works and only spend money on that. The best way to monitor all enquiries you get via telephone is by using call tracking. Call tracking works by allocating a unique telephone number to each advertising campaign and after that you can view all the calls you have received for each advert in an online control panel that even has a record of each call.
I possibly could write pages of information but I think these are the most important things. Do a good business plan, be practical, get your financial systems right and make use of call tracking to keep tabs on your marketing budget.
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