Set Up To Success: How Those Early Business Decisions Can Impact Longevity.

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Setting up a business now is a bit more of a risk than it usually is. Sweeping waves of lockdowns mean businesses are up against it. So many have stopped trading, some have made people redundant and unfortunately very many have had to declare bankruptcy.

If you’re going into business in one of the areas which have been hit hard, you might really want to think it through. That being said, these businesses are leaving gaps in the markets. Gaps which you might want to think about pushing into. If you’re going to set up a business and hope to carve out a niche for yourself, you need to do it properly.

All too often business owners make small mistakes in the setup phase which can lead to problems down the line. This is usually due to overexcitement and the desire to press on. These tips can help you make the right decision at the start.

Get The Right Equipment In Before Launching

Some businesses will launch without the right equipment. This means they may not be able to properly service their customers at the right speeds. It’s always better to save up, buy the right equipment, and then launch your business. This is especially the case with IT equipment.

You can always learn more about the right IT set up. Remember, it isn’t just about what works but what works for you. You don’t want to invest a chunk of money in something you won’t use because your finances will be quite fragile in the first few months and you’ll need it all. Do the research, save up, and get exactly what you need or your business may end up suffering.

Image by StartupStockPhotos from Pixabay

Where Are You Working From

It’s quite a big decision to make in the first instance. Where are you going to work from? Of course, if you’re opening a restaurant, you work from there. But certain work areas aren’t so straight forward. Do you need an office or will you work at home? Are you going to be meeting clients and need to give a good impression or can you do it over Skype?

You can save a lot of money by not having to pay for the premises. This usually applies if you’re offering a service of some kind, especially online. Think of the money saved on rent and utilities etc. It’s a huge decision and renting ties you up for a long time and you might end up regretting it down the line.

Do You Need To Employ Someone

It all depends on your projected scalability. If you think you’ll be able to scale quickly then having someone to work with will really benefit your business. However, if this is going to be really slow, then you might end up saddled with paying an employee who may not have much to do.

Consider a freelance worker. They can help you set up in certain areas or push you onto new selling platforms. They may be writers who can pad your blog out or maybe accountants to help you with your figures. There’s always someone who can help to mean you won’t necessarily need to employ. 

About the author

Like Minds is a global thought leadership platform delivering world class events on business development, knowledge and insight aimed at entrepreneurs and business leaders to engage, stimulate and empower them to become global businesses of the future. We also offer a bespoke service for corporate clients and training programmes under the Like Minds U brand. For more information please email bespoke@wearelikeminds.com