Starting a business used to be filling out a few forms in your local district and that was it. Ah, simpler times. Nowadays, however, new business owners are faced with huge obstacles in their path either do to an exorbitant amount of competition or the challenges of actually finding good office space.
Step by Step Guide to Launching Your Own Business
With all of these just waiting to get tackled, there are a few common problems that new owners face on a daily basis and should be addressed. In no particular order, these are problems that every business has to face at some point in its lifetime and are worth getting acquainted with.
Location, location, location
First and foremost, choosing the optimal location for a business can make or break it. This is simply due to the fact that with such a high amount of competition, most of the good locations are taken. Do not make the assumption that location does not matter as availability is one of the first things customers will look for when considering whether to take their business to you or a competitor.
Try to aim for a sufficiently large space in an area lacking any larger fish, this way you have ample time to stabilize and secure your place in the pond before anyone comes and tries to push you out.
When an office has been picked out, do not make the mistake of buying “just enough”. An office burns through supplies at alarming rates and overstocking is the only way to deal with these problems. Otherwise, business will grind to a halt every time the printer runs out or the stationery is depleted. Consider buying in bulk, it does end up being cheaper and you have a “just in case” supply in case something goes terribly sideways.
Unopened containers can always be resold later on if not needed but as the proverb says “better safe than out of a job”. Okay, it might have gone a bit differently but the point is still the same.
Make a site
As we’re moving further and further into the digital realm, creating a fun and intuitive site is an absolute must as the vast majority of advertising is now done online. Without a solid online presence today, a business might as well not exist. This does not mean that we should go out and spend our entire budget on creating a flashy site.
It does, however, mean that part of the budget should be funneled into creating a functional one and slowly building an online presence as time goes on. This can be achieved via conventional advertising, SEO, even a social media page can do wonders for a business, especially a new one.
Take hints from competitors
At the end of the day, we need to realize that we’re not bringing anything revolutionary to the table. This turns out to be a blessing in disguise. Even though the competition has had ample time to set up a formidable presence in the market, it does inadvertently give off hints as to what works and what doesn’t.
If one wants to be extremely bleak, think of the business world as a minefield and our competitors just provided us with footprints to follow. This can help avoid pitfalls and set up a unique identity to distinguish our business from our competitor’s.
Optimize office space
Now that that’s all sorted, it’s time to actually step into the office we’ve so painstakingly acquired. Moving can be a true hassle and it is worth considering a larger company to help right away. There’s no room for a friend helping you move when a business is in question.
Keep in mind that filling out the office is crucial, any excess furniture you might end up with or stationery that was mentioned above can be moved into storage options like Geelong or anything closer to your own business. This can help free up space but also keep everything in reserve should we experience an influx of employees or work.
When everything’s been set up, outsource anything you can. With a tight budget, small businesses often overlook the immense possibilities being offered by the internet connecting us with people across the globe.
The fact of the matter is that there are extremely skilled and talented workers available abroad which will work for far less than you’d have to pay locally. From programmers to writers, sites like Upwork give employers unique hiring opportunities to both save a few bucks on their monthly budget and get quality results at the same time.
Look into other options
As previously stated, these are just a few of the problems businesses face when starting out. Every business is different and, as such, requires a unique approach. One might not have any problems with outsourcing but might have financial trouble or disputes with their landlord.
There is no telling what tomorrow brings, but at least now we have a pretty good idea of what to expect. And if we’re able to expect, then we’re surely able to adapt and improvise. 🙂