If you are starting your own business, it can be easy to get bogged down and overwhelmed by the sheer amount of information coming your way, forms to complete and boxes to tick. The trick to business success is finding your path and doing things in a way that works for you, even if it goes against the grain sometimes.
While there is no single path to business success, there are ways to help pave the road for a smoother journey. To help get you on the right track, here are our top tips on starting a small business.
Create a business plan
Having a viable idea for a small business is a great first step, but it’s only the first brick in your foundation. To succeed, you should have a business plan outlining your business goal, your target market and how you plan to reach them, measurable goals with deadlines and funding. The best way forward is to start with a relatively simple business plan and grow it as your business does.
Keep your current job
This is a big one. Many entrepreneurs get excited at the first sign of success and give up their primary source of income too soon. There is no denying that maintaining a full-time job while building a small business is tiring. However, a guaranteed income ensures that you can save more, cover unexpected startup costs without going into debt, and have a safety net if you don’t initially succeed.
Know your competition
Unless you have a one in a billion idea, your small business is going to have competition. Many small businesses with similar products or services thrive because they offer a competitive advantage or an unusual benefit which is why competitive research is vital. The more you know about your competition, the easier it will be to come up with an added service or benefit that helps you stand out.
Build a network
There is no denying that who you know is just as valuable as what you know. Professional networking is vital when starting out, as it’s up to you to create your own word-of-mouth and build a positive reputation. Make it a priority to attend industry events and seminars and connect with industry professionals on every platform at your disposal. These connections could lead to business opportunities, mentors or partnerships.
Getting feedback is a key part of growing. Don’t be afraid to ask peers, customers or your business connections for feedback on your product or service. It may sting to receive negative feedback, but rather a harsh truth that can help you improve your business than a pretty lie to spare your feelings.
If you are on the market for a viable alternative to pricey office space or warehousing, Len’s Self Storage can help. With secure self storage facilities in Edinburgh and Glasgow, you can safely store your business inventory nearby and access them 7-days a week. With storage units in a wide range of sizes, our friendly team will help you find the perfect unit for your business needs and budget. You can chat with us by clicking on the chat button below or pop into one of our branches for a tour.