You don’t want to run into these difficulties with your business
Photo by Yuting Gao
If you have recently set up a new business then you may be worried about the pitfalls that you could run into. You may be panicking about becoming one of the many other businesses that don’t make it to their fifth birthday. However, there are certain things that you can do to ensure that your business doesn’t fail. Take a look at the article below to find out how to avoid running into any tricky situations with your brand new business.
Legal issues
When the time comes to set up your business you need to ensure you have every piece of paperwork signed and approved. This could be anything from an ID1 form or public liability insurance. If you speak to a solicitor they will be able to give you all the advice you need. Failing to get this right could land you in hot water further down the line.
Financial struggles
Another thing to be aware of is running out of money before you have your business established. This can only mean one thing and unfortunately it would spell the end for your company. Before you start your business, write down all the costs you will need during start up. You will then need to successfully apply for a business loan if you don’t have the money to hand. Ensure you have enough money to last until you get your business off the ground.
High employee churn
Something else to be aware of and it happens to a lot of businesses, is high employee churn rate. This happens when a high number of employees come and go and quick succession. Meaning you have to take time out from your business to hire new staff. Time equals money in the business world so you want to avoid this wherever possible. Hiring the right people from the start will give you the anchor points you need to stick around.
Slow website
When your office doors shut there is one thing that will keep those orders coming through, that’s your website. If your business site is running slow or it is filled with useless ads then your customers may take their business elsewhere. When creating your website you need to consider everyone’s ability to navigate your site. It might be worthwhile adding a search bar so products and services can be found with ease.
Business location
Finally, if you are not located in the right place then you will struggle to get the right amount of foot traffic through the door. If you are having a physical location then you will need to decide where it will be. There are pros and cons to these options; if you are located in the main hustle and bustle of town centers then this can push the rent up. However, not being close enough to the people could be detrimental for your sales and profits.
We hope you found this article helpful and that it gave you some ideas and inspiration on how to run your business effectively. Something to remember is, Rome wasn’t built in a day so there is no rush to perfect your business from day 1.
