Starting a new business can be tough, and we all hear that the majority fail within the first year. If you want to increase the chances of your business being a success and making it through the first year and beyond, here are some tips that could help you to do that…
Have a Good Business Plan – Your business plan is one of the most important documents for the success of your business. As well as helping you to secure funding, it should be something that you can look back at and refer to when needed. Spending time making sure that your business plan is as good as can be is well worth it.
Hire a Business Coach – Using a business coach is a great way to feel that you have the support of someone who has a wealth of knowledge about running a business. As well as being able to advise you, a business coach will also help you to set targets, stay motivated and help your business to grow. Have a look for someone local to you like this Tewkesbury business coach https://www.randall-payne.co.uk/services/business-advisory/business-coaching who will also have the advantage of knowing your area well.
Use a Professional Accountant – The financial side of the business can be really time consuming, and also something that you need to have a good understanding of. Penalties for things like paying your tax late can cost you a lot of money that as a small business you just won’t have, so a professional accountant is worth their weight in gold to a small business. As well as making sure that you can rest assured that the finances and taxes are dealt with, they can also give you financial advice to help your business and you.
Prioritise your Health – In the first year especially, many business owners find that their health can suffer. Running a business takes a lot of time, and sleep and diet can often fall foul of this. To run your company, your body and mind should be well looked after, so make sure that you are taking time out to relax, eat well and get a good night’s sleep.