Setting up a business is more than a full-time commitment. It’s hands-on, and it’s mentally tough. There might be setbacks, and there might be challenges that you don’t feel you can face. But once your business is trading and starts to enjoy regular orders for your product or service, you know you’re on track. Before you get too excited about your success, make sure you’ve put these business essentials in place:
So far, you might have thrown your own equipment, resources, and money into your business. That’s not unusual for a startup, especially if you are not a formally registered business. However, now you’re growing, you need some financial security behind you to ensure you can stay afloat should you have a quiet month. You need to be able to pay all your overheads without ending up in debt. Don’t forget – suppliers will credit check you before agreeing to credit accounts.
A Premises You Can Grow Into
Growth is exciting and daunting at the same time. What might have started in your spare bedroom has grown into the rest of the house. Of course, this is completely unsuitable when you start hiring people to support your business! You need proper premises. This might be rented, or you might have bought it. Either way, make sure there is space for your next phase of growth as well!
The Most Talented And Loyal Workers
Attracting top talent isn’t easy for a startup. What you need are some great job titles and a good salary with benefits on offer. Freedom within the role can be particularly attractive for talented workers looking for opportunities to grow. Don’t rush into a decision. Make sure you have people you can spend all day with. You want people you can nurture into their role as well as those that can show you a thing or two!
No business succeeds without an online presence. Beyond this, you want a website that works hard for you. This is often the first port of call for any financial backers and customers. The content should be intriguing, informative, and slick. Your website should also be fully functional with the capacity to take orders, capture data, and answer questions. This is why you should avoid cheap or free web services and invest in high quality IT support.
Health & Safety Policies
It is your legal obligation to ensure every worker, customer, and visitor to your premises is protected from hazards and harm. This means you are also responsible for your employee’s behavior and actions on site. Make sure there is a clear policy on this in the employee handbook. You are also legally obliged to provide training for handling equipment. This could even include the basics like using the computer!
Legal Support & Insurance
The products and services you provide must deliver what you promise. It is essential you understand the laws that affect what you do and what you sell. Legal representation might not always be required, but you should certainly seek advice on a regular basis or when you make changes. You must also ensure your business is fully protected by the insurance policies you choose. These can include Professional Liability and Commercial Property insurance packages. Don’t buy cheap. Instead, learn how to compare insurance rates so that you choose the cover you need without paying over the odds.
Customers That Return
No business survives without customers. But acquiring customers usually costs a lot of time and money. You need effective marketing campaigns to be developed and placed. Then you need to channel your leads effectively through the sales funnel all the way to the checkout. If those customers come back and order again, then you’ve doubled their value. Come back a third time, and you know they’re loyal to your brand.
Building that loyalty also takes time and a carefully considered marketing strategy. But it is worth it. Sure, they might still shop around from time to time, but if you make reordering easy, they’ve got no reason to. Look after the customers you’ve got. They’re the easiest to engage with and the most important people for your business.
There are many essentials that every business needs to have in place. Some of these are there to protect you and your assets, like insurance and health and safety policies. Others are there to ensure your business can continue to grow. When you’ve worked hard to get started, it can be tempting to sit back and let things run on their own. Don’t make the mistake of forgetting to secure your business essentials.