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If you are in the process of setting up your own business then you may be trying to navigate all the hurdles that come with this. You may already know that a high percentage of new businesses fail before they make it to their first birthday. If you don’t want this to be you then check out the article below. Here you will find the business basics you need in order for your business to survive and thrive.
Money
When it comes to starting a business you need to work out just how much money you will need to get everything off the ground. It would help to write everything down that you need for your business, including prices. This could be rent, employee salaries, tech, and supplies. Remember, give yourself some wiggle room on the final figure for emergencies as the last thing you want is to run out of money. If you don’t have the money to hand then you will need to successfully apply for a business loan.
Employees
At some point during your time as a business owner you may want to hire employees. They are the backbone of any company and will really help your business thrive. It can be pretty daunting finding the right people to fill positions but when you do, there will be no looking back. You need to find people who not only work well as individuals but who work well as part of a team. If you don’t want to go through the process yourself due to your own workload then you could work with a recruitment agency who will do all the legwork for you.
Marketing
There is one area of your business that will take the biggest chunk of your budget, that’s marketing. There is a good reason for this and it is due to customers and clients that you need to reach. Without them you will struggle to get the numbers needed to run a successful business, marketing is how your customers and clients find you. There are plenty of strategies and techniques to use, you just need to find the right one for your company. Video marketing and using social media are two very popular choices these days.
Payment Options
Think about what payment options you are going to offer your customers when they shop with you. There are many choices for business owners and you need to find what works for not only you but your customers as well. You may choose to accept major cards and also offer a form of buy now pay later scheme. Make sure your customers know which payment methods you offer, you could have an accept payments here sign in your window.
Website
Lastly, every great business needs a wonderful website where customers and clients can place orders and browse new products. It is common for customers to head online to do some online shopping between the hours of 7pm and 10pm. If your website is down between these hours then you can lose out on vital sales and profits. When it comes to designing your website, ensure you have a search bar installed. That way your customers and clients won’t be scrolling endlessly to find the page or product they want.
