How To Ensure Your Business Stands The Test Of Time

By Cory Maki Cory Maki has been verified by Muck Rack's editorial team
Published on September 14, 2022

If you are tired of the daily grind that is your usual nine to five, then how about you change it up a bit? In an ever-changing world, you don’t want to be left behind and stuck in the same job for what feels like an eternity. If you have skills and passions that aren’t being utilized in your current position, it is okay to look elsewhere. This is something that you will most likely be doing for a very long time so the last thing you want is to be bored on the job. 

If you have always dreamed of starting your own company then go for it. Life is too short for constant what-ifs. Do be aware that around 90% of businesses fail to make it through the first year of trading. There are many reasons for this, some we will touch on below. 

If you are unsure of where to begin then take a look below for some useful tips and guidance. 

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Have An Idea

Have you ever looked around and wondered how all the other businesses made it out of the planning phase? Well, they all started with an idea and they rose from that. There is not one business out there that wasn’t thought of and planned out perfectly. Some survived, and some didn’t. It may not have been a bad idea, just not very well executed if it failed to survive its first year. The key here is to write everything down, no matter how small or pointless you think it is. You never know, it could be the next pet rock. Yes, you read that correctly, someone did have the idea of a pet rock. That idea flew off the shelf and made millions, would you believe? 

Research Is Important 

When you are thinking of a business idea it is essential you carry out some market research when you are nearing the final stages. You don’t want to just roll with an idea you had and the general public, not like it. This won’t go down very well, without customers your business will shut down. Customers and clients are key to success and standing the test of time. In order to carry out efficient research, you could get yourself online. A lot of things are done virtually these days, including market research. Gone are the days of stopping people in the street for opinions, businesses just stop people online instead. 

If you use a varied amount of social media and carry out research on a wide range of ages and genders then you should have a decent amount of answers. You need to find out things like, whether your idea is needed or will people buy it. Something else to find out is, are there any changes customers would make to your product or service, and why? Using the answers provided, you can create the ultimate product that all your customers have been dreaming about. 

Create A Business Plan

Once you have everything you need it is time to create a business plan. This will contain everything to do with your business, including targets, budget, equipment needed, and how many salaried workers you plan on having. If you are new to the business world and have never written one of these before then it can be incredibly daunting. There are business plan writers that you can hire to complete this so you don’t have to. Make sure you only go to reputable companies otherwise you could see yourself losing money.

Know Your Budget 

Once you have all the written agreements you need, it is time to create a budget and find a source for funding your business. When you work out your budget, you need to be sure you have included everything on the list. If you miss some vital things then you are at risk of running out of money before you get properly started. This will mean you miss out or your business fails from the start. Nobody wants that, so triple-check everything. 

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As for where your business money comes from, this could be yourself or a business loan. If you are lucky enough to have friends and family who could loan you the money then you are more likely to get your business off the ground faster. However, if this isn’t possible then you will have to successfully apply for a business loan. In order to do this, you will need a pretty high credit rating. 

Use Outside Services  

Within your business, it may be better for you to outsource. This usually happens when you don’t need someone full-time working for you on a salary. Take an accountant, for instance, you will only need them sporadically throughout the year so paying them every month is a waste of money. If you outsource this, then you only pay for what you need. This saves your business money and time. 

What other services could you outsource to save money? How about your cyber security? If you don’t want to have someone in your business looking after this side of the business then you could use managed it services to do it for you. They will keep a careful watch over your cybersecurity and let you know instantly if anything dodgy happens. 

Employ Amazing People

Finally, you will want the very best people working for you to keep your business afloat. There is a saying, that you are only as strong as the people holding you up. That is true for your business as well, without a strong batch of employees then your business may fail. When it comes to hiring the best, it depends on how strong your advertisement is. On this, you will need to state how much experience you want your prospective employees to have, what skills you need them to possess, and which qualifications and certificates they hold. Remember, you should also hire employees that match your company’s energy. You don’t want to create office politics due to people not getting along. 

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We hope you found this article helpful and that it gave you some insight into owning a business and how to get one off the ground. It can seem impossible at times but follow your dreams and you will get there. 

By Cory Maki Cory Maki has been verified by Muck Rack's editorial team

Cory Maki is a former Staff Editor and the Business Development Manager at Grit Daily.

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