Starting your own business can be expensive and complicated. However, there are enough success stories that prove that if things are done correctly from day one, they can be extremely profitable.
The technology used by businesses is improving on an almost daily basis, and the distribution of physical products is becoming easier than ever by utilizing the massive distribution networks of companies like Amazon. However, for somebody just starting out, it can seem like a very daunting prospect.
With that in mind, here are three key areas where the new business owner needs to get things right if they are going to stay in business.
Get the right location
Regardless of what your business does, location is all-important. If you sell physical products, you need to be able to get them out there, and if you provide a service, you need to be somewhere your staff can get to you.
The practice of getting your raw material in and your finished products out are helped by picking a location with good transport links, which means you are close to your distribution network. This is one of the main reasons why purpose-built facilities by the side of a freeway have replaced town center offices and factories.
Both lorries getting in and out, and your employees aren’t going to want to be stuck in town center traffic or spend ages looking for a parking space, instead of just pulling off of the main road and taking their pick of the available parking spaces.
Get the right equipment
Whether your business is going to be manufacturing products or providing a service, you’ll need the most cost-effective equipment available.
Whether it happens to be welding machines in a manufacturing facility, or the hardware and software in your office, you’ll need something that is fit for purpose but won’t break the bank.
Getting the right equipment can be every bit important as hiring or buying the facility you’re putting it in, so you’ll need to choose carefully. Future expansion and technological advancement can mean upgrading or replacing your equipment, so be mindful about future-proofing at the point of purchase, so you don’t have to replace equipment unnecessarily.
Get the right people
Once you’ve found the right place for your business and the right equipment, you’ll still need the right people to make it all tick.
You need to be (if you are not already) aware of the saying that ‘if you pay people just enough so they don’t leave, they’ll only work hard enough not to get fired’ and many business owners who have ignored this have seen their business disappear very quickly.
It’s not just a case of hiring the right people at the start, but of having an ongoing policy of training and empowering. There will always be a turnover of staff, but keeping hold of a core of employees who are investing in the company and see it as more than just a job is key to the long-term success of what you do.