Starting a new business can be an exhilarating time; however, it is also a lot of work. New businesses require long hours, tons of preparation, and plenty of headaches. Along with all of that comes a great sense of accomplishment, the pleasure of being your own boss, and the knowledge that you are providing a needed service to people. Starting a new business is not only great for you personally, but it’s great for the economy. New businesses mean new products, new jobs, and new growth. Everyone wants to have a successful business right from the get go. While that it isn’t always completely possible, here are some suggestions to help avoid some of the major headaches in starting your own business.
1. Research the Market
Too many times a company has been started with a great idea, but unfortunately their customer base does not agree. Say you want to start a business selling embroidered handbags. This type of product is most popular with women ages sixteen to forty. If you live in a college town, then you’re probably looking at a large market for your product. However, if you live in a retirement area, then odds are your market will be much smaller. It is much easier to tailor production and advertising needs once you know your market size. It isn’t so important exactly how big the market is, but rather that you plan accordingly.
2. Find the Right Space
We have heard it all before: location, location, location! Location matters. You definitely want your business to be in direct view of the people you want to be using your product or service. However, budget considerations must be taken into account too. One way to make sure you are providing a quality space for your customers while avoiding the headache traditional businesses spaces is to rent a serviced office. Serviced offices are a perfect space for any business. They offer IT and phone connections, cleaning service, reception staff, administrative support, stocked kitchens and break areas, meeting rooms, 24 hour security, furnished offices, and monthly payments that include all utilities. Many businesses in Canberra have begun to use serviced offices because of the efficiency and simplicity.
3. Spend Time with Family
This one might be the most surprising because most people will tell you that starting a business means long hours and limited time for a personal life. That said, financial stress is one of the number one causes of divorce in our society, and starting a business will cause financial stress. Make sure you and your partner are both fully committed to the business start-up and to one another. The entrepreneur will have less time to spend with family, but family time cannot stop altogether. Even if it is only one afternoon or evening a week, set aside some special time for both your spouse and children, separately and together. Starting a business is hard, and you are going to need the support of your family for the long road ahead.
4. Charge Enough to Make Money
Many entrepreneurs feel like the best way to begin a business and get customers is to offer their products or services at a lower price than their competition. This may attract customers, but it will not make money. Charge a fair market value for your goods that is more than it cost you to supply them. You will need to beat the competition, but you will need to do this with quality, professionalism, speed, or accuracy. Those things will keep your customers happy enough to return.