One of the most important things to consider when starting your first business is the financial aspect of your new venture. Once you have the idea, the brand and other details, the only thing that remains it to get your hands on the money. Getting a business loan can be difficult, and many people try short term loans, instalment loans and various other loans if they don’t manage to get hold of one from the bank specifically for new businesses. Here are some of the main things to consider when you start your first business.
It could take years
For many businesses, it takes years before they are finally able to break even. Yes, you might be doing very well in the first few weeks of opening the company, and two years down the line, it might feel like everything is falling into place, but depending on how much money you borrowed, how much you bought, what your other costs are and how much profit you’re getting, it could be a very long time until you actually make enough to pay everything off and make some actual profit for yourself.
Advertising is important
A lot of new entrepreneurs fail to realise just how important advertising is, and many of them don’t know that you can do loads of advertising for free. Rather than thinking about advertising on the TV or billboards and cutting hundreds and even thousands of pounds into your advertising budget, turn to the internet first of all. You can use Google AdSense to promote your own business website with adverts, and you’ll get thousands of visitors coming your way within a matter of weeks. Contact local newspapers, magazines and newsletters and ask them to feature a story about you or pay them to put in a small advert.
Get a good team
Treat your business like your baby, and you’ll always have its best interests at heart. This should include the staff and team members that you hire at the start. Remember that you need to find people who can really help to promote your business. You need people who are passionate about working for your business and who can really help it to thrive. As a result, you need to be prepared to offer more than just a minimum wage contract. Offer great incentives, bonuses and a higher-than-average wage. Make friends of your staff, and work as a team to build the business, rather than asserting your authority as their boss.