As any small business owner knows, starting up your own venture can be an expensive and costly undertaking. Even if you keep a spreadsheet and document all your expenditure, there are bound to be a few unexpected costs and overheads lurking around the corner. Realistically, you won’t recover your initial investment until your business has been successfully trading for at least one to two years. Now, that’s a depressing thought. However, setting up your small business venture need not cost the Earth. There are a few tips and tricks you can employ to keep costs manageable and under control, meaning that you can focus on lead generation and attracting a solid client base.
Get your social presence sorted
First, it’s essential that you make sure you have a solid social media presence and company website. Consider buying any potential domain names to make sure that these don’t get snapped up by your competitors. Instead of employing the skills of an expensive designer and digital team, look online for tips and resources to help you get started. There are sites available so you can make your own website, helping you to cut your overheads by a few hundred dollars or more. Next, you will need to ensure that your social media channels are established and set up effectively. You could consider scheduling tweets and updates by using tools such as HootSuite, giving the impression that you manage a large digital team – even if it’s only you running the show from the comfort of your own home!
Write a business plan
It’s essential that you write your business plan, and stick to it if you want to ensure that your venture has a long and prosperous future. Many business owners make the fatal error of missing out this step, costing them dearly in the long term. It’s worth investing time, rather than money, in perfecting your plan and making it stick. Establish your key goals and aims for the short and long term. What are your company’s vision and mission? Are there any areas that you feel require particular focus? Putting your plan down on paper enables you to prioritize which areas of your business will need the most work to get you up and running.
Ok, it might sound obvious, but now that you are your own boss you will still need to make sure that you behave professionally – and that doesn’t mean working in your pajamas. Make sure you set yourself daily targets and stick to them. Be sure that your kids understand that you working from home doesn’t mean that Mom’s diner is open all day either. Don’t throw out your corporate wardrobe; this will be essential for any future networking events. Treat your own business as you would any other job if you want to make your venture last beyond the six-month mark. Remember that you are following your own dreams, so don’t make your own actions accountable for failure.
With drive, determination and great time keeping you can ensure that your small business is successful. Just be sure to sort your social presence, business plan and remain professional from the get-go.