3 things to bear in mind when starting a new business » SMEInsider

3 things to bear in mind when starting a new business

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Starting a business is one of the most exciting experiences a person can have. Taking an idea and transforming it into something tangible is a truly wonderful thing. However, as exciting as it can be, it is also one of the hardest things to get right. Here are some things you can do to go that extra bit to get your business off to a great start.

1. A solid business plan

Earlier this month, a study revealed that nearly half of small businesses did not see the point of having a business plan. A business plan is integral to a company’s success, it’s like planning a long journey – you need to know what potential problems to look out for; what is the best way of reaching your destination; where you can save money. Knowing where and how you want to go increases your chances of maximising your potential.  If you want to gain more insight into business plans, here are three great tips that tell you what to do.

2. Make the right connections

A business is nothing without connections. The right person can make your business, be it an investor or an influential customer. Having a strong network of contacts is also crucial because it provides one of the most important things that new businesses crave – credibility. A larger, more well-known partner can instil confidence in prospective investors and customers that you may have struggled to get otherwise.

3. Forge strong relationships with your customers

Don’t treat them as numbers, treat them as people. Positive word-of-mouth around the community can make or break a new business. The better you cater to your customers’ needs, the more likely they will return. Loyalty in the long run is crucial. Here are five ways to better connect with your customers.

 

  • Bree Wakefield

    Great article. I’m a firm believer in forming personal relationships with my customers. One thing I like to do is send handwritten notes with purchases, especially around the holidays. If any other small business owners are reading this, I’m looking into some info on invoice factoring. I’ve been looking into http://www.corefundcapital.com and am open to any input. Thank you!