When you get an idea for a business, you can feel so consumed about the possibility and opportunity you have in front of you. It can be exciting to spot a gap in the market, motivating to know that you can do something better, and often once you have nurtured that idea for some time, you eventually take the plunge to make it your reality.
The big thing is getting started, and for some that means keeping your daytime job and working in your spare time before you get to the stage where you can leave and make this company your full time position. To get to this point is an achievement, but as an entrepreneur you only want to move the business forward and drive the success. So are you missing out on anything that could benefit or help protect your business? Here are some of the things to think about.
Ensuring your business is protected
One of the first things you want to do is ensure that your business is protected, both physically and also digitally. There are so many threats to deal with these days. You have the threat of opportunists, and you have hackers wanting to step personal data or destroy documents within your software systems. So making waves in protecting your business can be done, with security alarms and features externally and also wising up to cyber security for computers and software.
Do you value your time appropriately?
The next thing to think about is your time, and whether you value yourself at the level that you should do. As a business owner, it can be very tempting to want to do everything yourself. If you want a job doing right, then you do it yourself, right? However, the truth is you can’t do it all, and so you may want to think about ways that you can value your time efficiently. For example, you may want to think about outsourcing your IT systems and management, and often reading company case studies/ success stories can give you the encouragement that you need to take that plunge and try it yourself. There are other areas of the business that could also be outsourced, freeing up your time to make a difference where it matters for you most.
Could you expand your business further?
One of the things you might want to think about is whether or not you can start putting plans in action to expand the product range or the services that you offer. The sooner you start to think about this, and also think about the costings involved, the easier it will be for you to take the step and make it happen when the opportunity strikes.
Can you stay working at home or is your business ready for the next step?
Many businesses start at home. It can be the easiest way to get your business off the ground and it can also save you a fair bit on those overheads. But, when do you get to the point where your business outgrows your home? Another area of expansion to consider would be to think about whether you might want to expand into a shop or business location. It could make things easy for things like shipping, or give you a place of business to meet with potential clients and customers. Or maybe you could look at a shop which would give you another source of selling opportunities.
Making the most of your digital presence
The next thing to think about would be whether or not you are making the most of your digital presence. So much is done online these days, that you can’t not be present on social media platforms or have a functioning website. If you don’t you are seriously missing a trick. Having a decent content strategy can also help you drive traffic to your website, which in turn can be converted into sales.
Having a focus on the local community
Finally, with such a focus on helping small businesses and shopping locally, are you making waves when it comes to local advertisement? you could be missing out on potential customers. You could advertise at local events, or even host things like pop-up shops to help raise your business profile in the area.
Let’s hope this has you inspired for some of the things you could be doing as a business owner.