Secrets of Small Business Start-Up Success
By Northern Munkee
Starting up your own business is bloody scary. It’s a huge leap of faith whether you’re jumping in feet first and leaving the relative comfort of employment or you’re living a double life and trying to cultivate your empire in your ‘spare’ time. We’ll get to that in this article. Also, keep in mind that this very site you’ve landed on might help you if your business is in the food sector, FoodStars can provide you with a kitchen to rent at great rates with no lock-in, along with a support network to get you going along the right track. Enough about them though, this is about you and how to get your start-up to be a hit.
I have a great deal of respect for anyone that takes that leap. The reason that it’s so scary is that nothing is guaranteed, despite how many of your friends down the pub think you’ve got a great idea. According to smallbusiness.co.uk 40% of small businesses are opened and closed within 5years; that’s bleak. However there is a wealth of support out there for experienced and budding entrepreneurs in the shape of literature, consultants and free government schemes. But how do you sift through all this information and concentrate it to relevant advice? That’s where I’m hoping to help.
Now the first thing to say is that there aren’t any silver bullets when it comes to business advice. I’m not in a position to say: do this one thing and I can guarantee your success. If I could I’d be a very rich man indeed! This advice is based on sifting through a lot of the available information and my own experience; don’t worry it’s presented minus the BS!
So here are my three secrets to small business start-up success:
- Do Your Homework
If, like me, you have a guilty pleasure for BBC’s Dragons’ Den then you’ll be familiar with this line of advice. An uneasy amount of start-up businesses dive into a market which they know very little about but they are full of passion for. Now don’t get me wrong, passion in business is vital but misguided passion can be dangerous. Holidaying in Spain is not a good enough reason to start a business; that’s merely the seed of a business that will form the passion and resilience through the hard times. It should go without saying, but if you’re about to invest a big chunk of time and money into something you need to understand what you’re getting into. You need to understand if it’s a potential business or just a hobby.
So my advice is get online, get out there, get abroad, get amongst your friends and family and get clued up!
- Startup for Success
I get it. One of the most exciting things about starting a business is buying lots of shiny new things; however my advice is simple: don’t. You may get guidance from some consultants who suggest that you need to be in control of the supply chain to manage your business effectively; for a start-up this is nonsense! If you can maintain quality and efficiency I would always outsource big sections of your supply chain to keep your business lean and nimble at the start to allow flexibility and ease of change. At FoodStars we provide that flexibility with a platform for start-up businesses in London by offering commercial kitchens for rent in Bethnall Green, Bermondsey, Vauxhall and Shoreditch – our fully fitted kitchens can help you save the capital expenditure for expansion plans.
- Don’t Sell Your Soul for Sales
This point is key: YOU are the best person to sell your products or your business. I know it’s tempting to answer the calls of heavily experienced sales consultants when they sell you the dream of being able to get your product into mass distribution. Unfortunately you’re more likely to find a pot of gold at the end of a rainbow than a good consultant. Even if you do stumble across the world’s best salesman they still won’t sell your business as well as you do. It’s your baby, no one will love it more than you do.
So there you have it: my three secrets of small business start-up success. No silver bullets just sound advice. Enjoy!