Member Article

Making Your Business a Success in 2 Years:

An astonishing 80% of new business owners fail within the first year, this is a ridiculously high percentage… so it’s important to first ask yourself WHY these people have failed, and HOW you can be sure to remain successful in a saturated market. Here are some of the most simple yet effective tips to consider to put you on the road to business success.

WHO?

Your employees are the backbone of your company, they will be the make or ruin of your enterprise, so be sure to only welcome people through the door if they share your goal of success.

Making a quick hire in a time of need can seem like the best option at times, but more often than not, you will struggle to find quality in a quick amount of time. The interview process is somewhere where you should be able to determine quality, so patience is a virtue. If somebody isn’t going to offer you what you need, then don’t let them through the door.

WHAT?

Always play to your strengths, do what you know, and never follow the money! This may seem like an odd thing to say, but if you pursue a business solely based on the need for money, rather than on your expertise, then you are setting yourself up for failure. There is nothing more of-putting to a potential client than a business owner who does not fully know his craft.

WHERE?

Whether you’re just starting out, or whether you have been in a business for years, it’s important to work within your means. Your wallet is your businesses life blood, so spending too much on rent or a business mortgage can really become difficult. If you’re a business owner in the UK, you will be sure to feel the sting of business rates, which can be increased or reduced depending on where your office is, so be sensible with your choice! In some small cases businesses are overcharged on business rates, and for this you can put in for a business rates appeal

WHY?

Keep yourself grounded and always remember why you have started a business in the first place. Never marry yourself to your business plan, markets change, economies change, and if there are improvements or amendments to be made, then it’s important that you stay versatile and open to change!

Brexit and the governmental policy has been the reason behind a lack in confidence in the freelancer market, more people leaning towards the stability that a permanent position in employment can bring. There has been a particular lean towards people seeking engineering insurance in their freelancer market, as this is the most unstable and unpredictable market to be involved in. People are looking to take precaution and protect their income when they are taking new freelancer positions, which again can be attributed to the uncertainty and the impending nature of the market.

This was posted in Bdaily's Members' News section by Alice Porter .