5 Things First-Time Business Owners Should DoKWSME
Starting a business for the first time is no mean feat – yet if you have clicked on this blog, you probably know that already and are aware of the hardships that befall a struggling entrepreneur. Nonetheless, the unrelenting fact of the matter is that up to fifty percent of all the new businesses do not live long enough to reach the five-year landmark, most often losing to unforeseen money woes. Nevertheless, you can execute below mentioned five tried-and-tested suggestions in your first year as an entrepreneur that will provide your business with the best possible chances of longevity.
The tips to becoming successful entrepreneurs are:
First-time business owners and budding entrepreneurs can be quickly and quite easily be distracted by many different possibilities and opportunities. However, before you waste precious time tracking issues that may be negligible for your primary business goals and thus derail your entire business plan, you must objectively assess whether you have the sources and capacity to do so.
One helpful advice is to return to your originating values for the business. What was the driving intention following your desire to go out on your own? What is the ethos of your start-up, summed in a sentence or two? To help simplify your priorities, remind yourself of the essential services or products you aim to render.
The keep-it-simple policy also applies to other small business ownership aspects, including how you describe your business goal to others. Prepare an engaging, unique, concise pitch that will make a lasting impact.
Secure your business structure
Setting up a new business can take many diverse forms. Typical routes include working solo (as a solo preneur), or striking up a partnership with other like-minded entrepreneurs, or getting investors to bankroll your business, or by choosing to establish your business as a Limited Liability Company (LLC).
For small business owners concerned about insurance, taking the LLC route is usually the smartest choice for them. After all, no matter the size of the team, the business owner has a responsibility to form a strong defense for their organization. Since LLC gives a shield for assets but does not affect business operations in any notable way, many entrepreneurs perceive this method of business setup as an attractive option.
Keep your money management tight
As a small business owner or a budding entrepreneur, managing finances is always the most intricate and hardest part of heading a start-up. Fix weekly, monthly, and quarterly evaluations to guarantee that payroll, rent, GST, and insurance payments are going out as they should. Furthermore, make sure that you have a constant influx of reliable clients coming in to ensure a stable inflow of cash.
For small businesses, taxes are an especially important consideration. Guarantee that you have a proper financial calendar and filing system established early on and decide at the same initial stage whether you will handle your tax independently or enlist the aid of an accountant. As a word from the wise: various insiders recommend that you do source outside assistance, as there is nothing that can rot a start-up as quickly as a dodgy balance book.
Outfit your space well
You will be surprised by how much aesthetically-pleasing, comfortable office space can influence your visiting patrons. Particularly when it comes to boardrooms and meeting rooms, it pays to spend on quality furniture and equipment, which will leave no doubt in your clients’ or customers’ minds as to the professionalism of your organization.
Be the boss you always wanted to have
The first year is a grind not just for the entrepreneur, but also for their employees, as well– as much as is humanly possible, be a model worker. Successful business owners readily disclose and admit to the fact of how much they owe their business’ survival to their original workforce. If you have a hardworking, dedicated, and devoted group of people working towards your goal, your business will enjoy the highest chances of success. So be principled, dedicated, motivated, available, and personable – and set a great example!
How can we help?
KWS MIDDLE EAST has been a pioneer in helping entrepreneurs start a business in the UAE and its Emirates. Our business setup consultants have years of expertise in this domain and can make the process hassle-free and easy. Contact us today for more information.