If you have recently made the brave leap from full-time employee to entrepreneur and no longer have the safety net of a regular wage, sound promotion prospects and job security, then your finances are probably your number one priority at the moment.
Working for yourself has its perks, but you also have to take the rough with the smooth. Yes, you can have a pyjama day, but what about chasing that invoice that hasn’t been paid? You can have a two-hour lunch by all means but is it such a good idea when you’re waiting for a phone call from a potential client who can bring you a wealth of lucrative business your way? Your startup needs to hit the ground running and be streamlined as soon as it is set up so that it is fit for purpose.
1. The Business Vision
If you don’t have a business vision, then your startup will lack focus and purpose. A vision for your company will harness your hopes and goals for the future and break down your priorities each year. You can delve into your financial forecasts and analyse any market research you may have carried out to inform your profit projections.
If you are funding the startup yourself, it’s vital that you are financially buoyant. If you have debts, consider utilising a site like consolidation.creditcard to morph all of your separate debts into one monthly payment streamlining your own personal monetary health.
Begin implementing your business vision and be proactive in your approach to sales targets and profits. If you need to boost the cash flow of your startup, look into alternative funding sources such as a business loan, the bank and business angels.
Streamlining your marketing means having a strategy to encompass your social media postings, your website, your blog, your online ads and any print or broadcast advertising you may implement. Your goal needs to be consistent. Is it to direct more traffic to your website? Do you want to convert visits to sales? Or do you want to generate more followers on Instagram? If the skills needed to achieve this aren’t in-house, consider outsourcing using forbes.com as your guide. Experts offsite will take into account your strategy and vision and help you achieve your goals.
3. Work From Home
Although you may be eager to expand and move into swanky premises, sometimes it’s logical to stay working from home for as long as possible. This way, you will be saving money on an office lease, and you’ll be able to claim back on a business share of utilities and the Internet saving you money at home. Only consider moving when clients need to meet you at your place of work or when you have grown enough to take on extra staff.
Going it alone in the business world is tough especially when you encounter the already well-established competition within your industry sector. However, by streamlining your startup, having a clear vision and accurate financial projections, you have every chance of seeing your business thrive.