Running your own business has never been an easy career option to pursue and the events of the past few years have done nothing to indicate that this will change in the future. If anything, you will need to be more determined than ever if you are to stand a chance of succeeding in your chosen field. Whether economic conditions improve or remain in a state of flux, it is the businessmen and women who are capable of thinking outside of the box that are most likely to succeed. Below are five strategies that could tip the odds in your favour.
1. Leverage existing knowledge in your circle of friends and acquaintances. If you don’t want to lose any close friends you will have to be subtle in your approach at times but it is well worth soliciting their opinions, as well as those of former work colleagues, before you formalise your business plans. Crowdsourcing is becoming a popular way for companies to develop new products and services, and there is no reason why you cannot take advantage of similar dynamics when starting your own firm, albeit on a much smaller scale.
2. Make new contacts as soon as possible. The early days are the most critical for any new business and the more people that you can turn to in times of trouble or use to generate leads for your business, the easier you will find it to survive long enough to start to turn a decent profit. If you are relatively new to the area in which your new venture is based, it is worth checking online to see if there are any co-working groups operating nearby and attending a meeting or two if you can.
3. Be close to your customers and your competition. The advantages of being close to your clients in a geographical sense are fairly obvious but you might not be so sure that inhabiting the same office block as a close competitor is necessarily a good idea. However, areas such as Silicon Valley in California demonstrate the synergies that can develop between competing firms when they are clustered together so it is well worth considering if you have the opportunity. On websites such as www.mwbex.com you can find serviced office space for rent in central locations. Many of the buildings in which this space is to be found will be home to other small businesses and if you can find one that hosts some of your biggest rivals, it could be the ideal place from which to operate.
4. Capitalise on your mistakes. This might sound like a strange idea but the mistakes that you and your employees make can sometimes lead to great opportunities. For instance, if you are running a mail order business and you send somebody the wrong item, correcting your mistake efficiently and apologising without being asked could help you to convert a one-off order into a loyal customer. Sending a free gift along with the replacement item will demonstrate how much you value the person in question’s business and they will probably mention your company to their friends.
5. Lead by example. If you leave the office at lunchtime every Friday and are seldom to be seen working after 5 PM in the week, your employees will probably follow suit. On the other hand, if you show your workers how much your company means to you by putting in the hours and giving your all, there is a much greater chance that they will respond positively and do the very best that they can when performing their own duties.
About the Author
Samantha Sheppard is a writer for www.mwbex.com , a provider of office spaces for different businesses across UK. Their aim is to promote efficient energy use and sustainability through minimised carbon footprint in their offices.