Being the worlds best window cleaner or web designer does not automatically qualify you to run a business, that is a completely different skill set in itself and one many learn as they go, the lucky ones survive but approximately 33% fail within the first year.  What can you do as a new business owner to negate that risk?

Planning, planning, planning

Before you take the plunge do your homework, create a business plan, understand the market you are entering, understand the level of competition, what level are you going to set your pricing at and will there be enough profit for you to make a living?  There are 5 areas that you should ensure are taken care of to give you the best start, there are other areas but if these are addressed well you’ll give your business the best start it could have.

1. Sound Business Plan: If you have a sound business plan you will have a full understanding of your product, your pricing, how you will promote that product, where in the market you will place that product (target customers), the people involved including staff, suppliers and profile of customers and your profit and loss predications.  If this document is well researched and the information stacks up this will be your business bible, you will use it to gain finance, plan promotions, ensure your pricing is at the correct level and consistent and will keep you on track as you journey through that first year.
2. Good / Supportive Professionals Around You: It is really important that as a new business owner you surround yourself with other professional companies that can add value to your business.  These would consist of businesses like Accountants, Lawyers, Industry Associations, Business Mentors, Business Bankers, Suppliers etc. anyone with relevant experience that you can call upon when you need help.
3. Network: As a business owner it is easy to feel all alone, under constant pressure and continually stressed and for this reasons it is important to surround yourself with individuals that are in a similar situation, there are many networking groups around that provide the opportunity for business owners to come together and discuss the highs and lows of running a business.  These groups are also a great way for receiving referral business.
4. Stick To The Plan: If you have done your planning and the market place has not changed dramatically please stick to the plan.  It can be too easy to diversify early on but often this only dilutes the business owners focus rather than create many more opportunities.  Stick to your core product until it is well established in the market place before venturing into other areas.
5. Maintain a Balanced Life Style: It is all to easy for the new business owner to burn the midnight oil every day of the week and in the process start neglecting the family and friends they have spent years gathering around them.  Yes there are generally a lot of hours worked in getting a business off the ground but it should not be at the expense of everything else.  Sound Time Management will help any new business owner accomplish what needs to be done in the business without compromising excessively their personal life.  Ultimately the only reason any of us work is to produce an income to maintain our families and lifestyle which makes have a business meaningless without a personal life.

Ultimately if you are passionate about your product / service and you can convey that passion to your clients and you have taken care of the 5 steps above you have given your business the best start possible and remember if you are unsure about anything ASK there are professionals out there better placed to help  in their chosen fields!!