When starting a small business, whether it’s selling a product or service online or through a more traditional brick and mortar store, it’s easy to get caught up in the excitement of getting started and being your own boss. Many dream of starting their own business for a long time before actually taking the first steps to do so, which means it’s more than understandable for them to get carried away in the first few stages. However, while it’s easy to get swept up in all the positives of starting your own small business, it’s important to remember that doing so is a marathon and not a sprint. By this, we mean that there are going to be many ups and downs (especially in the first few months or years) that can be disheartening if you aren’t prepared for them. Here we discuss some of the hurdles you may come across and what precautions you can take to give your small business time to grow.
Know the pitfalls before they happen
One of the major hurdles to get past is the idea that you may lose money, or at best break even, in the first few months of selling. While this can be expected as one of the larger teething problems of starting up, it’s an aspect that leaves many beginners quitting before they’ve even really got started.
Therefore we emphasise the importance of being prepared before taking the leap. If we use the example of losing money again, a new business owner can prepare for this in a few ways beforehand and therefore negate some of the negative effects this may have.
Keeping a handle on your finances
Poor cashflow is often the reason why new ventures fail, so make sure you have healthy reserves and are making decisions in line with this and profit forecasts. Whether it’s taking out a small business loan or not quitting your day job just yet, there are options available to get you through those early stages and truly give your small business time to grow.
One of the biggest mistakes you can make when opening your own small business is to assume that your situation at the start reflects how the business may look in the future. By preparing for the hurdles you may have to face, taking necessary precautions if needed, and giving your small business time to grow into something more substantial your chances of making it a success can improve quite a bit.
Small business time to grow – where to find out more
Tower Leasing have supported the investment and growth of over 40,000 SMEs. No matter what your plans are, we have the business finance products in place and the expertise to help you see them through. Please read about our business finance solutions or get in touch to discuss how we may help your give your small business time to grow.