When starting a business- the line between success and failure needn’t be so thin.

By Victoria Graham, Digital Marketing Specialist at Sage

Starting a business

When starting a new business, the line between success and failure needn’t be so thin. Although you want to see your business succeed and become established, many companies do fail. The following provides you with a checklist of some of the things you should be considering when starting your new business in order to prepare for success.

 

1. Write your business plan. 

Planning is an essential part of business which will help you achieve your end goals efficiently. A business plan will also help you when seeking investments. Sage business planning software is free to download from the Sage Ireland website it will guide you through the process of making your business idea a reality. The software will help you think about and plan your product idea, potential customers, competitors, experience and financial forecasts. What are the risks involved in your new business? Consider the risks and precautions which need to be taken in order to form a contingency plan.

2. Make the right choices for the foundations of your business.

Choose the right premises for you and your business along with the right people. Employing people who are not right for the positions they are appointed to can cost time and money. The right people for the right job will ensure better time management and use of resources. Remember when employing people to consider and be aware of health & safety and employment law. You can purchase Sage HR Advice from the Sage Store which will provide an online resource for all of your human resources queries.

3. Set up the right IT- with software you can trust.

Sage provides free trials of Sage One Accounts and Payroll software for start-up’s and small businesses no strings attached. You can also trial or test drive many of our different software solutions for free such as CRM, just check out the Sage Store for more information.

4. Know how much money you are owed.

Every penny counts in a new venture and keeping track of what you are owed will ensure there are no unnecessary losses of this nature. Prepare your figures for accountants; an understanding of tax will help with this. Prepare for printing your invoices and quotations for customers. Sage One Accounts and Cashbook provide affordable solutions for small business owners who may not have time to learn accounting and want a simple and effective online solution that will help them keep track of cash flow or submit VAT returns.

5. Manage your time properly.

Diary management is important to make the most of the time you and your employees have. Time is money and planning each project efficiently will ensure you never miss an important meeting or delivery date.

6. Analyse the competition.

Compare your costs to your competitions costs in order to determine where your business stands in a market context. Understand the industry you are launching your business into. A clear understanding will prevent misguided decisions and help inspire you with new ideas for growth.

There are no quick wins when it comes to starting a successful business venture but, planning and understanding your market will help to thicken the line between start-up success or start-up failure. Take advantage of all available resources and plan, plan, plan!