To Succeed In Business, Make Sure You Start as you Mean To Go On

When you’re launching a new business it’s important to start as you mean to go on – the key part of the phrase being ‘to go on’.

It’s not enough to simply start up a new business; there are various elements you need to plan for to keep your enterprise going over the crucial first few months and years.

According to the most recent figures from the Office for National Statistics (ONS), the UK five-year survival rate for businesses born in 2009 was 41.7 per cent. That means more than half of new businesses launched in 2009 didn’t make it as far as 2014 – and no new business owner wants to be a part of that kind of statistic.

So optimism must be tempered with reality. In 2014, there were 351,000 ‘business births’ - the highest rate recorded since comparable records began in 2000 – but in the same period, there were also 246,000 ‘business deaths’.

The key to becoming part of the success statistic rather than yet another failed enterprise is knowing what challenges you might face and finding a way to conquer them, learning lessons each time to help you overcome the many more challenges you will no doubt face along the way.

Here are just a few top tips for planning ahead for success.

Master your marketing

When starting your own business, the chances are you will be extremely passionate about your new product or service. However, if left unchecked, that passion could be your downfall.

Unfortunately, the fact that you love your product and think everyone else will too doesn’t necessarily make that true. Not everybody will understand or share your passion – no product has such a universal appeal that you don’t need to identify those that it’s right for and do some segmentation of the market.

Individuals may love, ignore or loathe your product for different reasons (yes, be prepared for people to completely disagree with your passion) and the ‘USP’ you believe in is only really a selling point if it actually makes people spend their money.

When you’ve considered the audiences you want to target, think carefully about the different benefits your product offers to each group and tailor your marketing accordingly. Look out for courses or guidance available through your local Chamber of Commerce or specialist bodies such as the Chartered Institute of Marketing, which now holds an annual small business marketing conference.

Also, remember that in business as in life, nothing remains the same. Make sure you keep up to date with your competitors, your potential customers and current trends to ensure your marketing strategy continues to get the right message across to the right people.

Let your staff do their own jobs

Many entrepreneurs make the mistake of getting too caught up in the day-to-day running of their business, all the time missing crucial tasks such as monitoring cash flow, keeping up to date with the market and keeping customers happy.

If you have any concerns about stepping back and allowing your employees to deliver on their roles, simply make sure you have regular team meetings to check on how things are going so you can pick up and address any issues early on.

If you think your staff would benefit from some training, check whether there is an association for your industry and whether they have any courses available. Your teams may even be able to access guidance online rather than having to travel to access training.

If you need specialist advice and support there’s always the option of outsourcing if necessary, for example taking on an accountant to look after your books or an answering service to handle your customer support.

‘Skill up’ for success

One of the most common problems faced by entrepreneurs is that while they are qualified in a particular area, they don’t necessarily know how to start up and run a business. This isn’t a weakness in itself – but failing to address your own skills gap will become one.

Many entrepreneurs will be opening their business in an industry they are already familiar with – and have probably been working in for some time – and that gives them a head start. However, having technical expertise doesn’t translate into a full understanding of an industry, current trends, competitors and what is already being marketed.

It’s essential for anyone launching a business to have not only this industry knowledge but also an understanding of how to actually run their company.

And there’s more to it than you might think – just the words ‘employee relations’ and ‘health and safety’ will be enough to put fear into many first time entrepreneurs – but these are issues you need to know about, or ‘know someone that does’.

The internet is a great place to do some research and reading regarding successfully launching a start-up business, but remember that a lot of support will also be available from your local Chamber of Commerce, and many areas have their own small business networks for some face-to-face networking.

Growth Hubs across the UK run by Local Enterprise Partnerships can also offer lots of support, advice and guidance on running a business.

As Sven Goran Eriksson, 'reportedly' England's second most successful manager after Alf Ramsey and the longest serving since Sir Bobby Robson, said: “The greatest barrier to success is the fear of failure.”

So don’t fear failure – plan ahead, square up to the challenges and face it down.