If you’re a business owner or looking to spearhead your way into the business world with a killer idea for a product or service, then we have some important things you should know. You want to make your foray into the business world as stress-free and seamless as possible and this means doing your research trademarking your product with the help of www.cohnlg.com, and being as pre-planned and aware of what the pressures of running a business entail.
With that in mind, you should always do your research on competing brands and making sure you’re in the all-clear when it comes to your intellectual property, branding and other materials and once things begin to kick-off, you’ll be on track for success. With all of that said, let’s take a look below at four of the most important things every business owner should know.
1. Begin with Number Crunching
One of the first things you’re going to want to do when it comes to getting your brand off the ground is doing as much number-crunching as possible. This will paint a clear picture of how you’re going, where you’re going and whether there are any major issues you will want to be aware of.
Some important points to look over include things such as:
- Your Overhead (Rent, Subscriptions, Management Costs, etc)
- Cost to Supply Products and Services
- Potential Profit-eaters
- Costs to Acquire Customers
- Your Credit or Debt Policies and Costs
With those numbers crunched you’re going to have a clearer picture of what your business is going to look like and how well it will operate from the get-go. On top of this, these metrics are also going to be a great guide as to whether you need to cut back on expenses, or if you’re headed to having some extra disposable income to re-invest back into product development.
2. Work with the Right People
It might be true that the customer is always right, though you will always want to make sure your customers, clients and employees are all fantastic to work for and with. If someone is working to bring down your morale or is making life hard in general, it truly is better to work to cut these clients, employees or customers out and not work with them.
You should always prioritise work ethic, social intelligence and workplace empathy and awareness above all else. These attributes are what makes your team and customer base strong and motivational as opposed to sombre and working to bring us all down.
A few points to keep in mind when hiring staff members or contractors includes finding people with:
- High Social IQ
- A Great Work Ethic
- A Commitment to Success
- Relentless Optimism and Positivity
- Motivation
- Great Team Spirit
A person with these attributes is going to work wonders and effectively transform your business, and could also be a saviour when times get tough.
3. Plan for Emergencies
A third key tip we have is to ensure you’re ready for the possibility of things going bad. Keep in mind that none of us can predict accidents and emergencies, and so it is always important to be prepared and ready in the event something unplanned does occur.
This means making sure you have an emergency fund ready that is large enough to cover a month of no income for your business, and going from there. It is also imperative to invest in business insurance and liability insurance like NRMA that keeps your business covered in the event something awry occurs that is out of your control and also quite damaging. Click here to learn more on
It is also important to consider preventative measures which can reduce the risk of emergencies which include theft. A security system on workplace devices is a good place to start, as are CCTV cameras and well-designed worksite locks and security screens.
4. Delegate in a Calculated Way
Our final tip is one that can be hard to swallow for a lot of business owners, and that is the fact that you really can’t do it all. This means that at some point you’re going to need to confide in a team member to do some of your work for clients, or for your own business, and leave the task to them.
This is one of the only ways to grow, and so it is imperative to have a plan in place that allows you to delegate strategically and drive yourself to success. It is a good idea to have a plan in place that allows you to find trustworthy team members who can take your business to a whole new level without you needing to work any harder.
