Every entrepreneur has a burning desire to get started, but that’s only the first step. Once your start-up is open for business, you need customers. Once you have a few customers on the books, you start to face challenges; often challenges you hadn’t planned for.
As in nature, it’s a case of adapt or die. So you adapt, and prove to yourself that you can survive.
But can you move beyond survival mode and earn a good income? Many start-ups plateau at this point, never managing to provide a reliable income and long-term career prospects for their founders. With careful planning, you can avoid being one of them.
1. Plan for growth
Some entrepreneurs are excellent at starting a business but lack the management skills to handle its growth. The growth of a business presents all sorts of challenges and you need to know how you’ll deal with them before they occur.
Address this in your business plan by clearly articulating your growth milestones, and what you’ll do to support that growth. What structures will you put in place? Will you recruit a team to exploit growth opportunities as they arise? How? Plan for growth before it happens and you’ll be better prepared to make the most of it.
2. Nail your unique sales proposition
Establishing a business is a success in itself. A single-service outlet such as a coffee shop can be a great family business but to grow it needs a unique sales proposition.
What makes your coffee shop different when there’s one on nearly every corner? Think Starbucks or Gloria Jeans. Each has built an image of service and dependability, while selling an experience – not just a cup of coffee.
3. Make your business scalable
So, you have a unique selling proposition and a growth plan. Now the killer question: who wants to invest in your business? What about venture capitalists or franchising opportunities?
As part of your planning process, discuss what KPIs need to be met before either of these become an option. It’s vital everyone involved is on the same page about how you’ll manage these growth opportunities.
4. Look to unlock potential in your business assets
Whether you’re an entrepreneur looking to get a new business off the ground or looking to expand your business into new areas then you’ll have to consider business capital, which is the money that you need for your venture. When a new business has limited business capital then it can be very difficult to launch that business successfully and many businesses fail because of a lack of funds, whether that is due to low initial business capital or on-going cash-flow.
Writing a comprehensive business plan will help you work out just how much business capital you should need to make a success of your business venture and this initial planning is the corner stone of success for many businesses. However, if your business plan is telling you that you need to generate more business capital then you’ll need to explore what options you have.
Whilst there are a lot of ways to raise business capital, some of these ways such as grants or loans can be difficult or unlikely to succeed due to the restrictions imposed by the organisations providing the business capital. Traditionally businesses might have considered going to their bank for a business capital loan, but banks have become stricter on their lending criteria and are less likely to loan money to an entrepreneur who hasn’t got a perfect or long track record.
Luckily business owners do have other options open to them, Morris Finance are able to raise funds from a number of commercial goods.
Unlike major institutions, we do not discriminate between goods, industries or profiles and our terms are flexible, providing tailored solutions to meet your needs and goals.
We offer a range of commercial products to provide cash flow for your business. Our team of dedicated finance brokers and new business specialists can provide you with information and access to financial solutions that will allow you to grow your business.
Contact us today to learn more about how we can help you raise capital.