4. Keep it simple

The biggest and most immediate challenge for any new business is to get the first few customers and get revenue flowing in. So you should perhaps ask yourself, ‘What is the bare minimum I need to get those customers?’

It may be that flashy business cards and an all-singing, all-dancing website can wait. No doubt these will help and you should absolutely look to present your business in the best light, but unless they are critical to achieving your first sales, they may be better placed on the back burner until your business is off the ground.

You may also have grand ideas of numerous different products or services you can provide, but in the short term it may be better to choose one or two of these and deliver them exceptionally well, rather than trying to deliver ten different things and providing a mediocre product or service.

Make sure in the first instance that you are keeping your promise to customers and exceeding their expectations. Once these foundations are in place you can look to grow and expand.

5. Prepare for the worst

You almost certainly know that stats – around 60% of new businesses fail in the first three years. Of course you think and hope that your business will be in the 40% – but it is prudent to have a contingency plan and prepare for the worst. It isn’t negative thinking, it is being responsible. You really don’t want to have to deal with declaring yourself bankrupt.

It may be that you would need to get a temporary or part-time job, or it may be that you need to move back in with your parents, or even ask them for a temporary loan to bail you out. Thinking through this eventuality up-front will ensure that if the worst comes to the worst then you are prepared.

If you find that you don’t have sufficient safety nets should your business not work out, then you should potentially reconsider if now is the right time for you to launch it. It may be better to delay it until a later date when you have cash saved up to tide you over in the eventuality of the business going under.

Hopefully this has given you some food for thought. If you’ve read through this and are still confident of launching your business and succeeding, then best of luck – I’m sure you’ll flourish!