Calling All Budding Entrepreneurs: 7 Ways to Set Your New Business Up for Success

Starting a new business is an adventure filled with excitement, anticipation, and undeniable challenges. The initial months can be a rollercoaster of emotions, with the joy of your first client walking through the door to the inevitable lows that come with any startup venture. The key to smoothing out this ride? Learning from those who’ve navigated these waters before.

Haylee Benton, Founder and CEO of The Fern Group, knows these experiences all too well. Her first piece of advice for budding entrepreneurs is clear and concise: "Have a really clear focus on what you want to do and why you want to run your own business before you take the leap." This clarity of purpose is crucial as it sets the foundation for your entrepreneurial journey, highlighting the importance of understanding not just the how, but the why behind your venture.

Ready to take the plunge but unsure where to start? Here are seven critical steps you should take in your first six months to pave your way to success:

1. Secure Your Insurance

Before you get lost in the details of your business, ensure you, your business, and your staff are protected. This peace of mind is invaluable, allowing you to focus on growing your business without the constant worry of "what ifs."

2. Join an Association

Being part of a professional association, like the British Association of Beauty Therapy and Cosmetology (BABTAC), offers a wealth of benefits. From community support and professional advice to networking opportunities, these associations can be a goldmine for a new entrepreneur.

3. Perfect Your Induction Process

If hiring is on your horizon, creating a solid induction and onboarding process is crucial. Finding your "dream team" and keeping them happy and engaged is essential, especially in the early days when processes are still being established.

4. Invest in Your Branding

Your brand is your business's identity. Investing time and resources into developing a recognizable and memorable brand will pay off by attracting and retaining clients. Don't hesitate to engage professionals who can bring your vision to life.

5. Price Your Services Correctly

Correct pricing is a delicate balance but crucial for long-term success. While introductory offers can help build your client base, ensuring your services are priced to reflect their value is essential for sustainability.

6. Create an Emergency Fund

Unexpected costs are a given in any new business. Setting up a financial safety net for taxes, pensions, and unforeseen circumstances like pandemics can safeguard your business against unpredictable financial strains.

7. Focus on Your Strengths and Outsource the Rest

Recognizing where your strengths lie and delegating other tasks can significantly enhance your efficiency and productivity. Services like Timely can take the burden of administrative tasks off your shoulders, freeing you up to concentrate on what you do best—serving your clients.

Starting a new business is no small feat, but with the right focus, preparation, and resources, you can set yourself up for success. Remember, every successful business once started as an idea—a dream coupled with the determination to make it a reality. By focusing on these key areas, you can build a strong foundation for your business and a path toward achieving your entrepreneurial goals.