Starting your own business can be quite the nerve-wracking experience, especially during the first hundred days when you’re getting used to the burden of running an entire business. One of the main reasons why new businesses fail is because the owners concentrate on the wrong issues. For example, as you focus all your attention on the larger details like finishing up legal documents, it’s quite easy to forget the little things like buying office stationery. Therefore, here are a few things you need to remember in order to make sure that everything goes smoothly on the first day of your business and you’re able to start your new journey without any setbacks:
This one’s a no brainer. And it’s probably one of the very first things you would have done when you drew up the business plan for your new venture. However, if you skipped on the research early on, it’s high time that you do. Researching the market will help you understand the level of demand and other factors that would affect your business and its profits. Not knowing what you’re getting into will be financial suicide. Therefore, before you invest all your money in a new business venture, it’s of utmost importance that you do your homework on the market, your competitors and other market conditions. Before the first day of launching your start-up, you should also draw up a plan and estimate how many customers you’d be receiving on the first day. This will allow you to place the right number of employees at the relevant stations and give out a good first impression on your business.
Another way you can look bad in front of your customers or clients on the first day is if you run of paper or if your printer breaks down. It shows lack of preparation and that you are not an organized or reliable business. Therefore, to avoid any complications that might arise from being unprepared, you can make a checklist of things that you’d need for your office and employees. Making a comprehensive checklist will ensure that you have all the supplies and equipment you need. It’s also important that you have enough furniture, especially chairs, for your clients to sit on. Another important thing to consider is the possibility that things can break and therefore, you should be prepared to handle any emergencies. For example, if your office uses a Xerox machine, you should be able to reach a professional specializing in Xerox photocopier repairs whenever needed. This can save you any embarrassment from having to deal with a malfunctioning machine on the first day.
Get the word out
You might have been so occupied with all the details you almost forgot the most important part about opening a new business- marketing. Extensive marketing is the only way people will be made aware of a new business. Depending on the product and the target market, you should develop the appropriate marketing strategies to reach the public. These strategies will be determined during the research stage of the business plan as you determine what your target markets are. It’s also important to put the word out at least a month before you open up the new business and increase the frequency of marketing as the opening date draws near.