A Year in the Life of a Start-Up Business

hands in middle start up business

In the UK, 20% of businesses fail within their first year of operating. Your business needs to provide a necessary service in order to survive, as well as be profitable and organised. Starting a business can be stressful and overwhelming, as there are many different factors that you need to take into consideration. However, the chances of success are still great, and there are long-term strategies that you can put in place to ensure a great turnover.

During our first year at Humana, we ensured that local job creation was at the forefront of our plans, contributing to the local economy and increasing brand awareness. As your business grows, so will your confidence and leadership skills, allowing your business to thrive. If you’re considering a venture in your own business, read our helpful tips for start-up businesses below.

Start Networking as soon as Possible

Once you’ve completed the basics, such as deciding upon a name and establishing a set of goals, make sure you are attending networking events to get the word out there about your new venture. There are always networking events taking place in your local area; they are places for business owners to talk about their company and attempt to generate clients and custom. They’re great if you’re looking to sell a product or service, and can be essential when succeeding in business.

Guerrilla marketing is also a good business tactic, especially in the short term if your budget is small. This involves non-conventional ways of marketing, such as talking about your business in front of strangers to boost visibility to strategically placing flyers.

Create Positive Work Culture Straight Away

A business that cares about employee career progression and personal development is more attractive to potential employees than other businesses. Some may find start-up businesses interesting as they present more of a challenge, but if the work culture isn’t right, it can be difficult to hold onto loyal employees. Start by arranging one to one meetings with your employees to get a feel of how they’re finding the business, and be willing to change.

Small businesses tend to focus more on employee career development than bigger ones; there’s more time to spend time with them and understand their needs. Take advantage of this, as good employees are hard to find as well as keep a hold of.

Establish Goals and Branding

One of the greatest tips for start-up businesses is to establish what exactly your business will be providing. This should be one of the first things you do, so you can build your company around this premise to establish clear values. Also, try and decide upon a logo and branding early to display yourself as a professional business. However, don’t be surprised if this changes in the early stages, as this is completely normal. Don’t change too much, as this can become confusing for an audience.

Have a Clear Goal

What are you providing to the local community? What do you aim to provide? What are your core values? These are just some of the questions you should ask yourself in the early stages of your start-up business. Your goal could be to make as much money as possible, it could be to make a difference with the service you’re providing, or a little bit of both. No matter what it is, you should strive towards it to keep you on the right track.

Here at Humana, we operate complementary brands to create a successful online experience for all of our clients. To find out more, please fill out our online form here.