20160426154606 business plan 720x380 - Do I Need A Business Plan?

Do I Need A Business Plan?

Do I Need A Business Plan?

Business plans are very useful, but do you need one? With many things getting faster and faster including setting up a business some entrepreneurs both old and new find the whole process of a business plan to be a bit of a slog. But does that mean you shouldn’t bother with one?

Opinion is pretty split while many people do agree that business plans are very useful it can’t be denied that they are very time-consuming. The length and complexity of formal business plans as led to the rise of shorter, simpler versions.

So, while planning your business is very important (in fact it’s critical) does the old-fashioned formal business plan still have a place in today’s more rapidly involved business world? I’d argue that it does but that doesn’t mean your business needs one.

There are a lot of variables you really need to consider, if your business is in a more complex field like technology then a formal business plan would seem like a very valuable asset. However, if you are only building a small business in a less complicated field then a business plan might not be needed right?

Well, that’s for you to decide but before you make your decision let’s take a look at the pros and cons in more detail.

The Advantages of A Business Plan

Business plans come in many forms but the one you’ll most commonly see is the traditional formal business plan, these documents are very long and complex. But while they are time-consuming to create they do offer businesses many advantages. Let’s take a look at some of them in more detail.

It’s A Valuable Strategic Tool

A plan is always going to come in useful, there’s a reason why people usually plan something out before they do it isn’t there? And when you consider how complex building a business is a business plan just seems like common sense doesn’t it?

With a formal business plan, you’ll be able to better plan out your businesses strategy and you’ll always have something to refer back to. Many start-ups struggle when it comes to building an effective business strategy and formal plan can be a big help. 

You’ll Learn More About Your Market

Marketing is the key to success especially for start-ups and a formal business plan will help give you an insight into your main demographics before you have even started setting up your business. Of course, you’ll still have to ensure you work on your marketing, but a formal business plan will be sure to help give you a head start.

It’s Great For More Complex Industries

One of the main perks of a business plan is that it gives you a guide to your day to day operations this includes a detailed outline of who is responsible for what, the director’s details, your business structure and much more.

While this is undoubtedly useful for any business it can’t be denied that businesses in more complex industries like technology will find it more useful. Having a way to more quickly check your business strategy and see who is responsible for what will be very helpful in more complicated and competitive industries.

It Helps With Legal Issues

A start-up business will be tasked with a lot of legal issues when setting themselves up and a formal business plan will help you ensure all the legal issues are dealt with. And according to Jones Whyte who are not only trusted conveyancing solicitors but also work with many local startups, forgetting even a small step could cause big problems down the line and with a formal business plan you can keep track of everything you need to do to set-up your business.

The Disadvantages of A Business Plan

So, now we’ve taken a look at the advantages let’s look at the flip side of the coin and see why some people think writing a business plan is a waste of time.

They Are Time Consuming

One of the drawbacks of a formal business plan is that they are very time consuming to create sometimes they can even take months to draw up. You could create your business plan alongside setting up your business of course, but it will add more to your workload. However, some entrepreneurs have set-up a business later one once their business as already been established to help guide them.

It Can Stifle Growth

In a rather ironic twist of fate, some entrepreneurs have found business plans to be very stifling, rather than help nurture growth you and your partners might feel like you have no flexibility because of your business plan.

There’s also the risk that having a business plan could make you a little too rigid, after all, isn’t it important that entrepreneurs know how to act fast? It is, and this is especially true in the early days of your business’s operation.

Getting too caught up in your business plan is a real issue and one every entrepreneur should be aware of. In certain industries like technology, for example, acting fast and knowing when to take a risk can pay off so you don’t want to risk a business plan making you to inflexible. 

They Might Not Really Be Needed Yet

The above statement really goes against everything you might have heard about a business plan, but it’s true that you might not really need a business plan just yet. The yet is the key part of that sentence because you will likely need some form of plan eventually.

But if you have a good idea of what you want your business to do then why write a plan? You could simply create a small document or PowerPoint instead to act as a guide and then build a more detailed plane once your business is established.

So, Do I Need A Business Plan?

It can’t be denied that there are a number of benefits to having a business plan it can help guide your business and will be useful for dealing with those notoriously tricky legal issues. However, a traditional formal business plan can usually wait unless you have the time to properly commit to writing it. I would advise having some form of a business plan, but you can usually wait till your business is more established and developed till you tackle the big formal one.

How to start your own online business 720x380 - How to start your own online business

How to start your own online business

Setting up a business for yourself has never been easier. This is all thanks to the internet and the introduction of ecommerce and online stores. Some people use it as a way to make sure extra money on the side, along with their current employment. Others may decide that they want to put all their time and effort into running that one business.

No matter what path you are taking, one thing is for sure, you are going to need to set everything up ready to start selling. This may not be the easiest of things to do, particularly if you are not too tech aware, but there are some simple steps to follow in order to have your own online business.

Here to help, we have put together our very own guide to how to start your own online business, and in no time at all be selling and hopefully making some money too.


Figure out who you want your market to be

Figure out - How to start your own online business
Before you can even start to set up your online business, you need to know who you are trying to target. What will your target market want? What do they need? How can you reach them? These are all questions that you are going to need to think about. The better that you know the market, then the more success that you will have when it comes to marketing your products or services.

Some budding entrepreneurs might worry that they are entering a crowded marketplace, but if there are plenty of other businesses all offering the same type of thing, then it is clearly a good market. All you need to remember is that you have to stand out.


Pick your domain name and register it

Pick your - How to start your own online business
A domain name is a unique address, a space on the internet. Just like a patent or a trademark it is all yours. There are ae variety of online domain name registration companies where you can purchase your domain name of choice. You may even be lucky enough to find a company that will also help you with hosting packages. But it is important that you ensure that this is legitimate otherwise you may be left with a domain name that isn’t even yours!

But what name to go with? Some will choice their own name, if their online store will be personal to them. Others will have a domain name that will be reflective of what they can offer. These are often better than trying to think of something that sounds nice, but that gives no clue to what you can offer as a company.


Find somewhere to host your website

Find somewhere - How to start your own online business
As we have already covered, some domain registration companies will offer free hosting, but there are also those that don’t. A hosting service will give you a rented space on their server, which will be to run your website. There are a variety of things to think about when choosing a hosting site for your store.  You will need to think about storage capacity, whether you get a domain based email, is the server secure and how often do they have any downtime.

You will also want to make sure that you have access to customer support, as there are likely to be times when things go wrong and you are going to need help.


Start to design your online store

Start to design - How to start your own online business
One of the things that those setting up an online store will be anxious about is designing their website. If you are feeling creative, or you have access to website building tools, you might want to do this yourself.  However, if you are really not sure on where to start, or what will be best for your own vision for an online store, then it is a good idea to hire a website designer to help you, such as Think Zap who are some of the best web design agencies in Glasgow . They can advise you on the things to think about, the areas to focus on and what will make for the very best website.


Figure out how you will accept payments

Figure out how - How to start your own online business
People want to pay online, this is a simple fact. So, this means that you need to make sure that you have a method to accept online payments. There are a few different ways that you can accept payments and process transactions and the main thing to think about is that they are secure. PayPal has to be the most commonplace online payment option, and this is for good reason. It is easy to use, well recognized and a place that plenty of people trust.


Get yourself some traffic

Get yourself - How to start your own online business
Once your website is up and running, the time has come to think about how you are going to get people to visit it. After all, there is no point designing an amazing website if there is no-one to see it. You are going to need to think about how best to get traffic to your store and then hopefully buying from you.

It is a good idea to register with all the major search engines as a starting point, as at least this will get you on their radar. Next you need to think about things such as social media advertising, direct mailing and maybe setting up a blog to add in a touch of keyword rich content.


Keep an eye on how you are doing

Keep an - How to start your own online business
One of the key factors to a successful online store is one that can be improved and change. You need to keep a track of how your online store is performing. Things to consider include, what are the most popular pages? Where is your traffic coming from? What are the most popular keywords? This information is going to prove vital for the continual success of your online store as well as how you can improve your conversions and draw in more and more customers.

Setting up an online store might not be something that comes naturally to you, but it is definitely something that you should persevere with. After all that hard work and effort, to make your first sale and send out your first order, there really is no better feeling than that!


grow your business online infograph dragonsearch 1 - How to start your own online business

Infographic by: www.asianentrepreneur.com


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Apple’s New HQ – The Ultimate Business HQ

Apple is always leading innovation and they’ve certainly transformed their image in the last decade. What was once seen as a second-rate Microsoft and a struggling hardware and software company is now arguably the trendiest tech company around.

Apple might be getting headlines now because of their new iPhone models but the iPhone 8 and X aren’t the only impressive new offerings from Apple. Apple’s new headquarters in Cupertino, California have been in development for a long time but they finally opened earlier this year and they hosted their first event just a few days ago.

Originally known as the Apple Campus 2 plans for development started in 2006 but due to a number of setbacks and development issues planning permission wasn’t granted to 2013. The former CEO of Apple Steve Jobs worked on the project a lot before his death and an auditorium was named after him on the new site as a memorial.

With an estimated total cost of 5 billion dollars, the new Apple Park, which is made up of various stone and metal buildings is one of the largest tech offices in the world. It covers 175 acres and can accommodate more than 12,000 people. With numerous amazing features to talk about let’s start by taking a more detailed look at the building’s amazing design.


The Spaceship Campus

The Spaceship Campus - Apple’s New HQ – The Ultimate Business HQ

The Apple Park has been dubbed a range of different names over its development but one that as stuck is the Spaceship Campus. The new Apple HQ as a rather quirky circular design that from a distance makes it look like a landing flying saucer.

The designs and plans for the new Apple Park certainly stick true to Apple’s innovative and space-aged approach to design. But it’s not all sleek styles and shapes, the Apple Park is run on 100% renewable energy and as the world’s largest solar-powered farm as well.

There are also large outdoor areas that were designed to reflect Steve Job’s love for walking and nature. There are over 9000 trees of many different types and both an inner and outer courtyard, which together cover more than 50 acres.

The Apple Park is certainly futuristic but it has plenty of natural touches as well, it’s an interesting blend of ultra-modern and traditional. One thing’s for sure the Apple Park would certainly be an amazing place to work.

It’s one of the most energy-efficient buildings in the world, the roof’s solar panel system alone can power 17 megawatts of power.    

The environmentally friendly approach Apple have taken to their new HQ building certainly shows the growing importance green energy and environmental safety as. But while the Apple Park is certainly an amazing blend of the old and the new what everyone is really wondering is what’s inside the building. So, let’s find out, shall we?


Inside The Apple Park

Inside The Apple Park - Apple’s New HQ – The Ultimate Business HQ

The Apple Park is certainly an impressive sight to behold to give you an idea of its size it’s larger than the Pentagon and bigger lengthwise than the Empire State Building. So, there’s a lot of space inside The Apple Park and the question remains what’s inside? Tech companies have an amazing reputation when it comes to offices design so how does Apple measure up?

The full details on the interior of the Apple Park are not all known yet, after all, it only held its first event a few days ago on the 12th September. But from what we do know about there are certainly some amazing rooms inside.

But before we talk about those one thing that is undeniably cool about the Apple Park is its transportation network. A subterranean bus station is in operation which transports people to the main hub of the park, that’s pretty cool, isn’t it?

Inside the Apple Park, there’s plenty to see there are reportedly seven different cafes with the biggest being three stories high and with a seating capacity of 3000. The Steve Job’s auditorium is another landmark which is actually underground and can fit 1000 people.

If you want to get a look at the interior of the auditorium you can see it during the press release event for the new iPhone models. There is also a Wellness Centre with a gym, laundry service, shower facilities, changing rooms and much more.

Other highlights include jogging trails and bike paths so there’s plenty of ways to stay fit and green while traversing the park.  Apple has even provided 1000 bikes for staff to use and perhaps the best feature for anyone reading is the Visitors Centre. So, you don’t have to be an employee of Apple to see the Apple Park, well some of it anyway.

The Visitors Centre alone reportedly cost $80 million to build and features a café, information centre, Apple Store and an observation deck that will give you a view of the whole Apple Park. So, if you want to get a taste of the Apple Park head down to the Visitors Centre.    


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Should I Choose Free Web Hosting for My Business Website?

When it comes to making a splash in the world of business, many will look towards creating a website. It’s easy to assume that we only need to make sure that it’s eye-catching and easy to navigate, but there can be a series of factor to consider such as hosting!

Companies such as Siteground, who for me are ranked the best web host offer various plans for business of all sizes, however, there are also plenty alternatives which also offer free hosting, but sometimes free that isn’t the best option, especially for your business where you website is a critical tool!

Running a website will often require access to a server. This is because of the number of files that need to be held to operate a website. How much you pay can depend on the kind of service you’re looking for.

Those who are new to the world of business may be tempted by some of the free hosting options available, but is this advisable?


Free Web Hosting is Ideal If You’re Starting Out

Free Web Hosting - Should I Choose Free Web Hosting for My Business Website?

Whether you are creating a long term business or you’re looking to make money online fast, there are a series of tools available nowadays that allow businesses to create an eye-catching website with very little effort, so all that’s required is some hosting space. If you’re new to the world of creating websites, then using a free hosting account can make for the ideal stomping ground when learning how websites work.


What’s The Long-Term Goal of Your Business?

Whats The - Should I Choose Free Web Hosting for My Business Website?

To ascertain as to whether free web hosting is for you, you need to consider what you want from your business. While free hosting may seem like a viable option initially, there are many factors to consider. For example, how many people will be visiting the website on a daily basis? Free hosting plans normally have limited bandwidth, so going beyond this could mean that some visitors are faced with a blank screen.

Being aware of the long-term goals allows you to get the right kind of web hosting solution in place first time. In some instances, free hosting may work for you. However, if you’re looking at a busy website, you should look towards paid options.

Just because you may have to pay for your hosting solution doesn’t mean that you will spending a lot. Most providers offer a vast selection of plans that meet both the demands of your business as well as your budget.


Support Is One Of the Most Important Factors

Support Is - Should I Choose Free Web Hosting for My Business Website?

While companies that offer free hosting plans will offer some form of support, it’s often the case that you could be waiting a couple of days for a response. To some, this may not seem like too long a wait, but you have to put it into context.

Even if your website only has 100 visitors a day, this is 200 visitors who are not able to browse your website, which in turn means they haven’t been able to purchase your product or service. This highlights that although the web hosting is free, it’s cost us more in loss of sales.


Your Business Website Could be Displaying Other Ads

Your Business - Should I Choose Free Web Hosting for My Business Website?

While there is nothing wrong with placing ads on your website, it helps if they have some relevance to the market you operate in. While not true for all providers, there will be some who place adverts on your website because the hosting is free. The business is simply making its money back with advertising, but this isn’t going to appease customers who may feel such ads are distracting.

Opting for a paid hosting solution ensures that you have full freedom of your website, and that there are never intrusive ads distracting visitors.


There Can Be Domain Name Limitations

There Can - Should I Choose Free Web Hosting for My Business Website?

The domain name is one of the most important aspects of a website. For a business to thrive online, it should look to have the same domain name as the company, that can be advertised clearly.

Depending on the platform you choose, you may find that the domains on offer are weak, and don’t conform to the identity of your company.

Opting for paid hosting not only introduces you to a robust and reliable platform to host your website, but some also offer a domain search tool, and you can normally register the domain for a small fee.

While this will cost more, it will give the website and the brand more value moving forward. People are more likely to click on an independent domain as opposed to one connected to a hosting company.


Paid Hosting Means Less Hassle Moving Forward

Paid Hosting - Should I Choose Free Web Hosting for My Business Website?

Many people will look toward free hosting as they feel their website won’t use much data, and in some respects, this is true. However, when dealing with a business website, it’s vital that we look at the bigger picture.

For example, those starting a business will probably have plans for expansion in the future. This can mean more visitors to the website, as well as the website getting bigger. If you’re currently on a free hosting plan, then you may find you need to upgrade to meet the online demands of your website, but this could end up costing you more than it should if you’re choosing to stick with a certain provider.

Looking at your options beforehand allows you to plan for the short-term, while ensuring there are cost-effective options available should you look to expand in the future. This means that you only have to update the hosting, and not look to transfer your website over to another server.

While there is no issue in using free hosting, you need to look at what options are available before signing up. If the company is merely looking to offer you a trial run, and offer some competitive prices, then there’s no reason why you shouldn’t try it out. However, if you feel that the paid options offered by the company are a little excessive, it could be more cost-effective to shop around and opt for something more within your price range.

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Startup Capital and You – Funding via Personal Loans

There are many of us who can be dissuaded from starting a business, simply because they believe that huge outlay of capital is needed. However, there are many ways in which we can fund and grow a business, and this doesn’t always mean taking out expensive business loans.


Why Use a Personal Loan?

Why Use - Startup Capital and You - Funding via Personal Loans

If you’re the owner of a large empire, then it makes sense that a business loan will be required. A business that has managed to sustain an untarnished reputation and a healthy profit will normally have access to a range of funding options at some competitive rates, you can apply easily on this website.

However, those who are yet to open their doors to customers may find that although there are business loans available, they can be difficult to obtain, or expensive if a loan is approved.

This can be due to the fact that a business that is yet to have a record of its dealings is open to more prodding, purely due to the risk being taken by the lender.

Business loans allow those with a business to borrow a large sum of money upfront, but this can be ill-advised sometimes.

Consider this, you have just invested a large sum of cash into renting two properties for an annual term in order to sell your wares. However, your items aren’t gaining much traction, or it becomes clear that the premises aren’t as situated as we first thought. This can mean that the business can be over before it’s hand chance to shine.

However, breaking down your business model into more manageable chunks allows us to make plans that don’t require as much expenditure. An example of this can be a trial run with a specific product. If you don’t invest as much it’s easier to recoup from, which means that the worst-case scenario is that you break even.

A personal loan may give you less than a business loan would, but it can be much cheaper during the startup process. It also allows you to break down your business into smaller projects, which means that more focus is being invested into each aspect of the business.


How a Personal Loan Helps with Marketing

How a Personal - Startup Capital and You - Funding via Personal Loans

Let’s make no bones about it, there are plenty of companies out there who will state that give you unbelievable results when it comes to marketing, but these can come with a high price point. If we were given access to a business loan at the start of our business journey, it would be easy to assume that such costs are a representation of the market as a whole.

Having less to work with means that we’re making the necessary enquiries as to how well a marketing company can serve us. This doesn’t necessarily mean the service will be cheaper as a whole, but it does mean that we’re making the right moves for a successful marketing campaign.

Even if the company did transpire to be uninspiring, you could at least be assured that you haven’t overspent and there are still other avenues available.


There is Less Risk Associated With a Personal Loan

There is Less - Startup Capital and You - Funding via Personal Loans

When looking at business loans, it will often be the case that if you’re still to start trading, then you’re in for a difficult ride. There is nothing underhand here, but your business is treated as a separate entity. The best way to look at this is by assessing your own financial situation.

If you had not taken any credit out in any form, your credit report would effectively be a blank page. This means that lenders could see you as a potential risk, simply because there is nothing to build a profile on. This means that although credit could be offered, it may be more expensive than those with a more solid credit history.

The same ethos is applied to a business loan. If a business is yet to trade, then it can be difficult to ascertain its reputation, which means finance can be more costly. It can also mean that you may have to use assets as collateral.

However, as it’s more likely that you will have built up a personal credit history, then access to credit is much easier. Many personal loans for smaller amounts will be unsecured, so you don’t have the worry of your assets being at risk looming over you.


Using a Personal Loan in the Right Way

Using a Personal - Startup Capital and You - Funding via Personal Loans

While there are many pros in taking out a personal loan in relation to your startup, you still need to ensure that you’re in a position to repay the debt. With this in mind, you should look to ensure that you are fully aware of any interest rates, how long the loan will run for and that you’ve applied for the right amount.

Working out your finances beforehand means that you can plan for any shortfalls, without placing yourself in financial hardship.

It’s important that we apply for the right amount first time, as making a series of loan applications can be seen as over borrowing, which will raise red flags with some lenders. Should you need more capital moving forward, then it can wise to treat each investment as a project. So rather than applying for everything you need in one swoop, you should break down the business model into separate projects, and look to build it up in this manner.

Of course, there will come a time when further expansion will require a business loan, but there’s very little reason to opt for loans that are just too much for a startup to contend with, when you can carry out a little research and build your company in a more productive manner.



napkin finance loan e1506908323392 - Startup Capital and You - Funding via Personal Loans

Infographic by: www.napkinfinance.com


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Startup Stumbling Blocks and How to Avoid Them

Startup companies require innovation, creativity and vision, but this alone is not enough to guarantee success. Many Startup companies fail for very simple, practical reasons, such as team chemistry or funding. So before you begin your startup venture, read these tips on vision, teamwork, funding and finances so you can start as you mean to go on, and avoid bankruptcy.


Vision - Startup Stumbling Blocks and How to Avoid Them
You must have a vision before you begin your startup venture. However it is just as, if not more, important that you never forget your customer, and never push your vision at their expense. You must be flexible.

This does more than ensures you don’t alienate your market; it can also help you create the best product that you can. It may be a cliché, but problems, and failure, really are opportunities in disguise. ‘Slack’, the instant messaging tool for business, for example, was the result of founder Steward Butterfield’s failure to create a new multiplayer game. Instead of giving up, or sticking rigidly to his vision, he adapted the part that was working, the messenger, and the rest is history!

Another common problem, inspired by the perception of Silicon Valley culture and success, is arrogance. Many people model themselves on the image of various ‘big names who didn’t play by the rules’, like Steve Jobs, Bill Gates and Elon Musk. These men have definitely carved their names into history, but through the strength of their ideas. Flat-out arrogance will get you nowhere.

Interestingly, there has been a lot of recent buzz surrounding a shift in Silicon Valley culture. The Holder report on Uber released this summer, which has resulted in the indefinite leave of their difficult ‘big name’ CEO, Travis Kalanick, who is now being sued by one of his investors, is being touted as a turning point for the region. Similarly, the resignation of David Bonderman, a partner at private equity firm TPG, for a sexist quip, and the firing of a Google engineer over his ‘diversity manifesto’ demonstrates a change in culture which could see arrogant attitudes tolerated even less.


Your Team
Your Team - Startup Stumbling Blocks and How to Avoid Them
Your first step should be to find the right co-founder. And yes, you do need one. Convincing someone to join you on your venture will speak volumes as a vote of confidence for investors. Very few successful startups manage with only one founder. That being said, some fail through having too many voices, and it is recommended that you settle on two, or maybe three, founders.

Your founders should not be ‘yes men’, they should complement you and your skills. If you don’t understand all the details of your product, or its industry, you will definitely need a co-founder who does. Or maybe, you could do with someone with business experience, such as an experienced CEO. They need to balance you out, and you need to be honest with yourself what your weaknesses are. Ultimately, it is most important that you share a vision, and they are not simply after a pay out, otherwise you could be causing tension down the road.

The people you hire are vital to a successful startup, so it is not an area that you should take lightly. Your aim is to have a reliable team who you can delegate tasks to and a large part of this is hiring the correct people for the correct job. For example, some founders delegate cash flow management to their assistants, who then go on to damage the business through over-ordering and early paying. Cash flow management is best left to an accountant. If you are in doubt about successful hiring strategies, you should provide extra training, or hire an outside advisor.

As you get bigger, document your processes and vision for new employees to ensure that they will continue your work, even if they don’t have the exact same experience or abilities that you do.


Getting funding
Getting funding - Startup Stumbling Blocks and How to Avoid Them
After you have your founders, and possibly your initial team, assembled, you are going to need funding. According to Martin Zwilling, founder and CEO of ‘Startup Professionals’, the most common misconception here is that you will be able to get money from the bank. In reality, banks are the least likely benefactors for startups. This means you are going to have to be creative.

Zwilling notes that the most important thing to remember when you are looking for initial funding is that, at this stage, it is more about selling yourself, than selling your product. As such, it would be expected that you will be putting some of your own savings into the company, after all, how can you expect someone else to have faith in you, if you don’t have faith in yourself? This means it could be necessary to put your idea on hold while you build up savings.

This could be a blessing in disguise, however, as it is not generally recommended that you up and quit your day job on a whim. You may need three-years of living expenses saved just to survive life before you make a profit. You could start slow and work alongside your day job to make sure you can still afford to eat, and saving up some capital to invest in your own venture should be part of that.

But other than that, you can turn to a huge number of creative financing opportunities, such as personal credit lines, friends and family, peer-to-peer lending, crowdfunding, and many others. Angel and Venture Capital Investors are not usually the best option at this stage. This is because brand-new companies pose too much of a risk, and they would prefer to see evidence of a proven business model, with existing revenue and customers.


Long-term finances
Long term finances - Startup Stumbling Blocks and How to Avoid Them
After all that work, your initial surge of revenue will feel amazing. But, don’t let yourself believe that you are now a success. This is the last pitfall of setting up your own startup company, you need to separate your profitability from your cash flow so you don’t spend all your initial revenue and investment at once on a large customer base. Business health is not simply how much money is coming into the company, but how profitable the company is. Once that initial revenue is gone, it will be harder to find more revenue later on, so spend it wisely.

To keep on top of your profitability, document all your profits and losses from the get-go, even when they are small enough to be memorable. Hopefully, they soon won’t be, and if you don’t have a system in place, it can get on top of you.

As well as this, keep an eye on growing overhead costs. Once you start to grow, you will need to pay for greater insurance, office admin, taxes, customer support and transportation needs. If you don’t review your prices to keep in line with your overhead costs, you may find your profit margin eroding.

Ultimately, nothing is guaranteed when you start your own business. Your ideas, vision and passion could be perfect, but the smallest slip-up at the early stages could make your company a failure. Do lots of research and take as much advice as you can find, and you will increase your chances of success.