Last Updated on March 7, 2019 by Jessica Adams
If you’re embarking on a business venture, solo or not, there are a few areas that will need your utmost attention. Laying a proper foundation, for one, is crucial to taking your business from to startup to staple, regardless of the niche you’re venturing into.
A business venture can be tricky at times, and none more so than in the first few months. It’s a critical time for a business, and if anything is to go wrong that would put the business in jeopardy of failing, it would happen within the first few months.
But, with solid business foundations, there’s nothing stopping your business from going down the right path. If you are a solopreneur, don’t feel like you are alone. Follow the advice below, and build your business at it should be.
3 Areas That Need Your
Attention When Embarking
On A Business Venture
Having a Clear Path or Vision For Your Business
We’re not going to tell you how to actually build your business, because so many of you will have different business ideas. Instead, we’re going to tell you the importance of having a clear path or, clear plan.
Having a vision in mind of where you expect your business to go in both the long term and the short term, is so important. One thing you really need to include in your plan is your financials.
You can’t plan for them to always be on the up, and you should definitely have a backup plan in place to make sure that when your financials do go down, you’re not just borrowing money.
It could be investments that you can turn to, Go Fund Me pages or anything you won’t have to pay back would be best. You should also have a clear path to the business you want to create.
Do you want to keep it online, would it be better for you to branch out with physical locations, and how are you going to ensure you can grow your business enough to do so?
Whether or Not You Want To Hire Managerial Support
As a solopreneur, you won’t have the guidance and support from managers because of course, you are the boss. But, as time goes on and your business does progress, you’ll get the chance to share your experience, and more importantly the workload! Still, having a Manager for the employees you’re going to hire is a good idea.
You’re already the owner of your business and you’ll be stretched rather thin if you were to manage a full staff as well. When thinking about hiring a manager, consider the type of manager you would want if you were on staff.
This position will also become a defining role in your business, so make sure that he/she knows her stuff and is also well-spoken and professional.
If you realize that you’re not in the mood to do any of the hirings yourself, try using a Professional Employer Organization. They can help organize key aspects of your business while freeing up your time to focus on other aspects of starting your business.
If you do decide you want to do the hiring yourself, remember to hire people with the same values as you have for your business. You also need to make sure that whoever you hire has plenty of experience in the role that they’ll have with you. Nobody is perfect but for your own sanity, make sure you’re not stuck teaching someone how to be a manager for the first time, on your dime.
Core Values
I cannot stress enough, the importance of defining your core values for your business early in the process of starting up. When you do begin to hire employees, and when your customer base grows, your core values will shine through.
They should thrive on customer care, employee happiness, top-notch products, and services. Your mindset towards your business will go a long way, and you can instill these values into each person you hire.
Edited by Jessica Rose Adams
No Comments