Small business owners discuss launching their business
One fifth of small business owners stated they should have taken more time to get the foundations right before launching their business according to a study by Direct Line for Business.
Failing to build a pipeline of work before leaving full-time employment is one of the main problems people faced when starting their small business including not having enough products at their lunch and failing to do substantial research before starting.
Managing your finances better was the second most popular response along with improving their planning. Charging more and securing payment up front were responses in how they would do so as well as getting a better control on cash flow. This may be through outsourcing aspects to save money, utilizing every lead that comes through and never missing opportunities.
Many say they wish they had of asked for help from someone with more experience and some stated they wish they had of invested more in marketing.
19% of the respondents claim that they would not have changed anything about the way they set up their small business.
‘With the average SME taking 18 months to turn a profit, this should encourage those in the early stages of developing a business, or those who are considering a start-up, to persevere with their business plan. However they are to be reminded that success can certainly be aided by the best possible preparation in the early stages of starting up.’- Direct Line
The average business that took part in the study took four and a half years to turn a profit. With it taking 18moths to make any money at all.
There are many ways to help you save money and turn a profit through utilizing every lead
Call myalldayPA so we can help you save money and grow your business.