Starting a business can be tricky and it’s important you have a variety of skills under your belt.
Here are a few skills we think all start-up business owners need to master…
Have you ever heard the phrase “If you fail to plan, you are planning to fail”? Your business success is largely dependent on your business plan. It helps to keep you on track, have a clear sense of direction and provides a guide to measure your success along the way. You need to be thinking about your business objectives and goals, and what steps you need to take in order to achieve them. It may be helpful to set yourself KPIs (Key performance indicators) to guide your planning.
When you start a business, it is important to be aware of how you will manage your finances both for the business and on a personal level. It can be a number of months before a new business is profitable and generating a cash surplus so how will you keep things running? You may want to consider financial assistance such as the Enterprise Action match-funded grants.
Starting a business can be a legal minefield and it’s crucial that you are aware of your obligations. From intellectual property to contracts, there is a lot of legal practice to be aware of. Keep in mind that there are lots of useful resources available that start-ups can make use of such as the GOV.UK website and the Enterprise Action team.
Marketing Strategy & Customer Engagement
Marketing is more crucial now than ever. It’s integral that you know your target customer and that you’re promoting your services to them in a way that really resonates with them. A rooky mistake made by many start-up businesses is jumping into spending money on marketing they don’t fully understand. Furthermore, too many business owners assume that what engages them will also engage their customer. Have a robust marketing strategy in place before you start spending any money or time on your new and existing customer communications.
Do you need help learning some of these skills?
Join the Enterprise Action project and make use of our free specialist workshops, delivered by experienced business consultants. Available to SMEs and aspiring entrepreneurs based in the Black Country, Shropshire, Telford and Herefordshire, all our workshops take place at the Wolverhampton Science Park.