Going From Start-up To Revved Up – Growing Your New Business

Leaving your job to start your own business can be scary when you no longer have the security of a regular income to support household expenses. Making sales, turning a profit and getting cash in the door fast are now your top priorities. It may come as a shock to those just starting out in business that you don’t start earning the same income from day one that you did when employed. It does take time to build a business. There’s a reason only 20% of businesses make it to 5 years – the owner doesn’t have enough cash left over for them to live off! You need to go from start-up to revved up fast, if being in business long term is your goal.

I started my own business a few years ago and have learnt a few things along the way.

1. You need a design and plan

Living in your custom built dream home doesn’t start without the design and planning stage. It is the same for your new business – this stage is where you get to imagine what your perfect business looks like. Start with the end in mind to determine the steps that you will need to take to get there. This stage can be fun and creative but don’t forget to do your market research and cashflow projections, which aren’t fun but so critical to success.

2. Set the foundations

Building a home on foundations that aren’t solid is a recipe for disaster. Your business is no different. Getting the foundations of your business laid prior to rapid expansion is critical – these are systems and processes. Once the sales come in thick and fast you need to have clear systems and processes in place or risk a poor customer experience or burnout as you try to keep all of your balls in the air. Before you get run off your feet, invest time in setting up your systems and documenting the processes in your business. It will then be easy for team members to replicate when you start employing others. To research further about the systems to use in your business check out our blog post: Ten apps & programs that make business easier.

3. Get help

When you start a business, you’ll be tempted to try to do everything yourself to save money. In the Google and Facebook age, it is possible. You can start a business on a shoestring budget, but those that have been the most successful know when to spend money to get help. There is a trade-off between saving money and getting where you want to go faster. Getting your business to a point where it is earning good money faster is more important. Professionals have spent many years learning and working in their field, the job will be done quicker and most likely better with their help. Your time is better spent doing what you are good at, this is where you will make your money. Asking a question on Facebook that sends you entirely in the wrong direction will cost you time and money that you don’t have.

4. Be flexible

Things rarely go to plan. Look no further than 2020 as an example of a year that no one could have foreseen. Disruptions to business do not always happen on such a mammoth scale, but resilience and the ability to adapt have saved many businesses. Being able to act quickly and plan your way through curve ball situations is essential.

Starting a business is scary, but so rewarding. For a step by step guide to start up, you can download our starting a business checklist here. Good luck!

If you would like specific advice tailored to your business and circumstances, Accounting Heart offers affordable service packages where you can work with Sonia one-on-one to help you get your business where you want it to be. Book your FREE Discovery Call to find out more.

Disclaimer: This is general information only and is not advice of any sort. No warranty or representation is provided by Accounting Heart Pty Ltd as to the accuracy, currency or completeness of the information contained in this blog. Readers of this blog should not act or refrain from acting in reliance upon any information contained herein and must always obtain appropriate taxation and / or other advice as may be appropriate having regard to their particular circumstances.