If you are just in the process of starting your own business then you may feel at a loss as to what you need to do. You may already know that a high percentage of businesses fail before they reach their fifth birthday. If you don’t want this to be you then you will need to take steps from the beginning to avoid this happening. Take a look at the article below to find out more about how you can create a thriving business.

Funding

In order to create a thriving business you will need to have enough funding to last you. This means from the very start of your business until you have enough in profits to start using those. When you first start your business you will need to make a list of all the expenses you will have and how much they will cost you. Write everything down so you get a final figure then give yourself some extra wiggle room with this number. If you don’t have all the money to hand then you will need to successfully apply for a business loan. This will need to be paid back each month so the bank needs to know you are a safe lending option.

Parking

If you are expecting your customers and clients to pop along to your company and buy your products or services then you will need to have somewhere for them to park. If you have a physical location for your company then when you are in the process of starting it, make sure you find somewhere with a car park. If you have a shared car park then you might need to use traffic cones to mark off spaces for your customers and clients.

Strong Website

Another thing your company needs to thrive is a strong and stable website. Without this your customers and clients won’t be able to browse or place orders. It is common for customers to shop during the hours of 7pm and 10pm while they are chilling after a hard day’s work. If your website isn’t up to standards then they will more than likely take their business elsewhere.

When the time comes to design your website you need to ensure that your website is easy to navigate. Bear in mind that not everyone who visits your site will be computer savvy. You need to cater for everyone who may be using your website, this includes people who are both young and old. It would help to include a search bar and perhaps a chat bot so your customers can get answers to any questions or queries they have.

Hardworking Team

If you have a hardworking team of employees under your wing, looking after your business then you will always have a thriving business. When the time comes to hire people, you need to ensure you are checking resumes and references so you only have the very best people working for you. Personalities can often clash in the workplace, employees need to work well individually and as a team.

The last thing you want is to end up with a high employee churn rate. This can be one of the reasons that businesses fail. With employees constantly coming and going, you will then need to take time out from your business to hire new staff. Time equals money in the business world so this means you will be losing money.

Marketing Strategies

Which marketing strategies are you currently using? You often need to take a step back and reevaluate to see if these are still working for you and your business. There is no point using strategies and techniques that aren’t bringing customers in or making you any money. If you don’t advertise and market yourself on social media pages then you should get right on this, this is one of the best marketing techniques businesses can use. You might also want to use video marketing to give your customers and clients a more personal approach. This is a video that you place on your website introducing yourself and your business. It might help you even more if you work with a marketing agency, they will know exactly what your business needs.

Capable Tech

Have you ever rung a business and been told that their systems are running slow? This is not their systems but their tech not being able to cope. This could be due to them using old, outdated tech. It is common for businesses to use older tech but those ones often don’t end up thriving. If you are trying to create a business that will stand the test of time then you need to get the best tech that fits into your budget. If you can’t afford brand new technology for your company then do your research. You don’t want to keep your customers waiting on the phone or even online chat if your pages and sites aren’t loading properly.