Now is a tricky time to be running a business. With Brexit on the horizon causing economic uncertainty, it’s hard to make plans past the next year. It’s easy to worry about the problems you can run into with your business and not enjoy the unique rewards of the entrepreneurial life.
Doing a bit of research and planning can help your mind to rest a little easier, and with that in mind today’s short guide covers a few of the issues you might run into and some suggested solutions.
Losing Your Premises
One of the most devastating things that can happen to your business is losing your premises. Whether it’s due to extreme weather like storms or flooding or a sudden rise in rent from our landlord, not knowing where you can call home could put a stop your company altogether.
Looking into local storage facilities can help to assuage your fears here. If you’re looking for storage London alone has so much to offer you’ll be spoilt for choice. You’ll know you have a fallback: somewhere to store your most important assets and even carry on some of your work if you can, to keep up a trickle of revenue.
In the early days, most businesses are founded on one USP: a service or product that you can provide cheaper or better than anyone else. Preferably both. It can be dangerous if this foundational offering becomes too expensive: a supplier unexpectedly raising prices might mean you’re not able to remain open.
To avoid this, you need to diversify as soon as possible: once you have loyal customers you can start researching for other products and services that serve them. Finding more to add to your offering without eroding the identity that brought people to you in the first place is the key to success.
Losing a Key Client
This is the opposite of the problem above: the last issue was caused by being too reliant on one product. This is caused by being dependent on one customer. While a big contract from a single client is important early on, if they go elsewhere you have nothing to fall back on.
As above it’s important to take steps to diversify out. You could try asking your primary client for endorsements or recommendations, possibly in exchange for a small discount on future orders. It’s also worth looking into mutual marketing schemes with complimentary businesses: where you’re not in direct competition you can benefit from each other’s customer base and build your market together.