If you have a fantastic business idea, now is as good a time as any to plan and launch your new venture. Start with a feasibility study and if that works, do some market research and if it still looks doable, you can start putting together a business plan. We asked a group of business coaches for some tips for the young entrepreneur and here is the best of their answers.
Table of Contents
1. Business plan
If you thought a business plan is specifically for a potential investor, think again. Your business plan will be your guiding light and it should cover every aspect of the business. From the overview to marketing strategies and asset management, a decent business plan would be at least 25 pages in length. This should not be rushed; take your time and when you feel confident you have covered every angle, ask a business coach to take a look. If he or she gives you a thumbs-up, then you can proceed with confidence. There are free resources online
2. Digital marketing
We are living in a digital age and most of your marketing efforts should be online; click here for more info. Using a agency will ensure that you have an aggressive, on-point digital marketing plan that is designed around your business. This is the cutting edge of your business; without orders, nothing can happen and the smart entrepreneur has a monthly digital marketing budget. If you want to compare agencies, ask 3 to take a look at your business and put together a proposal, then you can compare and have further discussions with the best provider. Social media should be prominent in every digital marketing plan
While you might be lucky and make it with a limited budget, if you don’t have an emergency fund, you could very easily find yourself in deep water. When crunching the numbers for a start-up, you should add 25% to that figure to cover unexpected costs, as there will be times when you have to put your hand in your pocket. If you have trouble getting funding, there are online lenders of business start-ups and you get a decision within minutes rather than weeks, which is the case with banks. The number of businesses that fold due to lack of funds is alarming and this highlights the need for adequate funding; one can never be sure of the future and this means making preparations for additional funding, should it be necessary. Click here for information about setting up a business in the United Kingdom.
4. Human resources
The most valuable commodity of every business is its workforce and if you want to hire the best employees, you should outsource HR to a leading agency that works in your sector. There is so much more to HR than hiring; you must always be compliant with the complex labour laws, especially here in Thailand and using an agency ensures that your employees are happy.
5. Join forces with a business coach
When you enlist the help of a business coach, he or she doesn’t focus on your business, rather they look at your skill sets and create a course to hone specific skills that will make you a better business person. You might need some help to develop your communication skills, or are a bit lacking in the planning department, whatever the coach thinks should be improved can be worked on. It might take a few days of the coach observing you at your place of business in order to identify areas that can be improved.
6. Make good use of current technology
It is easy to overlook cutting edge technology, especially if you are not familiar with the field. Search online for sector specific business software that can be customised to suit your needs. Rather than using cellphones to communicate, switch to VoIP solutions as this is much cheaper and you can enjoy real-time video calls with employees and customers. Technology makes our lives easier and most business owners are not making the best use of the current level of tech, which is something to remedy.
A small business can compete with a larger organisation thanks to outsourcing, which is the most cost-effective way to get things done. Some aspects of business that you can outsource include digital marketing, IT services, accounting and bookkeeping. Logistics is another service that you are better off outsourcing to a local 3rd party provider; it is expensive to manage an in-house fleet of delivery vehicles, not to mention employing drivers.
8. Be enthusiastic
If you are passionate about what you do, this will rub off on those around you and when things are hectic, your team will be motivated to go that extra mile. Good leadership means leading by example and as the boss, you should be prepared to do whatever is necessary to get the job done. If you are a good communicator, this will benefit you no end and if you feel you need some instruction with this, talk to a local business coach.
A good employer instinctively knows what their employees are capable of and part of personal development is learning new things. If you have a young employee who is keen to learn, make sure that they have the opportunity to develop personally and let’s not forget to give recognition when it is deserved.
10. Team-building activities
Your key employees are very valuable and you can arrange some team-building activities; if you are not sure how to do this, there are specialist companies that can put together team-building activities, either at your place of work or at their premises. This kind of investment is one that will pay dividends long term, helping your managers to develop their skills.
If you are thinking of registering your business in Thailand, there are many benefits on offer from the Thai Board of Investment, including long-term visas and work permits. If you cover all of the above, your new business should enjoy steady growth and provide you with a secure future.