You made the first steps – you had a great idea, turned it into a business idea, and founded a start-up. The business plan is set, the money is slowly coming in, and you might even consider hiring people on to your team.
So, here is some advice on what you should do next to grow your start-up.
Stop Using Your Current Account For Your Business
If you haven’t done it already, it is time to separate your business income from your personal bank account. Even though it is convenient to have the cash flow directly into your bank account, there are multiple reasons why you should reconsider this.
With a business current account, you draw a line between your personal and business expenses. It will make you look far more professional to customers and will also allow you to complete a clean tax return that is not mixed up with your personal spending. You will have a clean book of records which saves you a lot of time at the end of the year when you review your financial performance.
Next to more transparency that comes with a business current account, banks offer support to organise your income stream. They can provide you with a specialist who understands your business and can advise you on your banking needs.
Consider Co-Working Spaces
Co-working spaces are an excellent opportunity to increase your network. You share your office with lots of different people from various backgrounds which means you can get in touch with far more people than you would at home. Even though everyone has their own desk and will focus on their work, chats in a nearby café or during a tea in the office are likely to happen. Thus, you will get valuable input from people who might also run a small business and are happy to exchange their thoughts with you.
Next to this, working in such an environment will make you feel more productive. Working from home can be convenient but will make breaks and disruptions more likely. Drawing a line between your home and business will also help you to relax after a long day of work when you come home as you don’t connect your living room with work. Even though the start of a business takes up a lot of time, it is essential to give yourself breaks and have work-unrelated space to spend time.
Ultimately, a co-working space will make your business look more professional. Usually, the facilities include meeting rooms to which you can invite clients or investors. It will give you more credibility than meeting up in a noisy café or in your living room.
Be Present In The Digital Space
Even if your business idea is not a digital one, and you may think that presenting your product on fairs is enough, it is crucial to develop a digital presence. It has never been so important as online marketing will give you great opportunities to grow your business. All your networking efforts might not work out in the end if your customers don’t find you online.
The first step is to have a website. It will not only give your customers and stakeholders relevant information about the business but will also allow you to understand who your target audience is. You will be surprised how much data you gain through tools such as Google Analytics.
If you want to increase your sales, you should start to create content to inform your audience about your business and why it is worth to invest. You can do that by creating a blog on your website and posting content on your business social media accounts. Again, this will also generate a lot of insights into your target audience as you can analyse who saw your posts.
Of course, the success of a business idea always comes with a bit of luck, and these hints won’t let your business grow automatically. However, if you consider them, they might help you to bring your start-up and hard work on the right track.