According to the Centre for Entrepreneurs (CFE) think tank, 2017 accounted for 589,000 start-up businesses, a slight reduction from 2016 but still a significant amount of new business to launch throughout the UK.
Beginning a start-up business takes a lot of thought, time and commitment to launch. Further to this, the next step is to grow the business.
There is a saying “Don’t work in the business, Work on the business”. To do this requires a much larger infrastructure than just the initial one or two Directors that set up and begin to fulfil their vision in the first place.
Building a team around the Directors allows tasks to be broken down into individual divisions so that sales can be met promptly and will allow for the capacity of the work load to increase. However, doing so requires the right staff and work ethos for the start-up business to develop.
Here are a few tips to consider when growing a start-up business:
Find the right staff – Building a team doesn’t always develop easily. Finding the right staff who share your vision and who are committed to growth is crucial to the expansion of the business. By employing staff will allow you to drop some of the daily tasks and focus on new areas of the business where development is needed.
Introduce a marketing plan – Regularly evaluating your marketing plan and looking at new ways to promote will help grow your brand – using social media is key to this.
Build sales – New staff means new costs which will need to be paid for. Growing your sales leads will produce enough work to not only keep the staff fulfilled throughout their day but also pay their wages at the end of the week or month.
Don’t be afraid of outsourcing – Outsourcing some tasks can really benefit areas of the start-up business where they don’t always require a regular full or part-time post; in these cases, contracting out the work is more advantageous. Outsourcing can also help if you are trialling a certain aspect of the business as it doesn’t require any long-term commitment on costs. Also, the ability to stop and start a contractor depending on the work flow of the business can help financially
Are you growing a start-up business here in the UK? Here at Crendon Insurance Ltd we provide bespoke commercial liability insurance packages to suit start-up business needs. Covering all types of technology criteria from cyber security to data protection, online retail to global export and intellectual property to copyright protection, our commercial insurance policies are implemented to support growing a start-up businesses from the very beginning, through their growth stage and into greater development. For more information please speak to our growing a start-up businesses insurance team today or find out more about commercial insurance throughout our website.
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