Launching a business is exciting, especially when you start imagining that very first sale. However, before you get there, there are some things you’ll need to do first that can make success a lot more likely, and you’ve got to get the basics in place so that when the sales start rolling in (hopefully), you’ll be able to keep up. With that in mind, keep reading to find out more about what you need to organise before you make your first sale.
Make The Big Decisions First
One of the first things you’ll want to figure out is how your business is going to be structured – are you a sole trader, for example? Are you setting up a limited company? Are you going in with a partner? Each option has its own set of pros and cons, responsibilities, paperwork, and legal requirements, so it’s important to do your research before deciding so you can make sure you find the type of business that fits you best.
This is also a great time to set up a business account. Yes, it might feel like an extra step when you’ve already got so much to do, but if you separate your personal finances from your business ones right from the start, it’s going to help you massively as time goes on, and since it’s something you’ll have to do eventually anyway, you might as well it at the start.
Know What You’re Offering
It might sound obvious, but being able to clearly explain what you do can make a massive difference, and in reality, you should be able to tell someone what you’re selling, who it’s for, and what makes it worth their time in a sentence (or two at a push). Rambling on for too long and trying to explain things in a complicated way isn’t going to help, and you’ll just end up losing what might have been a sale, an investor, or a mentor, for example.
If you can get as clear as possible now about what you’re offering, it’s going to help later when you’re putting your website together, pitching to customers, or just working out what you need to say on social media, among other things. And of course, if you’re doing something unique, make sure you highlight it, and if you’re solving a specific problem, that’s what you need to talk about. It’ll help make things clear and ensure people remember you.
Make Buying Simple
Once you start trading, you need a way for people to pay you, and the simpler, the better. It doesn’t matter if you’re setting up an online shop or you’ve got physical locations, the key is to make the entire experience quick, safe, and fuss-free.
What’s also worth thinking about is what happens after the sale. In other words, can you deliver what you promised and can you do it on time? Are your delivery or fulfillment processes sorted? The reality is that even with small businesses people expect reliability, especially first-time customers, so you need to make sure you can keep your promises.
Pricing That Works For You
Working out your pricing is one of those things that feels simple, but when you get to it, it usually isn’t as easy as you expect it to be. Remember, you’ve got to factor in materials, packaging, your time, transaction fees, not to mention some wiggle room in case anything unexpected happens, and that can bump your prices up.
And although it’s tempting to keep prices low at first to attract customers, if you’re not making a profit you’ll burn out quickly and have to shut up shop before you make any money. That’s why working hard on your numbers at the beginning can save a lot of stress later on.
Be Open To Learning
Your first few customers are going to teach you a lot, and sometimes that’s going to happen in ways you don’t expect, so you’ve got to be open to it all. If they’re happy, that’s brilliant, but even if something goes a bit off, that’s helpful too – it’s going to help turn your business into something better in the end.
One thing that can help massively is to ask for feedback and then actually listen to what people say in response. That way, you’ll know what needs to change and what can stay the same, and if you do make changes, you’ll know it’s something your customers want or need, so half the battle is already won.