If you are setting up your own business, you may already know most of the things you need. However, if you don’t have the proper knowledge or background skills, you could be setting your business up to fail. It is a well-known fact that a high percentage of businesses will fail in the first five years. If you don’t want this to be you and your business, look at the quick guide below to find everything your business needs to function. 

Funding

You will need to have enough funding to get your business off the ground and still have enough to keep going until profits come in. This can take up to a year, so you must be prepared. Work out how much you will need, including salaries, rent, tech, and other necessary equipment. Write it down, then give yourself some extra for wiggle room and emergencies. If you don’t have the final figure, you must successfully apply for a business loan. 

Location

Location is important if you want to be found by customers and clients. If you are set further back, they may struggle to find you without adequate directions. However, pay slightly more and be situated in the main hustle and bustle of people and commuters. If people see your store, they are likely to pop in on a whim, which creates new customers as well as returning customers. 

Employees

If you decide to hire employees to help you run your business, you need to give them something back in return. Getting a business up and running is no small thing, so you will need to show them you appreciate all their hard work and efforts. You might want to offer them a kitchen stocked with coffee and snacks or even invest in a micro market. What is a micro market, we hear you ask? It is similar to a vending machine but a lot better with a greater selection. 

Website

As a business, you will need a strong website to function. Without this, you won’t be able to continue taking orders when your main office doors are shut. Many people head online between the hours of 7 and 10 in the evening to browse and spend their hard-earned money. Ensure your website is strong, stable, and user-friendly so people can easily navigate it. 

Marketing

Lastly, this area will take a massive chunk of your budget. There is a reason for this; without it, you won’t see the benefits of customers and clients using your business. Marketing gets your business out there and known about; pay the extra cost for a fantastic marketing team or agency. If you have never worked in marketing before, you might not know which strategies or techniques to use for your marketing plan. Social media is your best friend, and you can post on many platforms. It is also an excellent idea to do video marketing as it provides a more personal approach to customers.