Still Thinking of Starting a Small Business?

Getting new business off the ground is not as easy as it seems and there are a number of pitfalls on the way to being successful. If you are one of those people thinking of starting a small business, then chances are you are an entrepreneur, which is a key factor in establishing a small business. Penrith budget self storage for your business.

Not everyone is an entrepreneur. This is because there are many that are not prepared for the risk associated with starting a new business amongst us. The fact that 20% of new businesses don’t see the year out and go belly up: a fact that really scares people off.

We have heard that risk and reward are interlinked, the riskier the idea, the higher reward. This applies especially when you as an entrepreneur have great idea and are prepared to put your money where your mouth is and are prepared to back your idea.

This probably explains why successful entrepreneurs become so wealthy: they simply can’t let their business idea fail because they have so much invested in it.

As we will see a bit later, entrepreneurs are prepared to accept the risk but stick to a formula that has been shown to be successful over time.

Little wonder that there are over 585 million successful entrepreneurs around the world. This amounts to 15,6 % of all business owners being entrepreneurs. Is this higher than you would have thought?

We at Stop & Store Penrith as a Cumbria based self storage company are situated in an entrepreneurial environment. Call it an enabling environment, one in which like minded people are open to new ideas and the local authorities encourage as such.

Self storage has a useful role to play in assisting start-ups find their feet.

Let’s look at the other factors that are important to the successes of entrepreneurs and their business.

What Makes a Successful Start-Up?

Firstly, make sure you are in that 15 % bracket, and you are an entrepreneur willing to back your idea. One of the problems with entrepreneurs is themselves, their minds are so full of ideas that they easily lose focus. This could result in them moving onto the next idea when the first one isn’t implemented properly.

So, step one: focus

Focus especially on what you are best at, and if you are weak at finance, give it to someone responsible to do it for you. In fact, try and outsource as much as possible and stick to what you are good at.

By doing the important things you will move the business forward. There is no benefit in trying to sweat the small suff. Let others do that.

If you have stock or inventory to store, outsource it. You don’t have to tie into long onerous leases that are a burden to the business. Rent a budget self storage unit for this purpose. It will simplify your business model, as a budget self storage unit gives you the security and freedom you need.

Your Vision and Mission

Write a vison and mission statement for the business so that you and those helping you have a clear understanding of the way forward for the business.

Having done that, formulate a strategy to reach your goals. These elementary steps will stand you in good stead for success.

Market Research

Most of what you need to know is in the public domain. Do your research thoroughly before you get going, and ensure that you know your market, customers preferences, and opposition. Formulate your Unique Selling proposition to be able to communicate this to prospective customers.

Online Strategy

An effective online strategy will be extremely beneficial to your business. The first thing would be customers do is to look online, check out reviews and make contact with the service offered.

If the initial response is good, they will go further. Online presence created through use of SEO and continuous marketing through social media will bring good rewards for the new business.

It goes without saying that you would have researched your business name to ensure that it is unique and does not infringe on someone else’s rights.

Don’t Think It Will Be Easy

It’s essential to provide sufficient money to start the business, as you will need to pay suppliers and staff before customers pay you for your product or service. And while we on the subject of money, focus on the service and customers rather than the amount of money you are making, especially in the beginning until the business is on its feet.

One of the common mistakes is to think that as an entrepreneur you are going to make mountains of cash the day you open your doors. It’s the opposite, and some say it takes 1000 days until you can expect the business to be on a sound footing.

Doing the hard yards involves making some sacrifices in your life, and you may find yourself having to work weekends with little reward. This is ok in the beginning but remember to take some time out so as not to burn out.

It should get easier in time, as long as you manage the cash flows carefully, your new business should be fine. Once you have established the business you will find time to return to your normal social patterns.

How Self Storage Can Help Your Business

Don’t underestimate the value of your silent partner in storage: self storage units have been proven to be of huge value when it comes to establishing a start up business. The big benefit is that it is a cheap storage method, which means it is not a strain on the budget.

Self storage units like ours at Stop & Store Penrith are highly accessible in their location and proximity to town. Ours is on the A66 on the outskirts of Penrith. We have located the budget self storage facility Penrith there to assist you if you are an entrepreneur looking for storage space in Penrith.

Let us help you convert your business startup goals into reality. Whatever your dreams are, include self storage in them to securely store your inventory.

If you need to rent a storage unit, please contact us by phone, email, or online through our website. Go to https://www.stopandstore.co.uk/penrith-storage/ or

Call us any time at 01768 800291 and speak to our helpful staff when you need any advice.