Ali Habib Mayar runs the Platinum Rapid Funding Group, which gives SMEs the chance to promote their brand and acquire capital to maintain and expand their operations. Since it was founded in 2012, Platinum Rapid has transformed the concept of business finance and established itself as an industry leader. Ali sat down with us recently, to share five tips about how to survive your first year as a business owner:
1. Make Sure you Have Enough Spare Funds Available
Hardly any SMEs are profitable during their initial year, so just managing to pay your overheads with sales revenue should be classed as a success. Put cash aside to help finance your business over the first twelve months, if you wish to give it the best chance. As a general rule, you should have enough spare cash to cover your living expenses for one year, prior to leaving your regular job to go it alone. If you intend to finance the venture yourself, put that cash in a different account to monitor income and expenses more accurately. This way, you will be able to see the amount of leeway you have remaining at any given point. If you require a loan or investors to begin, check that you can access those funds before commencing operations.
2. Purchase the Best Software and Equipment That you can Afford
It is vital that the technology your business relies on is up to the task. Investing in the latest software and computers to deliver your services and products will set you up for long term success. This involves having modern content management solutions and a great website. Keeping abreast of software developments will help you to gain an advantage over your competitors.
3. Produce a Good Company Logo
Prior to exposing your business to it’s intended audience, you should decide what it stands for, and a large element of this is the company logo. A logo is not simply a decorative extra to use on your product packaging. Rather, it represents particular values, it provokes an instinctive reaction that influences customer behavior, it reinforces the public’s perception of your company, and it provides new opportunities to expand your reach via branded merchandise.
4. Submit a Merchant Funding Application to Obtain Business Funding
Merchant fundings can be an excellent way to get your business the resources and technology it needs to grow. Typically, to be approved, your company should have predictable revenue and a track record of at least one year – so this is something to consider towards the end of your first twelve months. This works well for small companies that want to expand quickly.
5. Master Social Media Promotion
Social media is a simple and affordable way to connect with new potential customers. To begin with, you should create a company profile on the main social media platforms, so you can start publishing content. Use your professional and personal network to direct prospects to your new company and offer general guidance about your sector to build brand awareness and credibility.