Itching to start your own business? Need a little guidance with your fabrication shop? Running your own business is commendable and can be a truly rewarding experience. However, it is not without its share of stress and hardship. Don’t worry, it doesn’t take a genius to do it right. There are things you can do to help those formative years when you start your business go as smoothly as possible. In this blog, we are sharing 5 big tips on how to get your business in the black.
Create a business plan and stick to it
A good business plan will be the backbone of any thriving business. It is a guideline on what you want to achieve with your business and how you are going to do it. It’s the true north of your business, something that will keep you on track. When you are drawing up your business plan make sure you answer these questions:
- How much do you need to get your business started and generating revenue?
- What do you need to break even?
- What is the growth potential?
- Who are your customers?
- Who are your competitors?
- Where will your business be located?
- Who is going to manage what?
- What are my goals and milestones?
Of cause, you may need to make adjustments along the way and your priorities may change, but don’t lose sight of your goals.
Know your market
If you don’t know your own market you will be essentially barking up the wrong tree. If you want to pick up a certain kind of client you need to put the time and effort in to understand them. What are their needs? What do they care about? A good way to do this is to see what your competitors are doing and whom they are selling to. If you can see who their customers are you can determine where you fit in. When you understand the demands of the market you can start seeing where you can expand and diversify. For example, if there is a demand for a product in an area and there is a lack of suppliers.
Ensure customer service quality
Your services might be spot on, but if you are giving people the wrong impression you may isolate your customers. Developing a friendly and professional report with customers also means they are more likely to recommend your service. If you’re not sure what good customer service looks like, just remember, at the end of the day people just to be listened to and for you to follow through on your promises. Here is a list of things you should think about when developing customer service quality:
- Be polite, professional and approachable
- Treat everybody who walks through the door, customer and employee alike, with respect
- If you make a promise to your customer, follow through
- Make your service personalised
An honest, friendly and professional service will be what makes your business stand out from the res.
Keep on top of your finances
Keeping the machines running, the electricity flowing and your employees paid can be a tricky balancing act. If you don’t have enough to pay for one your whole shop can shut down. This is especially important within the first year. Don’t rush to expand, just focus on getting a steady gain. If you purchase machines and expand space without the staff or demand, you will slow down your business. Worst-case scenario, if you overextend you might risk being shut down. Take things step-by-step. For now, make sure you’re not making unnecessary purchases and losing money through unnecessary costs.
Don’t forget about regular maintenance
Not only will it keep your machines running smoothly is will prevent accidents and can injure your employees and set your business back. To keep you on track with your maintenance duties it’s a good idea you write out a schedule or organise a regular service. The same goes for your workspaces. Take the time to ensure that chemicals are sealed properly, floors and benches are cleaned, employees are wearing correct safety gear and that everything is up to code.
You can’t run a fabrication shop without the right tools. At Acra, we have a top-notch range of new and second-hand machinery including press brakes, bandsaws, plasma cutters and laser cutters. If you want to know more, please don’t hesitate to get in touch with us by calling 03 9794 6675.