I come into contact with people starting a new business on a daily basis, some go on to make it work, some don’t.
Here are my tops tips for someone at the start of the process. Obviously you need a business plan and all that Jazz but here are some other points to think on.
Don’t be afraid to fail, it happens, you can come back from it and if you don’t try you will never succeed. Many very successful entrepreneurs have failure in their past.
Check your business idea for sustainability. You may be great at what you do or have a new product but if its no different or cheaper than what’s already out there it will not have a future.
If you have a new product or technology, the speed of getting to market is going to be very important, someone will have the same idea at some point. If you had it first make sure you get it to market.
Identify the skills your business requires, work out which ones you don’t have and go and get them, it’s vital that you build a team covering all basic business skill sets.
Don’t expect it to take off over night. Some very fortunate people have this experience but most work at it for years before they get success.
Get everything in writing, funding, shareholders agreements, employee contracts, supplier agreements- everything! When you start out its very exciting and a bit overwhelming and people say they will help or do this or that… If the business struggles people can change their mind very quickly and with nothing in writing you will have no protection.
Network and maintain marketing activity,its no use being busy now and having no work in 2 months. Always always find some time to keep in contact with people and do some basic networking, it may seem pointless but it will start to pay off over time.
Know the market and your position within it. Many entrepreneurs are so busy doing that they do , that they don’t look at figures, research or market findings. Having the right sort of information can help make vital decisions like when would be a good time to launch a new product or what sort of product the market is asking for. It also helps you make financial decisions and react if you see a bad situation approaching.
Keep an eye on the spending, until you are making money try to minimise what you spend. Sounds super obvious but you would be surprised how many people believe you need to spend big to get a good start- you don’t! If you need computers and desks – fine get them second hand, work from home or rent a virtual office space to start. You don’t need flash expensive stuff to get off the ground so don’t waste vital cash supplies on anything unnecessary.
Have a plan and stick to it.
Get professional advice on the things that matter. Some things you can do yourself like basic marketing, networking or bookkeeping, but something’s you need to pay for, accountants and lawyers will get you on the correct legal and tax set up…. This will save you money in the long run.
Good luck!!!!
