Top 10 Tips on Starting Your Own Business

26th April 2016

Starting your own business is a highly rewarding, but often scary and tricky task! To help you on your journey we’ve compiled a list of our top 10 tips…

  1. Do your research – Just because you like your idea it doesn’t mean it’ll be an instant success. Is there actually a healthy market for it?
  2. Write a business plan – when starting a business there’s a lot to think about. If you haven’t got everything mapped out you’ll struggle to follow a clear direction.
  3. Don’t agonise for hours over the name – it’ll come to you eventually, just concentrate on what matters in the first stages.
  4. Research your market – you might have one clear market in mind, or several. B2B, B2C, retail, wholesale, online, market stall, mobile, fixed premises; they’re all very different and require different approaches.
  5. Calculate the costs – overheads can quickly get out of control and you’ll need to make sure your business is actually viable long term, as well as ensuring you have enough capital to keep you going before you start earning.
  6. Organise funding – unless you’re lucky enough to have a healthy bank account, the chances are you’ll probably be relying on a bank loan or investors. Get everything in place and make sure you shop around for the best deal.
  7. Don’t go spending unnecessarily – sounds obvious doesn’t it, but it’s very easy to spend thousands on an office and lots of funky furniture and hi-tech gadgetry that ultimately won’t make any difference. Wait until you’re bringing in the big bucks first!
  8. Fluidity is key – chances are, the more you think about your idea and discuss it with friends, family and investors, the details will inevitably change, and that’s great! Remember, rarely is an initial idea 100% perfect.
  9. Be patient – Rome wasn’t built in a day! Things take time in business – don’t get bogged down by setbacks or naysayers. Keep focussed and make sure you deliver everything on time.
  10. Give it away – sounds a little counterintuitive, but trying out your product or service on a friend, family member or stranger for free in return for constructive criticism will be invaluable. Paying customers will be less likely to forgive mistakes or teething problems!

Finally, the most important thing to remember is to have fun! Running a business will inevitably be stressful, but it can also be very rewarding, lucrative and enjoyable!