Starting a new business sounds like a great idea – finally, the chance to be your own boss and look after number one but it isn’t something to rush into. There are some key factors you must take into account before you rush into starting your business – here’re our top five tips for new startups.
1. Know What Your Business Is For
When you’re planning your business out, you must have a clear idea in mind as to what service or product your company will offer. If all you have is an idea for a product, you’ll need to think about manufacturing, promotion, pricing and all manner of things before you can take it to market.
Consider a startup business offering writing advice and proofreading. You would need to build a healthy customer base and prove to them that you have all the necessary qualifications and credentials to write and proofread on their behalf – without customers and adequate evidence of your work; it’ll never happen.
2. Market Research
Once you know what your business is for, you need to assess the market for other companies that offer similar services or products. Your research must include valuable information such as prices, advertising methods and, at the very least, their brand image.
You can’t copy what everyone else is doing and expect to succeed nor can you simply undercut your rivals and watch the customers flock to your door – you need to put together an attractive proposal drawing influence from the competition rather than risk a plagiarism court case.
3. Get Your Hands Dirty
When you start up on your own, you won’t have hundreds of staff members to carry out all the tasks involved with your company. [pullquote]From the very first day, you’ll need to be capable and willing to do anything and everything to ensure your endeavor succeeds.[/pullquote]
The most successful companies have founders and CEO’s who started from the very bottom – selling their products at ground level or going out to appointments themselves to provide the advertised service. If you can’t do the service you offer, you can’t run a business based on it.
4. Look The Part
In business, it is very safe to judge a book by its cover in most instances. If you turn up to a meeting looking out of place with your business card hand-scrawled on a piece of paper, you’re not going to secure a deal no matter how good you are – professionals work with professionals.
Formal attire, a professionally printed business card, and a briefcase go a long way to making the right first impression – if you start off scruffy, you’ll never get to where you want to be. Dress to impress and design your materials in that professional image.
5. Keep Your Finances In Line
Guessing or estimating your current capital is business suicide. If you asked Lord Sugar his current financial balance, he’d probably be able to tell you off the cuff – business is all about knowing where you’re at financially. Keeping up on payments, and avoiding excessive debt is key to keeping your personal finances in line.
You need startup capital to start your business; there’re no two ways about it and where you get this capital from is down to you. Investment, loans or savings; it doesn’t matter, you need it, and you need to monitor it.