Starting up a new business – A few simple Do’s and Don’ts

We all know that starting up a small business can prove difficult, but I have written a few tips that will hopefully assist you along the way.  By following these points your business has as good a chance as any of being successful.

It’s overly important to do a Business Plan.  Jot down all your ideas on paper – Product, target market, opportunities & threats (including competition), budget, business model and overheads etc.   This will help to establish exactly what your business will be, who will be the main audience your product will reach out to and also how much cash you will be investing into your business or alternatively how much cash you require to get the business off the ground.

Do it with passion and not solely with the purpose of how much money you’ll make – even though profit is, also an important aspect for your business. If you are passionate about the product you are selling or service you will be providing then you are most likely to succeed in the business world.

Research the market.  Is the product(s) you are selling or the service you are offering in demand?  If yes, then this is a huge plus point and bonus for any business so timing is also crucial.  However, if there’s a lack of demand for your offering then continue with the research until you find a niche.

Don’t rush things.  Starting up your own business will be time consuming and never ending at times, so be prepared to put in a great deal of effort.  You may or may not see the levels of growth you initially anticipated – but DON’T give up.  ROI can take well over 1-1 ½yrs to transpire! So, “Never give up on a dream just because of the time it will take to accomplish it. The time will pass anyway.” – Earl Nightingale

Have a structured & managed budget and try not to overspend unnecessarily.  Have a contingency plan for those unexpected costs and remember to allocate a decent amount for advertising.  Minimise unnecessary overheads as best you can.

It is crucial and highly recommended to engage in Social Media for your business.  Set up business accounts with the likes of Twitter, Facebook, Google+, YouTube etc. as these are excellent forms of free advertising and can be easily managed.  Offer incentives and competitions if you can.  This can increase traffic to your pages and website.

Don’t always try to do everything by yourself.  Hire remote staff or a Virtual Assistant at a reasonable & competitive rate to help with your Office Admin, Marketing, and Social Media Management to name but a few.  This will free up your time, enable you to use your creativity and allow you to focus on generating more sales.

Have a user friendly website setup for your business.  Again, you can hire a remote professional to set this up for you if you don’t have the expertise or skills to do so.  Most businesses and consumers use the internet as their main tool when searching for products, services and other businesses.  Utilise this to your advantage and reach out to millions through the worldwide web.

Ensure you do extensive research on suppliers for your business, cost should not override quality as, this can prove more costly in the end.  Negotiation is key, after all if you don’t ask you won’t get – there is no harm in asking for discounts on purchases or supplies, especially if done in bulk.

Make your dreams a reality and start your own business. Don’t live with regret and the “What if’s” Consider, include and Implement all the above tips within your business forecast plan, and you will have a good chance to succeed.  Show passion in your product / service and with the right dedication and business strategy you’re sure to get your business off to a flying start.