When you’re looking to start your own business, you need to know where to start. The best thing is to look at the mistakes people have made and learn from them. Many entrepreneurs are now helping others get started by sharing their top tips. Here are the top 10 tips for starting a business, so it succeeds.
1. Save Up Beforehand
You need the finances to be able to start your business, but that is not enough. You want enough in savings to last the next six months at least. It can take that amount of time to get enough income coming through to pay all your regular outgoings as well as your new business ones.
2. Decide on the Type of Company
What type of company are you going to be in? There are many different options, including being a sole trader and an LLC. There are pros and cons to each one, and all have different tax implications. If you are unsure, get some advice from an accountant to find out how your decision affects you in the future.
3. Start While You Still Have a Job
Remember about those finances. If you can’t save up enough money to cover yourself for the next six months, you need another way to bring in the income. The best time to start running your business is when you already have a job. Focus on building up your business part-time and then gradually increase the hours until you’re earning at least your full-time wage from it.
4. Have a Support System
You can’t do this alone. You need a full system of support around you, and it needs to be the right support. Hopefully, your family is on your side, but if not find some like-minded people who will help you every step of the way. A mentor is a great option. This needs to be someone who has been successful and helped others in the past to be just as successful.
5. Create Your Business Plan
What are your plans for the future? How will this business earn money and who is your competition? You will also want to create a full financial plan and a marketing plan. All of these will give you the steps to promote your business, get your clients/customers and succeed. They are also essential if you want to find funding from somewhere, especially loans. Lenders and investors want to see what your beliefs and ideas for your business are.
6. Do Something You Love to Do
Pick a product or service that is something you love to do. It could be opening a jewellery business because that’s something you love or you may prefer photography. Doing something you love means you’ll put more effort into it. You’ll enjoy running the company and doing the work.
7. Understand Your Market
Learn more about the market you’re going into. You want to know your competitors, your target market and the best way to sell. The more you know, the easier it will be.
8. Accept Your Weaknesses
You’re not perfect at everything. You may be good at the product or service, but you could be useless at accounting. Accept you have weaknesses and then take the steps to find someone to help you.
9. Find a Good Accountant
You need an accountant. There is no question about this. An accountant will help you with all your financial decisions, as well as make sure your taxes are filed properly. It removed part of the liability from you. Do your research to find someone you can trust.
10. Think About Your Premises
Where will you run your business? Depending on the type, the home is usually the best start. It will keep your outgoings low and make it easier to do it while you’re working. However, you’ll need to consider where you will store supplies and where you’ll work.
Take the 10 steps above carefully and you will have more chance of succeeding in your business and if you have any other tips yourself do let us know in the comments below.