Things to remember when starting a new business

Blog Things to remember when starting a new business
Things to remember when starting a new business

Staring your own business can be one of the most stressful and scary things you will ever do but it can also be one of the most exciting. The key to making your business work is to have the right attitude and dedication.

Here are a few things to remember to help you make your business a successful one:

 

Do what you like

No, don’t just do what you like, I’m talking about your business. To have a successful business you should base it around something you’re good at and know a lot about. You shouldn’t be starting a venture that you know nothing about because you think it will bring you a large profit margin. Use your strengths and knowledge to build the foundation of your business and it will have a better chance of succeeding.

Simplify

If your idea is going to need a large investment then maybe you should go back to the drawing board. No one is going to give you a large sum of money for a start-up so simplify your business and build it up bit by bit. Get your business started and show that it is a profitable idea before going looking for investment.

Watch the pennies

You’re a start-up so act like one. Don’t go splashing the cash and remember to compare prices when buying anything. The money you put in the business is limited to what you can afford so if that runs out before you start to make money, so does the dream.

Learn as you go

No one can predict the challenges that you will face with your business in the future and no amount of research will be able to adequately help you with every situation you find yourself in. So it is important that you learn as you go. Obviously you should do plenty of research and learning before you embark on your business journey but you will always come up against thing you are not too sure about. You will make mistakes along the way as well but as long as you learn from them you should be ok.

Focus

When you start a business you may well fall into the trap of thinking of other business ideas and end up getting side tracked by them. You want to focus all of you time on one business or idea at a time. Don’t spread yourself too thin. Choose your best idea and run with it and put the other ideas to the side.

Don’t believe the hype

When talking about your business don’t over exaggerate things or make claims that can’t be verified. Let your actions speak louder than words. Prove what your business is capable of by actually doing it rather than talking about it.

Develop your elevator pitch

The idea behind an elevator pitch is to imaging you are in a lift with Bill Gates and have 30 seconds to pitch him your idea… OK go… Not as easy as it sounds is it? This exercise can be a very useful in helping you to understand the strengths of your business and why anyone would want to invest. You should also develop one aimed at the customers which will help you understand who your customers are and why they would want to use you. Remember to keep it short and sweet.

Keep a balance

Running a start-up can turn into a 24/7 job but this is no good for you or your business. You can easily work all the hours under the sun but this will lead to fatigue and you won’t be producing the quality of work that you could. Give yourself set hours and don’t spend 100% of your time on the business. Take time for you; go to the gym, movies or read…

Identify what you don’t know

You need to sit down and work out what you know and then find out what you don’t know. No one knows everything so don’t beat yourself up about it. When you have identified your gaps in knowledge find experts that can help you in those areas. Ideally you will have skills that they need and can come to a mutually beneficial arrangement.

Know when to quit

It is easy to become sentimental with your business and see it through rose tinted glasses but it’s important to know a dead horse when you see it. If your business isn’t doing well and there is no sign of bringing it back it may be kinder to let it go. Take what lessons you can from your experience and learn from your mistakes then go again.