There is no perfect formula for starting a business, it’s an exciting new experience but it can also be daunting, here are few helpful do’s and don’ts to help make the road a little less bumpy.
Don’t stop earning
Keep onto your day job as long as you can while starting your new business. New businesses usually take longer than you predict to turn a profit, on average breakeven happens after 12 months in the game.
Don’t go it alone
Everyone needs a support system when starting a new business, if you don’t have a family member or friend that you can bounce ideas off then consider joining a local networking group, this is also a great way to meet local business people who’s services you may need or who could become future clients.
Don’t let your passion dictate
Of course you need to have passion for your new business it’s your driving force, however don’t let it be the main source behind all your decisions. Always ensure that you are making a considered approach, having done your market research, contacted the experts and gained professional advice. The more informed your decisions are the better and more prepared you will be. You will still need all that passion to drive your business forward.
Do keep it simple
It is so easy as an entrepreneur to getting over-excited and carried away, keep considering how your business is providing a solution and continuously think how to keep it as simple as possible for the user.
Do get legal
Ensure that you understand the rules and responsibilities which come with owning a business and anything industry specific. If you use a local accountants when starting up they will assist you with guidelines when dealing with Companies House and HMRC. Then if there are technicalities within your sector, always seek legal advice if you are unsure.
Do keep it professional
You are the face of your new business and the way that you conduct yourself is a representation of your offering, if you treat everyone on the basis that they are your next client then you can’t go wrong. Try to consider what your potential clients would expect from you, to be confident that you will provide them with a quality product that they trust you to deliver?
And remember ‘it’s a marathon, not a sprint’.
There are so many benefits to starting your own business, but if you are thinking that this is a get rich quick plan, it’s unlikely, however with time and effort you can build your own little empire.
Wishing you every success!