Starting a business can be daunting. That’s we we’ve gathered advice from those who have been in your shoes.
Starting a business can be a pretty daunting task. There can be many risks, conflicting priorities and lots of stress involved. But, when done correctly, the rewards outweigh all of these.
We wanted to put together a post full of useful, digestible tips and advice from those who have already started their business. So that’s exactly what we have done. This is not a guide on how to start a business, there are plenty of great ones online already. Think of this more like short and snappy insider info and advice from those who have once stood in your shoes.
Top Tips for Starting a Business
- No matter what you do, make sure you are happy with it. Passion is a key ingredient.
- Time management and preparation is key.
- Just take the plunge and go for it! (with proper planning)
- Make sure you have a business plan put together. Know the direction you will be going in and your goals for the future – don’t worry if this changes along the way, in theory and in practice are different things. Be detailed but flexible.
- Make sure you have a USP. There will more than likely be someone with a similar business to yours, but it’s what makes you stand out that is important.
- Don’t measure your success against others.
- KNOW. YOUR. COMPETITION.
‘One Thing You Didn’t Realise When Setting Up Your Business’
- Hidden fees/unaware of costs that are faced along the way – make sure you know of any costs before starting a business. Some costs will remain hidden, but having a good understanding of what costs you will face is essential.
- How supportive small business communities are.
- The demand for products from small businesses, consumers appears to be moving away from bigger brands.
- How time consuming it is. This started as a part time project alongside a job, but there’s not enough hours in the day.
- Running a small business is not for the faint of heart, there’s a lot that goes into building a strong brand.
- How important it is to understand your customers. Knowing who your primary customers are and their buying habits are crucial when it comes to reaching them in the right way. Without your customers, you will have no sales!
‘The Biggest Mistake You Made When Starting Up Your Business‘
- Lack of planning and research into products.
- Lack of marketing strategy – a strong marketing strategy is crucial for any business, if you’re not very confident with marketing we’d recommend checking out Hubspot as a helping hand. They have all the information you could need.
- Both over and under buying. Understanding demand and sales projections for your business is really important to ensure you don’t end up with this problem. To understand demand before starting a business you could – keep an eye on search trends using google keywords planner, analyse your competition and sell on a pre-order basis.
‘One Thing You Wish You Had Known Before Starting A Business‘
- Problems can, and will, happen. It’s how you, as a business, react to them.
- The full costs of postage, and to make sure this was correctly added to my pricing strategy.
- The amount of space needed to store stock.
- How to track finances correctly.
- Better marketing techniques.