Have you got a great idea for a business? Starting up a business and worried it might go wrong? Things might not work out? Don’t worry you’re not alone and many others have had the same thoughts. Our helpful tips and advice will improve the odds of success when you startup your own business.
1. Research is key
Do your research before you commit.
2. Know your market
Make sure you know your market, size, competitors, potential growth opportunities etc.
3. Understand your margin
Look at your margin understand where you fit in your market.
4. Employ a solicitor
Don’t sign personal guarantees unless you consult with a solicitor
5. Are you employing staff?
Ensure you have a good understanding of HR, employment law and rights or you can discuss with a third party who do.
6. Manage your time, don’t burn yourself out took early!
Don’t spread yourself too thinly by taking on too much to quick.
7. Work with people who offer you diverse skillets and talent
Only employ people who can offer value and talent even if they cost a little more.
8. Family… think about this very carefully
Don’t employ family.
9. Save your profits
Don’t take out too much money out of the business – take out what you can afford.
10. Plan ahead and save
Don’t get carried away when you have a good quarter the next one could be much lower.
11. More saving and planning… it’s unpredictable
Always plan for the worse scenario.
12. We are in a very competitive industry
Be creative and innovative, it’s who we are and why we do it. Make yourself innovative against your competitors.
13. Marketing, marketing and more marketing
Don’t skimp on marketing.
14. Be socialable
Get off your backside and network.
15. It’s enjoyable.. right?
Work hard and enjoy, remember the reason why you want to run your own business… Good luck!
Tips & advice by Richard Smith/Chairman of Proteus