Top 10 tips for starting a business

Top 10 tips for starting a business 
By Wes Game, Let’s Do Business Group

I get asked many times for my top tips in starting a business so here are my top ten:

1. There Are No Magic Answers.  People expect or hope that there is a magic answer of “if I just do this, it will work”.  Unfortunately it’s down to hard work, perseverance and determination.  The owners of Facebook didn’t just come up with the idea and that was it. It was years of hard graft.  1% inspiration and 99% perspiration is a great phrase.
2. Know Yourself.  Be aware of your own skills, abilities and your character.  We all have strengths and weaknesses in different areas.  Spend time assessing yourself or being assessed and don’t try to be the perfect person.  Get help where you need it.
3. Know Your Customer.  Tailor your business to what your customers want and don’t be stubborn and unwilling to change.  Think about why customer want your product or service.  It’s not always what you think e.g. we may buy a coffee out of habit, we’re bored or we want a treat and not because we are thirsty.
4. Start Whilst Still Working/Employed.  If you can, build the business whilst still working, until your job gets in the way of your business.  However there is a lot to be said for just giving up a job and taking the plunge as you are much more focused.
5. Don’t Do It Alone.  Build up your network of support.  Get a mentor or spend time with other business owners.  Get professional advice when required i.e. legal/tax rather than hearsay – it might save you a lot of money in the long run.
6. Write a Business Plan.  Sound boring, but it is a way of bringing all your thoughts together. It will help you to make decisions and to remember your strategies.  Do it in small chunks if needed.
7. Do Your Research.  Before you start is the best time to do research, whilst you have some time. Learn about your industry, the local area, local associations and governing bodies.  There is plenty of information out there.
8. Know Your Competitors.  Who they are, where they are, how they operate as well as their strengths and weaknesses.  What do their customers think about them?  More importantly how are you going to be different – your unique selling point (USP).
9. Be and Look Professional.  Pay attention to detail, especially in communications (email, text etc). Think about how you look.  This includes your website, your business cards and your personal image.  We all judge each other by what we see and hear.
10. Sort Out Your Money.  Money is the lifeblood of the business, so work out your pricing, profit and loss as well as your cash flow forecast.  If your business runs out of money, your business will stop!  CASH IS KING.

Want more practical advice for starting a business? We're running a programme of affordable, practical business support called Ride the Wave.

Wes is leading a full day workshop on 21 July for people with an idea for a new business that they want to make real. He's also leading two half-day workshops for start-ups on 8 and 22 September.

Find out more about Ride the Wave, or get in touch with Wes by emailing Wes.Game@ldbgroup.co.uk.

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