1. Do your homework. You may think your idea is fantastic and your friends and family have probably told you it is great too, but what do other people think? Test out your idea on your potential customers before you start.
2. Work out your costs. You must be able to have enough money coming into the business to cover what your product or service costs you to make. If you don’t, you’re in danger of not making any money out of your business.
3. Think of free ways to promote your business. Let’s face it you’ve got enough to spend your money on without spending it on marketing. Think about where your potential customers go (i.e. if your customers are mums, they’ll go to schools, post office, doctor’s surgeries etc) and go where they go.
4. Don’t spend a fortune on a website. Believe me you’ll want to change your website after a few months when you get to know what you’re doing. Spend the money on your website then and get it done cheaply at first.
5. Write a business plan. Too many businesses don’t write a plan and 90% of them will fail during the first 18 months. If you write a business plan, 90% of businesses are still going after the same period. What would you prefer?
6. Be passionate. Your business idea should be something you would happily get out bed in a morning for without being paid. Your passion will come across to customers and everyone you meet and will help you get started.
7. Don’t worry about getting a ‘niche’. Listen, all of us would like to find the perfect idea that no-one else has thought of, but then you’ll need to work hard at telling people what it is because they won’t have heard about it. Competition is good! Your ‘niche’ is all about you – it’s what you’re passionate about that makes you stand out.
8. Forget about other people. Countless new businesses are worried about telling people in case their idea is stolen. But remember 60% of people are sat in businesses right now wanting to start their own business – but, only 3% actually do it. So, even if people think it’s a great idea, chances are they won’t actually set up. Bite the bullet and tell people!
9. Go for it! We’re all a nation of “what ifs” and “it won’t work”. If you’ve done your homework and believe in your idea, go for it! Also, remember that everyone is an expert, even if they’ve never run a business before. Trust your instinct – not theirs.
10. Go on a start-up course (well I would say that wouldn’t I?). But, a start-up course is run by experts who will give you the real answers – not rumours that your friends and family have heard. Our next 3-day start-up course, costing just £99 will be held on the 18th, 19th and 20th February and then every 3rd Monday to Wednesday of each month in Cheltenham. Have a look in our profile to book on.
Good luck.
To learn more about this author, visit Helen Dowling's Website.
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