5 Important tips when starting a business.
I have just realised there has never been an article written offering people tips for when they actually start a business or are in the planning stage. Have a compiled a few basic but very important tips here, I think they are the most important.
- Make sure you are offering something different.
If the service or product you are offering does not differ from your rivals then you will not succeed. I am not saying your business has to be totally unique and in a niche everyone has missed it just has to be different. To find this look at the business sector you want to go into and ask yourself what you would change if you were in charge of the leading companies. Don’t be scared to take on big companies just be sure you offer something they don’t.
- Adapt with the times
The world is constantly changing and you need to try to keep pace with it or even try to second guess what will happen. This method works with both business ideas and how you run a business. When focussing on how to run a business it would be impossible in the modern world to create a business without a website and who in the modern world still employees expensive web designers in the UK and US when you can outsource the work to an Indian firm for a tenth of a price.
- Start as small as possible, don’t waste any money.
This will involve your kitchen table being your desk, it will involve business meetings being at coffee shops, it will involve working 12 hour days because you can’t afford to employ anyone and most importantly it will involve paying yourself very little. You see a lot of individuals just setting up a business and paying themselves large wages, restrict yourself to about 10,000 a year. There will be plenty of time for paying yourself lots later on, but right now you need to pump all spare money into your business. Its amazing how cheaply you can live with a bit of effort.
This can be a bit tiring, some people will love it some won’t. It is however very important for the future of your business to always be somewhere promoting your company or when you think you are having the day off being able to talk about your company at the drop of a hat, like your child’s sports day!
- Listen to criticism and take responsibility
Sometimes criticism can be hard to take. If you have poured your heart and soul into something and as someone is pointing out mistakes to you, you may find yourself so busy thinking of counter arguments you are not taking on board the criticism. If you don’t take on the criticism you wont be able to improve so the sooner you get better at taking it on the sooner you will become a success. This is strongly linked to taking responsibility, if you sit there every month and make excuses of why you arnt hitting your targets you will never hit them, take responsibility and you will quickly see results.
The most important think of all though is to have fun. If you don’t enjoy running a business it will never be for you and you will never make a success our of it.
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