Starting your own business is a daunting time for anyone. The pressure, financial constraints and the uncertainty as to whether or not you can be your own boss are just three of the many considerations that an entrepreneur has to think about. What many people don’t know when starting up a business for the first time, is that there is no feeling like owning your own company and nurturing an idea that originated from your owns thoughts and ideas. With all of this in mind, here are some helpful tips on how to start off on the right footing;
The economic downturn serves as a deterrent for many budding entrepreneurs when in fact, it should be seen as a challenge. It can be hard to start a company at any time, but, if you have a good idea it will stand up to the state of the economy and it will be a success. Since starting my business, I’ve only ever known economic gloom, but there’s still record numbers of entrepreneurs and business start-ups, so it can’t be all bad!
Once you’ve got you’ve got your idea, you’ve thoroughly researched the market place (you should have checked for similar companies/products, taken a look at competitors and researched your target audience’s buying behaviour), and you’ve decided to go ahead with your business, you’ll be ready to look into the financial side. It’s important to make sure that the idea is financially feasible, and it’s imperative that you have covered your own expenses; Do you have a mortgage? What bills are going out? How much tax are you likely to pay? Take these points into consideration otherwise they could be the downfall of your idea.
Don’t try and rush into buying or renting an office, and……employing lots of staff. Most homes are usually equipped with the basic tools to start up a business. Laptops have a power that was unimaginable just a few years ago. It is possible to edit and create exceptional videos, buy business cards, source suppliers and meet potential customers via social media. Having a laptop and a smart phone allows you to be connected to the Internet almost constantly. Let your laptop be your office and your employee, it’s a fantastic way of keeping overheads down – which is one of the most important parts of starting a business.
If you’ve got to the point where you have decided you want to start up the business, it’s most likely you have an idea of how you are going to fund it. Business loans are notoriously difficult to obtain as an entrepreneur at the moment, so it is best to look for investments from other interested businesspeople or from your family. Many of my clients, and some of my favourite companies used family investments to start up their businesses. If you’re confident enough that your idea will be successful, you will be able to pay them back in no time! If borrowing money from your family isn’t an option, look into sourcing an investment. If you see promise in your idea, it is likely that others will, too.
And finally, perhaps the most important lesson of all; don’t let others put you off! From your boss at your current job to your best friend’s dog walkers aunt, everyone will have something to say about you starting your own business. The success of your idea rests on you having ultimate faith that the idea will work and you will make money. Don’t let your mind, or anyone else, talk you out of it!
By: Caroline Elvin