5 things to think about when starting a business

VV 2 Dec

Are you toying with the idea of starting a business in 2015? If so, how do you plan on getting your enterprise off the ground?

Starting your own business can be scary. But do it properly and you could be about to embark on the most fulfilling and rewarding experience of your life. Here are 5 top tips to set you on the right path.

Find the right idea
First and foremost, you need an idea that’s going to take off. But don’t just settle for the first thing that pops into your head – come up with a number of potential ideas and then weigh up the pros and cons of each.

The best ideas are often those that fill a gap in the marketplace, rather than something that already exists.

Do your homework
Before you take the plunge, you need to figure out whether your idea will actually turn into a success story. Leave no stone unturned as you research the industry you’ll be entering, checking out rival products and services as you go.

Find out what sells and what doesn’t sell. Test the water by conducting surveys and questionnaires with consumers. After all, business is all about making money, so you need to know whether your idea is needed and wanted.

Think about the costs
How much will it cost to start your business and then keep it afloat? This is one of the most important questions you need an answer for. It will help you manage your enterprise more effectively, plus investors will want to know this.

You can then establish a budget and figure out where most of your money will be going. But don’t spend everything you have at once. Keep funds in reserve to cover any emergency investments further down the line.

Man in office writing on agenda

Seek out clients or customers
A business will not survive without clients or customers, so don’t wait until you’ve officially started your business to seek them out. Line them up beforehand and get the ball rolling as soon as possible.

It’s all about networking. Promote your product or service and hand out free samples. The marketing side of things can never come soon enough, particularly on social media. A presence on sites like Facebook and Twitter doesn’t break the bank either.

Don’t be afraid to ask for help
Launching a new business isn’t easy. It takes lots of time and effort, not to mention money, so look for help. Experienced guidance in the form of a mentor is priceless, so don’t be afraid to ask for advice.

The same goes for the financial side of things. Every little helps in the world of business. You should therefore explore all the types of funding available to you. There are tons of schemes and initiatives out there, so get searching.


Posted by Julie Tucker