28 September 2011

A few tips for those people starting a new business…

For those with an entrepreneurial spirit there is nothing quite like starting your own business. But of course, there are always trials and tribulations along the way. To increase your chances of success, you need to do your homework. Get the best advice you can, talk to other successful small business owners, read good books and spend time researching the business you are planning to set up.

Businesses tend to fail because the owners are overly optimistic when it comes to how much it will cost to set the business up, how long it will take and how much money they will generate. My advice is to see if it still stacks up when you double how much it will cost to start, double how long it will take to open the doors and halve the amount of income you think you will be able to generate. If you can still make a profit after this reality check, you could just be onto a winner.

Last but not least, enjoy the journey. You won’t start that many businesses in your life and I look at the start up phase as a honeymoon. Enjoy every minute and get ready for the hard but rewarding work to start.

One thought on “A few tips for those people starting a new business…”

  1. Naomi Wilson says:

    • KNOW your business – don’t start as a “feel good” Whim
    • Have the passion for your business – research, research, research.
    • Be financial – try not to borrow (unless you have a happy family member who will lend without interest”!
    • Keep a close eye on financials – seek help if you are not sure. Follow up quickly any amounts owing – don’t leave them in hope they will be paid. The longer you leave calling – the less likely you will recover the debt. Funnily enough – the longer your client owes you, the less they will purchase from you or use your services. Once you have collected the debt – they usually return to your services.
    • When you open – in this current climate – expect to work hard for 3-5 years before making a big profit (and even then that could be difficult).
    • Staff members will make or break you – select carefully and STROKE and support them.
    • Have a mentor – even if it is your bank Manager – talk.

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