Starting a business can be very overwhelming and daunting but there is plenty of support out there for you. It can be hard to juggle everything and feel ‘on top of it all’, but it is worth it in the end.
Becoming a small business owner or entrepreneur is one of the most challenging things you can do in life, but it can be made easier when you follow some steps to ensure you are on the right track. Here are 6 do’s and don’ts for success starting a business:
Without a doubt, one of the most important things to do is pick a business idea that you love and have a passion for. It can’t just be a hobby you enjoy doing, you need to want to breathe, eat and live the chosen pathway.
The most important thing to remember is to never pick something for financial reasons; don’t just do it for the money. You have to really love what you’re doing as it will drain you- so being passionate about it makes it worth it.
As mentioned before, there is plenty of support out there to help you with your incredibly exciting, but challenging journey of launching a business. Don’t forget a business mentor can help you make huge step changes in your success. Have you found someone to help mentor you through these early days? If not, make this a priority.
As part of your business plan, you should have made some predictions about the financial forecast of the business for a period of time. It’s really important to take financial matters seriously, and to keep an eye on them. Don’t shy away from your business maths.
We can all have stubborn attributes at time, especially when it comes to taking care of serious matters. You want what’s best for your business, so at times you try and juggle it all because then you know everything has been taken care of in the way you want it to.
Don’t think you can do it all yourself; you will need to delegate certain tasks. Just make sure to explain exactly what you want doing and how and then leave it up to someone else whilst you focus on other areas of the business.
You need to get out there and do some primary and secondary research before you launch a product. Don’t assume ANYTHING.
Market research is a great way of finding out what customers and your audience really want, before you pour all of your money into a product that no one wants.
You can also do trials of products and get people to test it out before you do a huge launch, this way you can make tweaks as and when you need to with it. Remember, you need to provide something that is wanted, that there is a gap for. Don’t just rush into a launching product because you like it. What does your audience want or need?
Finally, the most difficult one is knowing when to quit. No one starts up a business wanting to quit one day, of course you want your idea to succeed. But, don’t keep pushing a start up idea if it just doesn’t stack up commercially - you’re a business not a charity!
You do not want to end up in debt or with a failed business, so know when to call it a day. Nothing is ever a failure, the journey and process you have been on would have taught you so much, so take the lessons and move onto a new chapter of your life. Sometimes you can be unsuccessful a few times in a row, but having learnt lessons, you may then come up with a brilliant business idea, which is very successful.
We hope that these 6 do’s and don’ts have helped you. Starting a business is not an easy task, but with plenty of online help and guidance, you can avoid making too many mistakes and can be on the road to success. If you feel you would benefit from talking to one of our business coaches feel free to contact us as we would be happy to help.