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Top 10 start-up tips

20/01/2015

Start ups

 

 

 

Having recently started up my own business

I have had a few people ask me what would I advise or suggest as good start-up tips, so here goes;

 

1. Planning is key
Write a good business plan. Why spend valuable time and money on a business that won’t succeed, plan ahead and ensure that your resources are put to their best use. Besides that no lender will look at your proposal without a business plan.
2. Do the research
You will not only need to do copious amounts of market research for your business plan but your customers will expect you to be the guru in your field and therefore maintaining the highest level of CPD (Continued Professional Development) is a must. Associations are a good place to start so join some.
3. Start while you’re still employed
No-one can live without an income and most start-up don’t show any profit within the first year or two. So ease the financial pressure by starting things while you are still employed.
4. You’re not alone
Don’t entertain the idea of doing it alone “Everybody needs somebody sometimes” even if it is just a friendly ear to bounce new ideas off. Mentors are worth their weight in gold so chat to fellow entrepreneurs and use the tools available such as start-up groups, business grants and business federations.
5. Customers first
Be proactive it is never too early to promote your business. Attend as many networking events as possible and spread the word about your new endeavor, create hype about your opening, play on human curiosity. Get the clients calling before the bills come rolling in.
6. Let the professionals help
Don’t try and do everything yourself. Remember YOU are your business’ most valuable asset and time is money. So don’t tie yourself in knots setting up employment contracts or trying to get the books to balance, hire a good accountant and have a solicitor in your list of contacts.
7. Be professional from the start
Everything about you must ooze confidence and professionalism. Portray to others that you are serious about what you do, from your business email address to the way you brush your hair. Treat every lead as a potential top customer or investor.
8. Money, Money, Money
Get the finance lined up before you attempt to start. Save as much as you can yourself before you approach potential investors. Always have a back-up plan. Don’t expect the banks to lend you the money when you walk through their doors, most traditional lenders are reluctant to invest in a business which has no track record.
9. Tax & Legal first time every time
It costs many businesses thousands of pounds a year in fees to fix the mess left when things are done wrong. Do your homework and know your tax and legal responsibilities to her majesty, your employees and your customers to prevent those unnecessary expensive fees. A great starting platform is www.gov.uk.
And last but most certainly not least, probably the most important point of all.
10. DO WHAT YOU LOVE
We all have a gift or talent so when venturing out onto your own make sure you put yours to good use. You will be spending a lot of your time and energy on your own business so it will help if you enjoy what you are doing. “Entrepreneurs work 63% longer hours than average workers”

Remember White Collar Consultants are here to help you reach your full potential.
GOOD LUCK

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