Tips on Starting Up A New Business

Posted on December 1st, 2013 by admin
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Research is Key

First thing you need to do is go out there and research. You need to get to grips with whom your potential customers will be, as well as what they will need and how you can potentially offer it. This will also include key research such as getting appropriate price points to offer you service (which may be lower or higher than you were expecting!).

You will also want to research suppliers and get up to date price lists so you can see the kind of margins you’ll be operating on. This will allow you to see if you can make a viable business or not.

More importantly, don’t be afraid to go back to the drawing board with your initial idea, as you may need to adapt it or come up with a brand new idea totally.

Write Up A Business Plan

The next stage would be turn your research into a viable business plan that will ensure you keep focused on what your business has to offer and how you intend to achieve it.

Look for Partners & Suppliers

If you look for partners in your business whom have relavent skill sets to yours will allow you to keep looking after what your best at and will allow you to share the risk and allow you to share contacts, experience and expertise.

This is the point to start forming relationships with your potential suppliers and testing the waters. You need to quickly weed out those that are a waste of time and will prove to be unreliable (which may reflect on your business) and this is the time to negotiate prices.

Begin Marketing

Marketing is the key to any business that intends to become successful as well as stay successful. Whether this is through mediums such as paid for advertising or through more convention methods such as posters and flyers.

Although many business rely on foot traffic and word of mouth, to reach wider audiences modern businesses have to be ready and willing to embrace other sources of advertisings such as the internet and many business are turning to eBay and other sites to sell their products and service.

Other Considerations

Finances

All business require a certain amount of administration work such as keeping an eye of cash flow, chasing payments as well as ensuring that you have a steady stream of work and that the work you are currently doing isn’t below standard.

Although this is something you may not be good at, you can always bring in someone external or have a partner who is good at look at your finances every now and again to keep everything on track on a regular basis.

Be Aware of Your Own Personal Weaknesses

By being honest with your own strengths and weakness, you can help offset your own weakness and make sure your business is a success. For example, if you’re not good at marketing, considering seeking professional help or even help from a friend to help give you advice and provide a sounding board. If you’re good at what your do but terrible with number, consider hiring an accountant to look after your books.



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