Putting these steps into place now will give you a better chance of long term business success
There are lots of reasons why people are so tempted by the idea of running their own business. For one thing, you get to be your own boss, set your own hours, make the rules and follow you dream.
But starting your own business is also a lot of hard work. It takes a huge amount of perseverance and elbow grease, not to mention planning. That’s why we’re here to help. From researching and making the most of social media to following your passion and exploring bespoke software development, here are our top tips for all new entrepreneurs.
Get on top of your finances, and stay on top of your finances
Like it or not, starting a business and running a business both depend hugely on money. Your budget is your most important asset, especially in the early days, so make sure you have a clear idea of how much you have to spend and where your money is going.
This means planning out your spending out meticulously, and putting aside a sum of money in case of an emergency purchase or repair. You’ll also need to get familiar with the taxes you’ll need to pay, and keep a calendar of when you can expect (and should be sending out) invoices.
Bespoke software development
The software you choose is just as important as the people you hire or your choice of workspace. We rely so heavily on technology now for productivity and communication, so the right software is crucial. And bespoke software development is a fantastic option for entrepreneurs looking to invest in software that can grow with you and your organisation.
Bespoke software development is tailored to your specific needs, offering the services you need without having to pay for any unnecessary extras.
Do your research
There is no such thing as too much research when it comes to starting a business. There is a lot to consider, especially if you’re starting from scratch. Think about who your customers will be, how you’ll get supplies, will you rely on local custom or will you be largely online? You need to get a clear idea of whether your business has a chance of success before you throw everything you have at it. Go beyond books and the web and speak to people who have started their own businesses about their experience. What was their biggest issue when starting out?
Have a one year plan, a five year plan
Plan for tomorrow, but plan for today too. It’s great to have a vision of where you want your business to be in years to come, but you’ll then need to plan your way backwards from that point in stepping stones, becoming smaller and smaller and more detailed the closer to now you get.
If you want to be an established global brand in the next decade, where will you need to be in five years to make that happen? And in order to reach your five year goal, how will things need to look a year from now?
Follow your passion
Ask anyone who has started their own business, and they’ll tell you how it consumed the vast majority of their time and thinking. At least while you get things set up, your business is likely to become the most demanding factor in your life, so above all else it should be something you enjoy.
Start a business about something you’re passionate about, not just something you think will sell. If you enjoy your business, you’re more likely to attract customers who will enjoy it too.