Here are my quick top tips for setting off on your business adventure!
- Do your market research – You don’t need to invent the wheel but you need to know if there is a demand for your service or product. This doesn’t need to be high tech – you could create a questionnaire online or a poll on social media (public not just your friends)
- Write a business plan – This can be used to raise finance but more importantly gives you a road map for when you need it.
- Check out all your start-up costs – insurance / equipment / products can all add up. Also make sure you look at start-up support which could help with these costs.
- Produce a 12 month cash flow forecast and budget – Sounds complicated if numbers are not your thing however it will be vital to ensure you don’t let the numbers get away from you.
- Think about buying into a franchise rather than starting a business from scratch – They will provide training / marketing and a brand with a track record.
- Check out your competitors – how can you stand out from the crowd?
- Use your savings rather than borrow – Using savings will keep overall costs down especially with a start up business with no previous financial records to secure your loan off of.
- Never stop marketing – it’s essential
- Keep going with the day job – Keeping a reliable source of income whilst building up your business will give you security before taking the plunge.
- Most importantly – work with a business mentor– your sounding board and critical friend. They can help your avoid the costly issues and help guide and encourage you.
