Chris Dowling

Business Consultant, Mentor and Coach

Starting your own business? Here are my 10 top tips

Here are my quick top tips for setting off on your business adventure!

  1. 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)
  2. Write a business plan – This can be used to raise finance but more importantly gives you a road map for when you need it.
  3. 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.
  4. 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.
  5. 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.
  6. Check out your competitors – how can you stand out from the crowd?
  7. 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. 
  8. Never stop marketing – it’s essential
  9. 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.
  10. 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.

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