These days more and more people are getting into ‘start-ups’, and they are becoming an increasingly popular way for individuals who want to take control of their own financial and employment destiny. As a blogger/writer and photographer I’ve had a lot of experience of start-ups in the last 5 years, and wanted to share with you some practical advice which I’ve certainly benefitted from along the rocky road of business start-ups!
Top Tips for a New Start-Up Business
Start with an Idea
If you’re thinking of starting up a business, you’ll first need to come up with a realistic idea which you can turn into a product or service. As your idea develops you’ll need to research, research, research! Find out who else is doing something similar, and research as much as you can about your potential competitors! How are you going to stand out and be unique?
You may have an idea for a business or have created something you think people will want to purchase. Once you have identified who your potential customers are, start talking to them about your idea. You need to get as much feedback as you can. Listen to the feedback and adapt your ideas before you launch your business concept.
Write a Business Plan
This needs to clearly show the results of the above feedback and explain in much more detail how you can turn your idea into viable business. You need clear objectives and time frames, and need to plan every aspect of your business from suppliers, to retail outlets and marketing.
Even if you intend to be a ‘sole trader’ and work alone, your business is likely to involve working with others including partners, suppliers and distributors. Source people with relevant skills and knowledge, and don’t feel you need to be an expert at everything.
A clear and well-organised working space is essential for helping you stay in control of every aspect of your business. It’s especially important if you are working from home. If home working isn’t a viable option, look to rent some office space once you’re in a financial position to do so. There are lots of online sources such as Instant Offices.
It may well be that you want to carry stock. Good advice is to never carry more stock than you need, and to be especially careful when you’re starting a new business, as no-one wants to store or purchase lots of stock which might not sell! If, however, you sell a lot of large items and need fast and efficient storage then look at warehouse storage solutions, where a professional team can set up pallet racking for your business. Pallet racking is the ultimate solution to arrange and re-arrange stock in customised pallets specifically tailored to your business type.
You need good financial advisers when you are handling complex issues such as finances, tax and business law. Some people like to do their own accounts, but it’s always best to ensure you seek proper advice for tax and other business related issues. It will cost, but this is nothing compared to the piece of mind which comes from knowing your finances are in safe and efficient hands.
Finally, remember that no business owner can be good at everything, but all successful business people have someone close to them who is!
If you have any top tips for starting up a business, I’d love to hear from you!