There are many reasons for starting your own business – you might have that unique talent or product that hasn’t yet come to market or you might be feeling stuck in a dead-end job, pushed around by your boss and not having enough time to spend with your family, or simply being unemployed and sick of waiting for employment opportunities.
Setting up a company yourself can seem daunting at first and needs careful though, especially with the economy seemingly on shaky ground. But tough times can still offer real opportunities for people who are looking to go it alone. Here are some top tips and advice you’ll need if you’re thinking of starting out on your own:
Is now the right time?
Starting a business is challenging at any time, but if you find a niche that will work for you and allow you to focus your talents and energy into developing a product or service that is truly needed or wanted, then nothing need get in your way.
The plus side of starting a business when times are hard is that you are there for when growth arrives. There is also the opportunity to gain valuable survival experience that may come in useful at a later date.
What is your business?
Many businesses and entrepreneurs find their niche via market research and analysis tools, which can be clever. However, many successful businesses simply find a need that they can meet where there is presently a gap. Have you found a gap in the market? Zone in it, and use it to your full advantage.
Nowadays you don’t need an abundance of resources to start your own business, and you’ll find you’ve probably already got most of the tools you’ll need; a mobile phone, a laptop, internet access, a notepad and pen an d loads of energy. With a laptop, you’ll be able to manage communications, design software and graphics, edit sound and videos and manage all the details of your business start-up with minimal expense. Clever viral marketing and social media can come later and help drum up interest in your business.
In order for many businesses to succeed, they need a good story that captures the imagination and helps to create interest in what you’re doing, so don’t be afraid to step up and tell your story, whether it’s to sponsors, investors, clients or consumers.
Although starting a business used to require a pot of money, either from savings, relatives or bank loans (reputedly easier said than done these days), it’s not as essential as it used to be. As starting a business has gradually become simpler, the costs have, too. Many entrepreneurs are now turning to crowd funding sources, up-front orders and credit card loans to fund their business.
Of course, making money is always nice, and positive cash-flow in a business is usually praised, but expansion is even better. For your business to grow and flourish, you should be prepared to make some sacrifices in good times, and go for gold.
Act responsibly. It’s easy to let the excitement of the first big order take your eye off the detail. Keep a close control of your cashflow – that is what keeps your business alive. Even though lenders such as myjar.com always seek to lend responsibly, you need to make sure that you only borrow what you know the business can afford to repay.
Share your success.
Join on-line business forums. Tell people if it is going well – there will always be other business who are looking to work with successful new start-ups.