7 Tips For Starting Up A Business
Nowadays it looks like everyone wants to be their own boss, to become an entrepreneur and with this there is a lot of excitement at the beginning to become successful. But the reality is that success may be a long time coming and we aren’t fully prepared for the journey. This sometimes leaves us feeling deflated, disappointed, discouraged and some of us even quit! But with the right advice from the outset we can get through the tough times and still succeed as we had dreamed. In this week’s #toptipstuesday post, our #BLBGM Dr Monowar Hossen, MBA, MHE provides 7 key things you need to focus on before launching your business to make your dream a success. So here goes…
Tip-1: Know yourself, your true motivational level, and what you’re willing to do to be successful. Do something you love. Know your purpose. Believe in yourself. Surround yourself with the right people. Learn from criticism.
Tip-2: Research your market thoroughly and be sure there really is a market for what you want to sell. Know your customers, identify your competitors and pay attention to detail to the 7Ps (Product, Place, Price, Promotion, People, Process and Physical Environment).
Tip-3: Choose the right business for you. Get a suitable name, design a business logo, and develop your brand. Choose the right business structure. Get the business licenses you need. Obtain proper business insurance. You can seek help from https://www.gov.uk/set-up-business
Tip-4: Create a realistic business plan, don’t over-extend yourself, and plan to succeed. Don’t plan forever, do it in short time periods. Develop the related policies and try to get the accreditations. Find a mentor and contact business support organisations for advice and other assistance. You can get free business support from www.buildinglegacies.co.uk
Tip-5: Get your financial information right. Do your cost analysis, sales forecast and cash flow. Raise the right amount of capital. Know the amount of money you can risk. Think about how attractive your start-up offer may be to investors.
Tip-6: Market and promote your company consistently. Use a range of communication tools including E-mail, website and social media. Make your executive summary convincing.
Tip-7: Implement your plan properly. Start small before going all out. Don’t give up, be dedicated to work, but find time to relax. Negotiate everything.
When starting up, there is so much to do and think about, so why not consider the Plan, Do Check and Act (PDCA) management model, by W.Edwards Deming, to help you on your way.
Dr Monowar Hossen, MBA, MHE is a Business Growth Manager (BGM) for the Building Legacies programme and specialises in – start-up-business, strategic business planning, policy setup, business & cost analysis, networking andstress Management in the workplace.
Monowar provides the following areas of support to his Building Legacies clients: business planning & policies implementation, cash flow, sales forecasting, growth mapping, business analysis and advising clients on how to maintain a healthy business lifestyle.