Top Tips for Start Ups

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Top Tips for Start UpsAre you ready to take the plunge and start up a business? Learn more about the top tips to help you succeed

So you have a business idea that you would like to put into practice. Starting up a business requires a lot of planning and dedication, and there are so many things to keep in mind that it is easy to overlook some essential elements . Asking for advice is a wise thing to do, but since everyone seems to have their own recipe for success, you may end up with an overwhelming amount of information.

In this article we have gathered the top tips for start ups as given by the most successful entrepreneurs and précised them down into 5 top tips:

1. You don’t have to go it alone

While it is not necessary to go to business school in order to start and run a successful business, first-time business owners can benefit immensely from specialist help and advice. It pays to research all the options that might be available to you in your local area, such as mentoring schemes, workshops, seminars, networking events, essential business training, and online business communities. A good place to start is the government initiative known as the School for Start-ups Launcher Programme, which holds regular events throughout the country.

2. Learn from other people’s mistakes

It is always difficult to find a happy medium between being a risk-taker and being too conservative, but paying attention to the most common start-up mistakes can be helpful. These include setting prices too low or too high, offering too many discounts, being unfamiliar with the relevant industry rules and regulations, choosing a bad location, spending money without making enough first, and making bad choices when it comes to business partners or staff.

3. Don’t feel tempted to pass the buck

Being a business owner is about accountability. Of course, every start up will need accountants, solicitors, or financial advisors, but this does not mean that you can “opt out” of being knowledgeable in these fields. As a business owner, you should have basic knowledge about legal, financial, and tax matters, as any errors will ultimately be your responsibility. It also helps to spend some time learning about marketing, PR, and IT skills and tools. It might sound like a lot of work, but help is available (as mentioned in the first section of this article).

4. Pace yourself

Learn to prioritise and don’t be over-ambitious. You may have dozens of things on your to-do list, but it is more feasible (and less stressful) to focus on completing a few of them every week rather than trying to achieve too much and ending up with mediocre results.

5. Business model vs business process

There is no denying that business models are useful when it comes to implementing a new idea. However, successful business people like serial entrepreneur GurbakshChahal warn start ups against focussing too much on the model and overlooking the process. Businesses and their clients are dynamic and changing entities, so it is wise to have a plan B in case things do not work out as expected and to be attuned to customer needs through research and feedback from day one. Look ahead and get into the habit of thinking about what the next stage of your business might involve.

By considering the points raised above and by being always on the lookout for potential problems, you can minimise the risks and stress associated with launching a new start up, while increasing your chances of success. Starting a business will include many pitfalls and security concerns especially if you are selling online. It is worth while taking the advice of industry specialists for technical issues like small business credit card acceptance and tax matters.

Image taken by swisscan on Flickr

Greg is a blogger who enjoys writing articles which give advice to small business owners.

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One Comment

  1. Informative blog shared!