Business Advice on Starting a Business to Ensure Success
Malcolm Tilsed has been working in business for over 40 years. He run’s a very successful online training business, which are both low cost and great to help businesses, both small and large.
Starting a business for the first time is a BIG worry and many people worry about failure. Give your new business the best chance of success with these business tips from Greenbox Management Solutions Limited.
1) Have Fun, Be Passionate
Your new business will be a BIG success if you enjoy and are passionate about what do. You have to be fired up about your business.You’re got to devote a lot of time and energy to starting a business and building success, so it’s really important that you truly deeply enjoy the venture and have fun.
2) Write a Business Plan
There is lot’s of help out there to help you write a good business plan for your new business. A well put together business plan can help you avoid putting loads of your time and money into starting a business that will not succeed.
3) Start Your NEW Business While You Are Still Employed
Be sensible starting your new business, most people can’t live without money? So build your business on a part time bases first, then once your passion turns into profits, that’s the the time to look at working full time, to create your passion into your dreams and securing finianal freedom for you and your family for the future. Having employment while you’re starting a business means money in your pocket while you’re going through the start-up process.
4) Do Your Research
You need to do a-lot of research when writing your business plan. But you need to do a-lot research into becoming an expert in your field, if you are not already. Think about why people will buy from you, and not your competitor’s, look at experts in the business field that you are looking at. Try and improve on their standards. Look at price, customer service, suppliers, ask yourself the question what is my USP Unique Selling Proposition.
5) Get your legal and tax responsibilities right first time
Decide if you going to be a sole trader, limited company etc, Are you going to register your new business for VAT. these are important questions that you much decide in the early stages of planning your new business. Are you going to employ people in your business. You need to look at employment law. Health & Safety. Your business will need to be registered. Make certain that you know your legal and tax responsibilities are before you start your business.
6) Don’t Do Everything your self.
Get help, build a support system while you’re starting and continue with your business. Maybe you have an old boss or a mentor, family member or friend, where you can bounce ideas off and they will listen and give you honest feedback. When starting a new business experienced help and guidance is the best support system of all. Look at your competitors why are they successfully, can you do better?
7) Get Clients or Customers Lined Up
One golden rule 80% of your sales come from just 20% of your product of services, so look after the 20% of your customers and make certain that the top 20% of your products or services are always available and in stock. Start lining up customer’s before you start your business. Look at doing networking, social media, have you got a website? Logo etc. Build a list of contacts. Get reviews for your business, start marketing your business as soon as possible.
8) Get Professional Help
You need to find a good local accountant who can help and guild you. You don’t need to be an expert on everything. You can find invoice & contract templates online, or you may wish to hire a solicitor. Remember you need to concentrate on the business, not get tied up or side tracked, try an outsource as much as possible, without losing control. You could waste more time and money, in the long run, trying to do everything yourself.
8) Finances are they in place
Think about do you need to borrow or take out a loan out to start your business, you certainly don’t want to get yourself ladened with debt. So work out on your business plan what you need, are there grants available to start your business or potential investors and lenders, with low interest rates. I believe that it is better to start a business part time, then build up some cash, a lender is more likely to lend you cash if they see that you are matching and contributing to the business. Don’t expect to be on a luxury yacht in the south of France within 12 months, it take time to build up the finances.
10) Get your Legal & Tax Issues right
If you are employing staff, you need to pay NI Taxes and pension contributions. Also Insurance your employees. There is a-lot of information on the government website. Don’t be afraid to ask, many people will only be to pleased to pass on their knowledge to help start up businesses. Understand and learn what your legal and tax responsibilities are before you start your business.
I hope that the above will help you on the way to starting a new and exciting business, please feel free to email me, if I can help you I will. Get the above right and you will have a new business that is both smoother, and less stressful which will go a long way towards ensuring the business you start lasts and thrives. Good luck and don’t forget to visit www.greenboxmanagement.com where you will find more help for your new and exciting business. Enjoy and have fun, and I wish you every success with your business.