It’s a tough old world out there for new businesses thanks to today’s troubled economy, and people looking to make their start-up a success need all the help and advice they can get!
- Whilst many are keen to push troubling figures that scare entrepreneurs away
- I’m eager to share a few tips and stats to support the new businesses that, if successful
- Eill shape our economy for the better in the years to come
According to a recent survey
The SME world has come on leaps and bounds and whilst 1 in 3 businesses fail in the first three years
- More and more start-ups are intent on giving it a go with some 424,161 new businesses born in 2012 (BIS.gov).
- The experts at educational resource
- Getting-In, have compiled 5 tips to help students and people of all ages make their way in the world of business
- Get a Good Grounding Starting your own business has so many logistics so whilst a great idea is important
- Knowing your mustard is also essential
Doing a course in Business Studies may be your key to putting your best foot forward when it comes to starting your own business and whilst many people are taking the leap without academic backing, many younger entrepreneurs take business at school or college to learn the basics before they launch into the industry.
Develop a Business Plan
This is where knowing the basics of how business works is really tested. Many start-ups need to secure financial backing to begin and banks and other lenders need to see a detailed business plan before they invest.
- This plan will include everything from start-ups costs
- Long-term goals
- Marketing plans and details regarding expansion
- The more detailed your business plan is the better prospects you have when it comes to securing investment
- Even if you don’t require start-up capital, it helps to have a business plan to keep you
- Your partners on the right track, both in the early days and years down the line.
Bag a Business Mentor Having
A mentor you can rely on for advice is also helpful. In fact, someone who has successfully launched their own business and is happy to help when it comes to offering guidance can be a start-up’s secret weapon. There are also a variety of online resources and helplines dedicated to advising small to medium business owners.
Don’t be Hasty
It may seem tempting to use your great idea and run with it but it is important to be realistic when it comes to creating a new business. Don’t quit your day job unless you have the financial backing to support yourself for at least six months. Many start-ups spend years working a full-time job and working on their businesses in the time they have left before biting the bullet. Make sure you have enough savings to cover your overheads and household bills for a number of months and don’t let risk outweigh the rewards of your new business venture.
Be Prepared to Compete Keeping
your business and its prices competitive is the key when with comes to a service or product based venture. Today people simply don’t have the disposable income they once had and are more vigilant with how and where they spend their money.
Capitalize on where your business is unique too to put you ahead of your competitors.