The 5 Best Tips & Tricks for Starting a New Business
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When you’re starting a new business, the first thing you want to do is compile all the advice and publicly available data in the UK you can.
You want to know everything, what business entity to go with, how to do certain things like quickly register your business, and which way is the best way of paying taxes. However, sometimes the plethora of advice can become conflicting and overwhelming.
Rather than add to that, in this blog we’re going to address 5 little known tips and tricks that all new or wannabe business owners can use as they progress forward in their journeys.
1. Ignore Excuses
Everyone’s at least had someone say to them, “I was going to start my own business once.”
Whilst it’s an age-old cliche, it’s also true. Many people do dream of starting their own business and beginning their own entrepreneurial journey – they just never do.
Starting a business can be overwhelming and it requires a lot of discipline, confidence, and self-belief. For some this burdens them, and they worry about failing.
There are a million cases to not start a business, but there are a million cases to start it too. Nagging thoughts like money, time, and responsibility can play on you, but so should those feelings of excitement, independence, and freedom.
It’s perfectly normal to consider the risks of starting a business, but it’s also important to recognize that those risks may never happen and instead you may risk never accomplishing your goals.
Where possible, ignore self-doubt, worry and lack of self-confidence. Own your business, keep an eye on your dreams and go into it wholeheartedly.
2. Be a Sponge
By listening to friends, family, and experts you can gain valuable information that is both beneficial to you and your business goals.
Work out ideas in your head and write things down as you learn or develop them.
Another great trick is to read people’s body language when you talk about your business idea. Are they happy? Excited? Or are they just being diplomatic and not engaging too much because they’re unsure? Encourage everyone, from close friends to wider audiences on the internet, to be honest with you.
Take advice from experts and other successful business owners. They are the best resources to tap because they will know what does and doesn’t work and may be able to apply it to your own business.
3. Be a solution
One important thing to do when you start to plan your business is to think about what problem it will solve. Many start from the opposite side and think about how to sell, but actually showcasing how you will solve a problem will sell your product or service without you really needing to.
Your business idea should solve a consumer problem or take advantage of a preexisting gap in the market.
Really focus on why you’re opening your business and what it will do for your consumers. Understanding your motives will help you market your business much more efficiently and help with your elevator pitches too.
4. Be Concise
All business owners are guilty of getting over-passionate about their business and going into long rants about how great it is, but as a newbie, you need to narrow this down.
Don’t let your concept become overcomplicated, and don’t let your business’s byline or elevator pitch turn into the pages of a thesis. Otherwise, you’re likely to not attract consumers and also lose investors’ interest.
Start small and keep your focus narrowed, with your idea succinct. Explain your idea to friends and family in as few words as possible and make sure they understand it.
Then take a look at your business offering. Leave behind anything that feels unnecessary or overcomplicated, making sure the core of the business can achieve its goals. You can always add features back in when the business is more stable.
5. Balance passion and wisdom
If you’re not passionate about your business, then you shouldn’t start it. It may sound harsh, but starting a business is a lot of work and eventually, if you do not have the drive or love for it, you will end up abandoning it later down the road.
Passion consistently drives you to improve and better your business so that it can keep flourishing. However, you have to make sure to have a balance. If passion takes over all your decisions it could impact knowledge that could lead you to other good opportunities.
To create this balance, make sure that you conduct market research on both your industry and consumer base. This will make sure that there is an avenue for the project you’re so passionate about.
Then network so that you can ask other accomplished business owners questions about your business and how they feel. Expand your reach to trusted professionals, like bookkeepers or lawyers. This expands your knowledge. Together, the right drive of passion and knowledge will keep your business advancing forward in the right, safeguarded direction.