7 TIPS ON STARTING UP YOUR BUSINESS THAT NO ONE TOLD YOU ABOUT

Hey there! Have you decided to join the train of financial freedom by starting your own business? That’s great news. To help you on your journey, we’ve put together a few tips that you may have missed.

The World Bank estimates that small businesses make up about 90% of companies worldwide. You may see this number as an indication that there will be competition, but we see it as a testimony that starting up a business is a totally doable feat.

But, here’s another stat; 50% of small businesses in the US fail within the first five years.

So, we can infer that a business can only survive if you start well.

How can you do that? Well, these pointers can help put you on the right path.

1. Don’t overthink it

Yes, nurturing your business from scratch is a serious affair, and the need to hash out all the details is essential.

However, you should know when you’ve moved from planning to procrastination. No one can be perfect on the first try, so it’s good to remember that your business will develop as you go.

Drop those excuses and take that leap now.

2. Be solution-driven

Ask yourself if your product or service solves a problem for people. And if you aren’t a pioneer, what edge do you have over your competitors?

If your business is a copycat idea, you may want to review it or scrap it entirely.

3. Hear from others

An idea might sound so good in our heads, but is pretty whack or needs tweaks. Seeking advice from friends, family, and mentors can change your perspective and help you spot the holes in your business idea.

You should always remain calm and courteous, even when you receive ‘bad’ feedback.

4. Save Save Save

Starting up a business would require much money, and saving as early as possible can give you a good headstart in the funds department.

However, your own money might not be enough. You should consider other funding methods like family contributions, crowdfunding, grants, angel investors, and so on.

5. Draw up a business plan.

Yogi Berra, the famous baseball catcher, has this saying, “if you don’t know where you are going, you’ll end up someplace else.”

This quote applies to prospective business owners too.

You have to draw up a plan and budget that’ll serve as a map for your business, so you don’t stray.

6. Do your research

Make sure you check out the competition and what you need to offer to attract more customers. Make a checklist of all the legal steps you have to take to get your business up and running. Get the lowdown on where to source for cheap and quality materials.

Just do the research.

7. Market your clay

You may think that you shouldn’t reach out to people until you’ve built up your business, but that’s not true. Start selling your business on social media or a blog on your website from day one. People are interested in a well-told success story and will follow yours too.

Keep these clues at your fingertips when you’re starting up your business, and you should survive the dangerous early years. You should also be flexible and embrace changes as they come – especially technological ones.

Don’t doubt yourself; you can do it. All you need to do is put that idea on paper first!

Remember, if you need our help, we’re right here. Always.