Starting in Business - Part 1
Thinking of starting up on your own. Then take some advice from Nick Montgomery about things to consider along the way.
Here's 10 tips to consider when starting up your business or going self-employed.
1. Understand your business proposition.
Understanding your product/service inside out. Competitors, substitute products/services and be clear about the benefits and value your business is providing. This will help in Pricing and Positioning.
2. Know your market.
International? National or local. It may be all three but you'll have to treat them differently!
3. Spend time developing you business plan
and seek help from an experienced and trusted source in putting it together. Chambers of Commerce could be a good starting point for free advice.
4. Finance.
Be realistic in your cashflow requirement. Remember customers dont always pay on time! You may need to save or borrow some money to live on and a safety net. This is a big one most businesses fail because they run out of cash!!
5. Get an Accountant
early doors. Enough said.
6. Keep your business bank account seperate from your current account.
Trust me it helps. It doesn't necessarily have to be a business account though, ask your accountant and or a financial advisor.
7. A properly qualified Lawyer is a must when entering into contractual agreements
particularly If your involved in Patenting products etc. Take Advise from someone whose been through this already It will save you a lot of heartache!
8. Get to grips with the Inland revenue (IR)
and set up your standing order for National Insurance (NI) so you dont have to worry about it. The IR are pretty good and offer courses to new business start ups.
9. Appoint your own business Mentor.
It can be lonely if your on your own so the opportunity to sit down with an experienced business person and off load could help you sleep at night. This can be an official from a business support agency like Business Link or a friend, or even a friend of a friend.
10. Someone told me it took them ten years to be an overnight success!
Be prepared, work smart dont be a busy fool, your time is a preciuos commodity but dont forget to build in some downtime. This takes discipline but is essential!!