In 2015, over 600,000 new businesses were launched in the UK.
We’re a nation of entrepreneurs but starting a business isn’t easy, it requires hard work, dedication a lot of sacrifices. But if you persist, know your market and give it your all, then you have a shot at running a successful business.
Check out my top four tips for starting a business below.
Be Nothing but Passionate
Having a passion for your field and business is the main catalyst of being a successful businessman.
This will come naturally to a lot of people who come up with innovative and entrepreneurial ideas as their concept will have grown with them. When you tell others about the business, when you speak to fellow businessmen, investors or banks this passion needs to shine through so they too are on board with your idea.
Perfect Your Business Plan
Business plans are no fun to write and will often take many, many rewrites, edits and scraps.
But perseverance is key and you need to get as many eyes on it as possible before you submit it. You need to ensure there are no holes in your plan, your finances add up coherently and you have realistic plans for the future.
Have you ever seen an episode of The Apprentice with Alan Sugar? You know, the one where they trawl through their business plans, and it’s excruciatingly painful? Well, when writing yours – prepare like you’re about to go into that interview.
Have a Clear Financial Strategy
Like the above, you need to be clear about your financial plan before you do any kind of trading.
It can be so easy to overspend, especially within the first few months or years but you need to be careful you don’t get ahead of yourself.
I once read that once you set out your budget, immediately half it!
Hard to swallow but with a little careful planning and major budgeting, it is possible and can really make the difference is helping you to succeed.
Know Your Market
Knowing your target market is not only key to understanding your business but also understanding your customer.
You need to get inside their heads, understand what they want and need and how you are going to give it to them. Run numerous research projects, organise focus groups and talk to strangers on the streets. You need to establish that your service or product is going to change their lives for the better, and to do so you need to know your market.
So there you have Bateleurs top five tips for starting a business, there are of course many more factors which contribute to the success of the business. If you have some business tips and advice you want to share with the Bateleurs community, then please get in touch today.
If you have a start-up business story you’d like to tell, whether it’s good or bad, we’d love to hear from you by heading to our contribute page.