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Start a business, some tips and advice prior to opening

Start a business tips : Research your target area throughly and compare it to what you'd like to offer!

Start a business tips : Research your target area throughly and compare it to what you’d like to offer!

Perhaps one of the most important things to do before opening a business, is to research the market in your area. How many companies in your area offer similar services and products? What are their pricings? Are they long-lasting companies that already expanded successfully elsewhere? These are just some of the questions that you should research prior to opening a business. It’s often tough for new businesses to compete with established companies that have been attracting clients for years and already created a trust network with their customers.

Speak to those who succeeded and failed

When starting a business, it is of a vital importance to realise that it’s a long-term arrangement and your full commitment will be needed. Have a chat with those entrepreneurs who have made their business expand and grow as well as those who have failed. The information supplied by these people will provide helpful and real-life context for you, as a person who wants to go down the road of opening a business from scratch. You will gain a wider understanding of how life changes in terms of finances, relationships, health, emotions and more.

Prepare for the unexpected

Broadly speaking, a start up entrepreneur will already have a list of things in their head that they need in order for their business to start running; an office space, equipment and well trained staff. Having a plan and a routine is great however in business anything can happen. Always have a back up plan if everything fails. Be sure that the products you sell can be re-sold again, therefore minimizing your losses significantly. Frequently, business start-ups take loans and credits from their banks, and well that money will have to be paid back eventually. Therefore it is of a great importance that you do your research and know you can minimize the losses by for example, re-selling your goods.

Find a guru

Many small business have successfully grown and expanded not due to the entrepreneur but the person that has supplied a wealth of knowledge to the company leader. A guru will be able to guide your business in the correct direction, in terms of growing the company and profit as well as providing you with business tips that will remain with you forever.

When looking for a guru, make sure that they have experience in the field of work that your company offers

When looking for a guru, make sure that they have experience in the field of work that your company offers

Start a business: a Summary

  • Find out your potential competitors, their services and prices.
  • Take some time getting know the ins and outs of being an enterpreneur and starting a business from other people’s experiences.
  • Have an emergency plan in case the business fails
  • Look out for business guru’s that will guide you through the start of your journey

 

Resources

InsightBee – market analysis tool

Startup Lawyer UK