Setting up a business is a dream come true for some people and something that others wouldn’t touch with a barge pole. A high proportion of businesses fail but you don’t need to be one of this statistic with careful planning and research.
There are many catalysts to setting up a business; spotting a gap in the market; taking on a franchise, commercial demand for something you do as a hobby; the opportunity to buy an existing business, being made redundant and having a cash sum; wanting more freedom or money etc.
So how can you set up your own business with minimum stress, expediently to create ease in future?
Below are some tips to maximise your chances of success:
- Do thorough research into the demand for your product or service including the market, pricing and competitors and especially find out what your customers’ needs and desires are
- Ensure that your product or service is different or better in a way that is relevant to the needs of your target audience, not simply something that you like
- Buy a book and/or do an on-line course in setting up a business
- Take advantage of any cheap or free training available from the local council, Chamber of commerce or other government initiatives etc
- Create a thorough yet simple business plan that is user-friendly for ongoing monthly use
- Have some savings to take the pressure off in the first few months and work out your break-even costs to cover key expenses. Ensure you don’t overstretch yourself financially and have a proactive business banker and accountant to give you expert advice
- Set up I.T. and efficient filing systems and templates that will save you time in the long run when you get even busier
- Plan time in your diary to network and do marketing and also to review progress and plan next steps. It is easy to put off things that aren’t urgent but vital to invest time in important not urgent activities.
- Network face to face or on-line with other self-employed people through organisations such as BNI or Linked in. Not only can they generate business for you, they’ll also give you support and advice
- Think carefully about the environment in which you’ll work – this can really affect both your productivity and how you feel
- Get a business coach or mentor to help you to minimise mistakes and fast track success
- Ensure that you get key people in your life on board; partner, kids etc so that their support helps rather than hinders you
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Read how we help our clients
Hobby becoming a business
https://www.inspiringportfoliocareers.com/hobby-becoming-a-business/
Turning a passion into a business
https://www.inspiringportfoliocareers.com/turning-a-passion-into-a-business/
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https://www.inspiringportfoliocareers.com/turning-a-strength-into-a-business/
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