Your Top Tips for Starting Up in Business

[Limeminds]

I know it's been mentioned several times already but writing a business plan cannot be underestimated. Its estimated that two-thirds of all business start without a plan and the same number go out of business within 3 years!!

Ray's mention about the Fed of small business is also a great idea, any advice and support you can get will help you keep on track even through the tough times. Business Link has plenty of free to access advice and there are always local networks and groups you can join.

Nurture your creativity and others.
Learn what your good at and improve it and don't ignore the people around you. An employee may be just a developer to you, but he may also be the key to your business growth.

Save money and use online application like google apps.
Google App's provides the facility for you to share documents with people around the world.

Why use microsoft office when you can use free open office.
It's a not brainer. One costs the earth and takes money out of that investment pot and the other is free. They both do the same job and use the same document types.

Offer your services in exchange for others.
Lawyers and accountants have been free for me from the beginning. Having web development and marketing skills also helps.

Learn what you usually pay for and do it yourself.
Accountant courses are cheap these days and you'll save so much more in the end.

Thats it for now, but i'll try and think of some more

[Mark]

Originally Posted by Limeminds

I know it's been mentioned several times already but writing a business plan cannot be underestimated. Its estimated that two-thirds of all business start without a plan and the same number go out of business within 3 years!!

Definitely agree with that (for the majority of businesses, particularly bricks and mortar ones). Emma started her beauty therapy business after qualifying in 2004 (I think it was) with no business plan. We'd not looked into (the lack of) sales/leads from 'passing traffic'. Basically, the business was poorly sited and it folded within a year. If we'd done our research...

[Marketester]

My trick: Do not slash your Market Research budget and do it online --> cost effective !

The current economic climate is having an impact on businesses large and small. Many are suffering while others are discovering new opportunities. Several people who lost their job think about launching their own business. What is clear is that the uncertainty means that researching a business’ market has never been more important.
Online market research offers both large and small research focussed organisations the chance to eliminate the costs involved with face-to-face, postal and telephone data collection. Organisations have begun to realise also the speed and data reliability offered by the internet.

[AboveParr]

Be realistic about what you can do yourself and also what will just eat into your productive time - then do what you can, outsource what you can't and get on with it!!!

[fundingportal]

Lots of great advice!

Always consider outsourcing; front office, back office, anything that isn't core to your business can potentially be outsourced on a 'pay-per-use' basis.

[Gerry Brannigan]

I would recommend phoning the competition as a customer to get a feel for what they are doing in regards to pricing, ability etc. Then think of ways to do what they do but better.

I did mystery calls on the competition and you can learn allot from doing this.

As a result I now carry out laptop repairs for some of the high street computer repair shops. How did that happen you might wonder, working with the competition. I found a gap in the market some might say. Some high street computer repair shops don't have the time to do some of the laptop repair jobs as this involves small components and different sized screws etc. and if you get them wrong and you are in trouble, which is a problem for high street shops as they also have to serve behind a counter adding to the interruptions.

So having discovered this gap I then went to the shops offering a white labelled laptop repair service.

Always best to know the competition before you jump in with both feet.

[tss4info]

... whenever you spend anything!

How do you file them (since they come in all shapes and sizes)?

14. OUTPUTS & INPUTS – Sole Traders

Use C5 or 9”x6” envelopes – two for each month, mark them with ALLOWABLE and NON-ALLOWABLE and the month name.

Daily: fill them from your wallet, pockets or desk.
Monthly: analyse and total them.

BENEFIT: No loose paperwork, no VAT Return or Year End panics, less money spent on bookkeepers and accountants.

[AboveParr]

Originally Posted by tss4info

How do you file them (since they come in all shapes and sizes)?

I staple several of the smaller ones onto scrap A4 paper, then they can all be filed in a folder together...

[Nathan-Hall]

Remember, business does not have ups and down

it has downs and ups! Prepare yourself for all the hard times properly, find yourself a good place to go to relax when(not if) times get tough - and use it!

Also if you are in a relationship, I can not stress the importance of spending half an hour(minimum) a day chilling out cuddling/hugging your partner - some time for you both to relax together, as they take the stress off your business as well, but tehy dont know all the facts of the day to day business.

Remember, you havent gone into business to get rich - you went into business to earn a living and be your own boss. Getting rich MAY be a byproduct of this, but dont count your chickens before they hatch!

There are a lot of cowboys out there, choose any supplier carefully - and trust your instinct more than anything else - if it seams wrong it usually is

Dont appear desperate: People do not buy from desperate people, some of us (myself included) have appeared desperate at times, usually due to the downs of business. Remember to talk things through with people you trust! and write your ads better

[Cloud4]

Work hard, Smartly! Be relentless and focused...

Most of all, look at the industry you are in, what everybody else is doing.. Then do it differently! Be different and remember people will always buy from people they can trust. Be one of them

Good luck

Phil

[AdamW]

Dont be afraid to say no to people or yourself.

Listen to your gut

Don't be clouded by emotion (difficult not too when it's your baby)

[B_Cal]

Do something you are passionate about.

Find people who are confident and passionate about what they do and are good at where you have gaps in your skill sets.

[TCHC]

Attend a business start up course like practical skills for business that teaches you how to write a business plan and even helps you test the viability of your idea. You may even be able to get government funding to help you pay for it. In the end you'll also walk away with a CMI accredited certificate.

[WaterCoolersDirect]

Originally Posted by Mark

I'm sure we all have some great start-up tips for new businesses so let's roll...

1. Logo first, website and branding second. [Oof! contentious!]

Over to you!

Start off with as few costs as possible, we started our on-line business in my loft conversion in Dursley Gloucestershire enabling us to spend only when essential items were business critical. office furniture for example was picked up from car boot sales and charity auctions.

Borrow as little as possible...and if unavoidable preferably not from credit cards or finance houses

Sell sell sell everyday to new prospects and potential suppliers to ensure some meaningful revenue is coming in as fast as possible. Challenge yourself at the close of every business day with 'have I done enough to keep us profitable and solvent'?

Determine payment terms up front with customers (up front if possible) and the longest terms possible with suppliers.

Use your contacts, friends and networks of friends to be given those all important first 'supporters' of your business and what it stands for!

All the very best

Fred Cairns Palmer

[writecombination]

My blog publishes business start up stories to inspire others who are thinking of self employment. I always ask the interviewees what advice they'd give to others following in their footsteps.

Here's the lastest example: BizOh - A Blog for Business: David Splashes Out in Scotland

If you'd like your story to be considered for publication (there's no charge) please let me know.

[Becky Bendle]

Agree with most of the above. Definately have a business plan in place so you have a direction.

The Federation of Small Businesses and Business Link I would also recommend.

[leemason]

Be adaptable. Almost certainly things won't go exactly the way that you plan but if you embrace the twists and turns and turn them to your advantage good things will follow.

As has already been said: know your market. Make sure you know your competition. If you are meeting customers who you know will look at the competition get your retaliation in first. It's always better to prime a potential customer with tricky questions to ask the opposition from the start rather than them come back to you with questions planted by competitors (if the come back that is). If you know a competitors weak point then don't just criticise them but subtly make suggestions that pick up on those weak points. That way you get the customer to do the work for you.

[SimplyDocs]

When starting a business you will need to make sure you have deals with certain legal issues. You dont have to spend money on a solicitor straight away. Check out whehter your bank offers any start-up lawyer consultation for free, see if your local university has a business start up centre - they might be able to help. Look online for some quality precedents for your contracts, agreements and legal requirement checklists.

[SimplyDocs]

When starting a business you will need to make sure you have deals with certain legal issues. You dont have to spend money on a solicitor straight away. Check out whehter your bank offers any start-up lawyer consultation for free, see if your local university has a business start up centre - they might be able to help. Look online for some quality precedents for your contracts, agreements and legal requirement checklists.