Embarking on a journey of entrepreneurship can be daunting; continue to read and you will find ‘7 tips for Start Ups’, advising you on what to focus on and mistakes to avoid.
1. Create a business plan
You can use this plan to outline your USP (unique selling point), brand name, target market etc. There are templates you can use online to help you structure a detailed and comprehensive business plan. This lets others learn more about your concept and for potential investors to take your business seriously.
2. Keep it simple
Complicating your business will stress you out and take away from the quality of your service/product. The key to any successful start-up is making sure you understand your target market and what makes you stand out from the crowd.
3. Be passionate
It can be a hard road starting your own business. However resilience and belief in what you do can be the different between success and failure. Passion allows you to establish the core values behind your brand. It also gives you the motivation and discipline to deliver your mission, and meet like-minded people along the way.
4. Consider the costs
Financial planning is important to keep on track of your business expenses necessary to launch and operate. It is better to be over prepared than short on funds when bills occur. Where will you get your funding? Have you considered a business loan or investing your savings etc.?
5. Have a back-up plan
Although no one wants their start-up to fail, it is a good idea to consider different options if things start to go as unexpected. This is not to say you should give up on your dream, however, it is important to take calculated risks so you are still financially stable.
6. Remember, Start-Ups take time
Staring your own brand is a process, build in stages and try to earn a steady income with a regular day job. It is better to gradually transition from employee to entrepreneur then jumping right into the deep end. You will learn as you grow your business, and become more knowledgeable on what works and what does not.
7. Know the legal requirements
Before starting a small business get familiar with the laws, rules and regulations the government have set out. Consider talking to one of our experts at CBA for advice on how to set up your company.
How we can help
It is important to remember that there is no perfect formula for successful start ups, but it is a good idea to consider all the different ways to get started. Creating your own business can be challenging but immensely rewarding, sometimes it is worth taking the leap to see how far your idea can go! Here at Carrington Blake Accountancy we help assist you in all your business’ accounting needs. Contact us today for further information on the services we provide.