Starting up your own business: The key do’s and don’ts

If you’ve had a great idea for a business but have left it to just gather dust, could it be worth resurrecting it? Should the idea of setting up a start-up company have ever crossed your mind, you may have wondered whether it was actually going to work. To help you out, we have come up with a list of things to do and what to avoid.

What to do:

• Think of selling a product or service that people will want/need. If marketed right, it will sell, meaning that your business will have at least some income to speak of.

• Do your research – going into it straight away can be disastrous. Look at any potential competitors, how well your market of choice is performing and your local area.

• Be flexible with your business plan. As suggested by Conference Genie, don’t be afraid to change anything, as it could actually help your business in the long run.

• Make room for expansion. This is important, especially if your business begins to succeed, as you want to see it expand. Make sure you have room in the office for more staff if needed and a plan for what to do with any surplus finance.

• Get value for money. Keeping costs down is important, but getting the cheapest of everything isn’t necessarily the best. Make sure whatever you buy such as furniture, tech and raw materials are of good quality before you part with your money.

• Take whatever legitimate financial aid you can. Loans to help start-ups are available.

What not to do:

• Rush into everything. Setting up a new business takes time, so ensure you get everything in place, even if you have deadlines in place.

• Get the best that money can buy. Before you start, make sure you budget effectively for everything from paper to transport.

• Do everything alone. Sometimes, having some help can ease your workload and ensure that at least some tasks done a little more speedily.

• Treat your customer as an afterthought. Ask them what they want, and do the best you can to give them what they request. In doing so, your business would seem more favourable.

• Ignoring the internet. This is a big no-no, as having an online presence is ideal for marketing, communication and sales. A website and social media pages are all good things to have.

This is a guest post for TheEmployable