Six Tips That Will Make Starting Your Own Business Much Easier

There are few things that are more challenging than starting your own business, but there are also few things that are more exhilarating and fun. If you’ve always been driven to work independently and to be an entrepreneur, and if you’re full of ideas, chances are you’ve been thinking about starting your own company. Here are some tips on how you can do that…

Should You Quit Your Day Job?

When you’re starting your own business, life can feel very precarious, and it will feel even more wobbly if you’ve quit your day job. It can be extremely tempting to throw every single bit of your time and energy into your new product and company, but initially that might not be the best thing to do. If you want to get things done, you will manage to get them done in your down time in the evenings and at weekends. You’ll pick up new ideas at work every day, and the regular salary that you bring in from there will enable you to take more risks than you otherwise might be able to. You can also use your day job as a way to network, to meet people, and to pick up new skills that you can then pour into your own business.

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Find Your Investors

Naturally, the top reason that a new company fails in the first year is, to put it simply, running out of cash. You may think that you have enough to fund a start-up but costs will rise more quickly than you thought, and no matter what you plan for, there will always be other things that you find you need to pay for. It’s a great idea to get some investors on board to pour some cash into the business. Friends and family are one option – they will absolutely believe in you and what you’re doing, but equally, sometimes putting money into personal relationships isn’t a great idea. Finding an angel investor is something that many young entrepreneurs want to do, so it’s a good idea to keep your eyes open to find someone that you may get along with and be able to share a vision with. An angel investor is an individual with a high net worth who provides financial backing for small businesses in exchange for some ownership equity. After some time, and after you’ve made some money, you can always buy them out so you have sole ownership again.

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Create A Business Plan

If you don’t have a business plan, your company is only an idea and a dream that probably won’t end up coming true. You need to put pen to paper and outline what exactly it is that you want to get out of your business – what your objectives are, who you want to reach, how much money you need to make in order to continue. You should be able to break down what your business does into an elevator pitch, one sentence that sums it all up and which you can tell people when they ask what you do. Although you have this plan, remember that flexibility is important: you need to roll with the punches and make sure that you amend your plans based on what actually happens.

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Work Out What You Can Delegate

Let’s face it: very few people start a company because they’re desperate to work out how exactly they can do payroll. There are some things that you need to accept that you simply won’t excel at, and those are the things that you can delegate to outside companies. This may seem expensive, but you’re actually partly paying for that free time that you can spend doing something else. IT services are something else that you should outsource unless it’s an area in which you truly excel – areas like internet security and identity governance should not be trivialised, so it’s important to get the professionals in who really know what they’re doing. Likewise, why not hire freelancers for aspects of your business like copywriting and social media? Freelancers mean that you won’t have to hire an office space, which is a huge expense, and you will also be able to hire people who really specialise in certain fields.

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 Learn How To Network

One of the top ways that you’ll end up getting business and finding customers and clients is through networking. It can be difficult to work out how exactly you can network, but it’s an important skill to acquire over time. Attend industry events and awards with some of your business cards in your pocket, and make sure that you mingle, introducing yourself to people there and asking them questions about themselves. At industry events, you’ll find that a lot of guests are silently sizing each other up and working out what exactly they can do for each other. Swap cards with everyone you talk to, and send a follow-up email the next day saying how nice it was to meet them.

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Get Online

Finally, it’s important to get online. There are few easier or cheaper ways to market a new business than through the internet. Setting up a website might sound like a basic thing to do but it’s a hurdle that many people fall at. Make sure that your site is easy to navigate, and add a blog that uses search engine optimisation so that when people google certain relevant phrases, your site ends up at the top of the hits. You should also make sure that you create profiles on social media sites: it’s an incredibly easy way to create a company voice that possible customers will respond to, and you can easily advertise new products and launches on there. It’s a way that you can interact with people and make them feel affection towards your company, which in the future will encourage them to work with you and make purchases from you.

Starting your own company will probably lead to a few sleepless nights, but these tips should help to ensure that it goes as smoothly as possible.

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