7 Tips For Newbie Entrepreneurs
Starting out on your own is scary, right? Going from ‘pay as you earn’ to ‘will I earn anything?’ can be daunting – and you’re bound to make some mistakes along the way. Around 660,000 new companies are launched in the UK every year by enterprising folk. Unfortunately, statistics show that 20% of these businesses will fail within 12 months, with a whopping 60% within three years. It takes more than a good idea and a laptop to make a business work – we’ve been there and done that. At ultimatebanners, we’ve managed to grow our business from a little acorn to a huge oak – here’s our advice for making your new business stay the distance.
Go it alone – with help
We know that it’s your business and, that you’re determined to do it yourself – but that doesn’t mean doing it alone. Every successful business relies on advice and support from external sources so, don’t be afraid to consult others on aspects that may not be your area of expertise.
Do your research
Before even thinking of a name for your new business, you need to find out as much as you possibly can about the industry. That means doing some proper swotting to make sure that you know everything there is to know about the current market – and your place within it.
Don’t put your money where your mouth is – just yet
As keen as you may be to get started, you need hard and fast proof of concept before deciding to invest cold hard cash. This, essentially, means running a pilot project to make sure that your idea really is as good as you think it is.
Go with your passion
The biggest mistake you can make is to choose a business sector you’re not interested in – just because that’s where everyone says the money is. Yes, of course, you’re going into business to make money but, if you don’t have passion for the product or service, you’ll find it difficult to maintain enthusiasm during the tough times.
Don’t give up the day job
You’re not going to want to hear this but, it’s a really really good idea to keep hold of your 9 to 5 until you’re sure that your new business is a winner. It’s likely to take a while for your business to start making money – but you’ll still need to pay the rent and bills until it does.
Choose suppliers carefully
A lot of unscrupulous suppliers can spot a newbie a mile off – and have absolutely no problem exploiting them. Before committing to a supplier, check out reviews and, where possible, speak to existing clients to make sure they’re as good as they say they are.
Burn bright, but don’t burn out
When first starting out, there’ll be an awful lot of long days when you’ll not only be burning the candle at both ends but incinerating it from the middle too. Your new business is important but, so is your health. Make sure you take the occasional break – even if it’s just a walk around the block or a quick coffee with a friend. For your business to succeed, you need to be at the top of your game so, make sure that you take care of you as well as taking care of business.
That’s it really – do your planning and research, look out for suspect suppliers and, keep an eye on your physical and mental health to give your business the best chance possible.
By Ben (Ultimate Banners dot co). Find out more about them by visiting their Barracuda banner printing website.