We all have to start somewhere, and starting from the very beginning can be very daunting indeed! Especially if you are a new entrepreneur with very little experience. Even if you think your business idea is excellent and completely without flaws, your lack of experience in the corporate world could lead to your undoing.
But that shouldn’t put you off setting up your very own startup. There are plenty of great resources out there that can really help you bring your business knowledge and skills up to scratch. The best place to turn to for some great resources is a current entrepreneur and startup owner. They have been right at the beginning before and have managed to make their business a big success. So, why not pick their brains and find out what their top tips for novice entrepreneurs are?
Actually, we’ve already done that for you! Here are some valuable startup tips from the people who have been there before.
Don’t Ever Neglect Company Security
In the very early days of setting up a business, most entrepreneurs can be extremely busy and, as a result, often forget about their company’s security. However, there are some very basic measures you need to take to ensure your business isn’t at risk while it is still in its infancy. Getting a Wizz Hosting VPS will allow you to store your sensitive data securely. It is also advisable to invest in a top quality antivirus software and firewall. Once you begin to hire employees, make sure that they are trained in the best privacy and online security practices to ensure that they don’t jeopardize your startup.
Plan Your Finances Very Well
Most startups get finance from investors in their first year of business. This is often paid as a huge lump sum. In order for your company to survive its first few months, you need to make sure that you carefully plan how to use this capital. If you are too extravagant with your use of this money, it will be gone a lot quicker than you expect. Ideally, you should put some of this capital into investments so that you can try and grow this cash when it is not being used.
For many startup entrepreneurs, the cost of training is a significant investment (e.g the popular e-commerce Amazing Selling Machine course is $4000). And it’s also one of the most important ones. Wanting to build a successful business and actually having the skills to do so are two very different things.
This includes making sure you protect yourself from personal liability. If you end up with a disgruntled customer, make sure they sue the company, not you. Do this by incorporating as an LLC or formal corporation. Here’s one site that can help: https://llcformations.com/south-dakota-llc/.
Hire A Coach
Having a good business coach who you can talk with can help you identify problems better and quicker. Sometimes all you need is to talk out loud to discover if your ideas are good or if you are acting out of fear – one of the biggest problems at the start of a new venture.
Fill Your Phone Book
You will certainly run into a few different problems during your first few months as a startup entrepreneur. The more people in the business world who you know, the more people you will be able to reach out to for help. So, it is important that you are very willing to get out there and network whenever you have the chance! There are lots of networking events up and down the country, some which are specifically aimed at startup owners. By attending these on a regular basis, you will be able to fill your phone book with fellow business owners and potential clients.
These valuable startup tips are all from seasoned entrepreneurs and long-time business owners, so you know they are guaranteed to be a great help to you and your business!