- Why now is the time to set up
- How to prepare your business for the big time
- Tried and tested tips to keep your business in line to make its millions
Despite the disadvantages of the current economic climate, now is the perfect time to be setting up your own business. Why? Because due to the recession and previous years of deflation, costs have dropped and companies are now offering more competitive prices that you can take advantage of. Furthermore not only is it cheaper for you to set up but it is increasingly difficult for the established competition to stay afloat with current debt problems. So here are a few tips to think about before you set up a business.
Setting up your own business
Before you start
1. DO: Tap into support facilities to aid your business i.e. applying for a grant, funding supports, if you’re eligible why not? You need all the competitive advantages you can get.
2. DO: Seek practical advice; it’s easier to come by these days. Businesses are trying to embed themselves in the community, by this process they are more willing to help out even if it’s a short email. Plus entrepreneurs love entrepreneurs, try contacting those you view as successful in your field. You’ll often be surprised.
3. DO: Be honest. People have lost faith in the institutions that were supposed to serve us, such as the banks. They are now looking for something new. By setting up in an upfront manner, not hiding your business transactions or not actually trying to get one up on your customers, you will earn the public’s respect and trust. For example, 37signals deal with any customer problems or mishaps in the very public forum of their blog, meaning everyone can see how they operate and scrutinise them. Furthermore 37signals appreciate any criticism as it believes it betters the company, which for the most part is does!
4. DON’T: Think you know it all. Research every inch of your business, the industry, the customer market, and your potential investors. You cannot know enough information on these topics. Don’t stop and stall your plans in order to research, but do make sure you keep it up as your company develops. There are certain blogs and forums out there that can greatly help you with this, one such example is Venture Hacks, a great blog with advice for startups and how to pitch to potential investors.
5. DON’T: Expect too much of your customers. You can’t assume everyone understands your business. While it might be beyond obvious to you, it isn’t always so for others, make sure to get the idea across as simply as possible to the broader audience. Try this, ask the people around you ‘What do I do?’ you’ll find out pretty fast if people know what you’re about or not. Don’t be surprised if they stare back at you blankly!
6. DON’T: Be stubborn. The business environment is ever changing and one sure way to fail is to decide a plan and force it to fit. So when setting up your own business there will be certain things that you will have to wait for the results of, but be ready to adapt to the influences around you, such as your market or customers. Remember when setting up your own business if they’re not buying it, you’re the dummy, not them.
Let us know if you’ve found this helpful and be sure to check out the follow up on this “How To Approach Running A Business: The Do’s and Don’ts”, it’ll be up on our blog this day week!
When you’re ready to start incorporating a company, use the Free Company Formations Tool from Bullet.