Our six small business start-up tips for budding entrepreneurs
Are you looking for some business start-up tips to turn your business idea into a reality? Look no further!
We understand the difficulties of getting a business off the ground. Where do you start? Who should you speak to? Where do you find the best advice? Luckily, we have the answers to all of your questions.
Not only that, but our founder, Marika, has first-hand experience starting up Valorium Advisors as her first business! You could say we know a thing or two about getting a business off the ground.
Read some of our top business start-up tips below.
1. Listen, observe and learn
Being a business owner means understanding what customers want and addressing those needs. If you have a great idea for a business but are not sure if there’s a market for it, listen, observe and learn.
Listening to those around you and taking advice from people who have been in the same boat is a great way to learn the dos and don’ts of starting a business.
It takes more than your own determination to start a business. Trust the advice of others so your business idea doesn’t sink like the Titanic!
2. Network and tell people your idea – before it gets off the ground
It’s pretty hard to run a business with no customers or clients. That’s why you should tell people about your business venture – before you open!
If you open a business without telling friends and family or exciting potential customers, your first few weeks are going to be pretty slow. Instead, turn to your close network and ask them to spread the word.
Don’t be afraid to attend business networking events too. There’s nothing like meeting other business owners who you know were in the same boat as you at some point.
You want as many people on your business boat as possible so it will sail smoothly into the first wave of business success.
3. Research your competitors
Once you’ve chosen the market your business will operate it, it’s time to learn about your competitors. You want to know what they’re selling, how they’re selling it and if it’s working. Some things you should observe when researching your competitors:
- Their website – is it functional? Easy to navigate? Pleasing to look at? What’s missing?
- Their products – are they different to yours? Where do they supply them from?
- Their social media – how many likes/followers do they have? What’s their engagement like? What kind of content are they producing?
- Their customers – what’s their demographic? What are they interested in? How engaged are they with the competitor online?
Once you’ve started up your business, you should continue to research your competitors. You want to make sure you’re staying on top of all of their new processes – so your boat doesn’t get left behind!
4. Prepare for success
One of our key business start-up tips is prepare for success. You can’t begin planning a new business without having the goal of success in your mind!
According to the University of Technology in Sydney, one in three businesses fail to get off the ground within the first year. This jumps to two out four in the second year and then three out of four by the fifth year. This can be avoided by planning and projecting your success.
Planning for immediate and future success should be your goal – but don’t be discouraged if it takes you a while to get off the ground. Success begins by developing a basic business start-up plan with a template like the one here.
5. Choose the correct software
In the technology-driven world we live in, choosing the right software can make or break your business. No matter what industry you want to work in, technology and accounting software will be necessary for your business to succeed.
You always have to maintain your books, right?
No matter what your business is, our team of experts always recommend Xero. However, you can read the differences between other accounting software and Xero in our blog here.
6. Speak to a professional
The last, but possibly most obvious business start-up tip: speak to a professional!
You don’t have to start up a business all on your own. Our accountants and advisors are here to help. We offer a range of specialist services, including support for small business start-ups, to get you on top of your finances from day one.
As your accountant, our number one goal is to help you achieve success in any way possible. We’re here to help you build a solid accounting foundation.
It’s important to understand no business is the same and everyone will have their own experience when starting a business.
Why not take the stress out of your finances and speak to one of our team members today? We’ll make sure your business floats (and doesn’t sink like the Titanic!). Contact us today.
Want to learn more? Get in touch with us.
