6 Things You Should Know Starting a New Business

Published: 17/09/2020 by Kayleigh Walter

So you’ve just started your own business - Congratulations that’s an amazing thing to have achieved and the road won’t be easy, but I promise you it will be worth it. We’ve been there and there are moments where you question your life choices but there are also moments where you want to jump up and down and celebrate - and those moments are worth it knowing you’ve worked your way up and you’ve earned it.

There is a big chance that your business will fail and you won’t make it past your 5th year in the industry. That being said, it doesn’t mean it’s not worth the risk. That’s why we’ve put together some tips to help make your business startup journey a little simpler.‍

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1. Stop Making Excuses

Own them. Accept them, take them into consideration but don’t let them stop you or weigh you down. Everyone always has an excuse, oh that soup might be too spicy, I’m not sure if I’ll be able to handle it. What if it doesn’t work out, I can’t come, I’ve got my dog at home. The list of excuses is actually endless but that doesn’t mean they should make you stop. As cliche as it is, nothing worth having in life comes free, you need to step out of your comfort zone for great things to happen - that includes starting a successful business. 

Being your own boss is scary, running your own business is scary but it will be worth it. Take the leap and good things will happen. Belief in yourself and your product is all you need to start the journey in starting your own business. Of course, you need money in the bank start but as long as you’ve got a good support system and belief in yourself, you’re making a great start.

2. Know the Legal Facts Before You Start

There will always be legal limitations and guidelines to follow so it’s important to make sure you know what they are before getting in too deep. The sooner you know your limitations and the guidelines you will have to follow, the less likely you will be to unknowingly break the law

Starting your own business is a massive leap of faith as it is, so the last thing you want to do is find yourself caught up in some lawsuit because you broke a law you didn’t know you were supposed to follow.

3. Know Your Stuff

Research, research research. Know what it is you’re getting into. Try and find out as much as you can, not only on what it takes to start up a business and keep it making money but also on the industry you’re looking to go into.

Who will be your target audience? What are the key products and who will be your key competitors? The more you know about your industry, your audience, the easier it will be to get your product or service out to the right people. The sooner your target audience know you exist, the more money you will start to see coming through the door.‍

4. Don’t sell something, offer a solution

Everyone is selling something, whether it be an actual project or an object or a strategy, everyone is selling something and of course, you are too, but your best way to go about it is to sell a solution.

What solutions does your project solve? The sooner you know what problems your product will solve, the sooner you’ll know your unique selling points meaning you’ll know how to target your audience.

5. Don’t Quit

Money is one of the most important things in this day and age and it’s even more important when you’re starting your own business. You need money to support your new business venture, but you also need to make sure you’ve got money to keep yourself afloat - living expenses such as rent and bills.

If this means keeping your day job and spending a year working on your business in your free time such as evening and weekends, then so be it. To ensure you even stand a chance of getting your business off of the ground you need to have the income to help get you started.


6.  Plan for the Worst.

You will have issues, there is no doubt about this. You will potentially find money is tight or you’ve no money at all. Making a business succeed is a big deal, the majority of new business don’t make it past their 5th year.

If you plan ahead for such situations, the easier you will be able to manage IF they happen to you. Have a plan A and a plan B and as many other plans as you can. The more you’re prepared, the more likely you’ll be able to pull through.

Starting a business is probably one of the most terrifying steps in the world. Suddenly you find yourself with very little money coming in and too much going out but the worst thing you can do is try starting a business unprepared. You need to spend the time researching and planning to ensure you’ve got yourself a good product and a good strategy