Starting your own business can be one of the most motivating situations you can go through in your life, but it can also be a hard stage, requiring a lot of effort and work.
In most cases, success or failure is determined by knowing how and when to carry out the project , and knowing the steps to follow to do things right.
Tips for starting a business
To help you through the process, below you will find 50 tips you need to know to get your new business off to the best possible start. Let’s get started!
1. Make a realistic business plan
It is important to have aspirations and goals to achieve, but your business plan has to be realistic . So analyse the situation well and be honest and sensible.
2. Get to work
It’s great to have great ideas and to have a mental picture of where you want to go. But for your goals to materialize you have to take action . If you are not in the market, you will not have any customers. So don’t give it any more thought… and set up the company!No procrastinating.
3. Think about the client
It is important to analyse the client well: to know what, when or how much he buys . You must know that you don’t sell what you want, but what people buy. A company is not something closed in on itself, but it is important that you pay attention to everything that happens around it, in society and in your country.
4. Focus on quality
And when you think of the client, quality comes first . If you want your clients to come back, don’t ignore this advice and focus on quality.
5. Devote yourself to your passion
Starting a business just to make money may not be a good option, so think about what motivates you . Running a business can be very demanding, and if you don’t like what you do, you may throw in the towel too early.
6. Research the competition
When you want to start a business you need to analyse the competition . In this way it is possible to know what competence you have and what you do well. This information will be very valuable to you.
7. Taxes? contracts? paperwork?… don’t get discouraged
Fire regulations, obtaining a license, taxes, paperwork … are formalities and bureaucracy that can scare and discourage anyone. This is a stumbling block that has to be overcome, so don’t let these obstacles get the better of you .
8. Give the project time
Your project probably needs time to work, so don’t expect immediate success . You have to go step by step and be aware of it. Nobody succeeds in 24 hours.
9. Dive into the world 2.0
The business model has changed in the last decades and today we live in the digital era . Exploiting the opportunities that the 2.0 world offers us (for example, starting an e-commerce or using digital marketing tools) can be crucial for whether our company is successful or not.
10. Information on aid for entrepreneurs
If you do not have a large amount of capital to start your project, it is necessary to find out about the aid or subsidies that both local and state institutions provide.
11. Contact various suppliers
Don’t settle for just one supplier . Contact several of them and accept the best option. You may even be able to negotiate with them.
12. If you can’t hire employees, look for other ways to get talent
If the first few months you cannot afford to have employees, look for other non-monetary formulas to get talent . For example, by getting editors in exchange for their own advertising.
13. Your business idea can evolve
You should be flexible about your business idea , because you may find that once you are on the market there are more profitable options that you had not anticipated. Don’t be afraid to modify your initial idea if it brings you benefits. Listen to the maxim: “adapt or die”.
14. Think about the people you know
People you know can help you , either because of their previous professional experience or because of their different point of view. You may be able to offer them something in return and benefit from their knowledge on topics you don’t know. Also, think about your network of contacts on LinkedIn, you may have acquaintances with whom you can create synergies.
15. Be optimistic, but cautious
Entrepreneurs are usually very optimistic , although the results may take longer than expected. Things are always more expensive and the income will arrive later than you expect. So keep everything well tied up and, if necessary, keep that margin of error in mind.
16. Don’t always say yes
Think carefully about the steps you will take . You may be offered a proposal that is succulent in the short term but that can tie you down forever. Think about the consequences and remind yourself that it is your project.
17. In initial sales, it is not the money that matters
You may be eager to make money, but it still suits you, at least in the beginning, to think less about financial gain and more about what you can learn or about making the client feel satisfied.
18. Get trained and educated
Your idea may be very good but you have never received specific training to set up a business and manage it. There are many courses for entrepreneurs that can be very useful to you .
19. Your employees must also be part of your success
If you have started your new project with a team of workers, you should know that a large part of your success is theirs . Share your achievements with them.
20. Think about branding
Although marketing and branding are closely related, they are not exactly the same . While marketing is used to analyse, plan and actively promote a product or service, branding is the expression or the value of a brand in the market, that is, what will make the customer loyal and what will create trust. Therefore, spend time working on branding.
Related article: “Personal Branding for Psychologists on the Internet and Social Networks”
…And make your product a customer experience
Branding is positive because it allows the client to identify with the brand and reach his emotional side. But, in addition, it is also possible to create sensory experiences in your offer (your product or your store), in such a way that you conquer the senses of your consumers. For example, if you are selling clothes, use music or colours that touch the heart of the customer and flood his or her senses.
Recommended article: “Emotional Marketing: Getting to the Customer’s Heart”
22. Search for collaborators
Not only should you spend your time looking for suppliers, you can also look for potential partners, for example, universities, technology centres or companies .
23. Seeks sources of funding
In addition to possible grants, you can approach investors to see if they are interested in your product or service .
24. Listen to what investors have to say
Listen to what potential investors can tell you , because they will have their opinion about your company. This doesn’t mean that you should follow what they tell you, but it will serve as feedback .
25. Beware of payment times
You must be careful with payment times and keep track of your customers’ payments , otherwise you may run the risk of running out of cash.
26. Spend time on the name
If branding is important, so is having a good name . So take the time to find a name that is short, nice and appropriate with your company’s image. In addition, you should also pay attention to whether the name is registered and the domain in social networks is not in use.
27. Register the brand
Once you have the name, don’t forget to register it to avoid problems when the company is up and running . Go to the trade name and patent registration office to have this point completed.
28. Make a budget
Carry out a budget . This will give you a clear idea of how much money you will need, for example, to create a marketing plan or to buy machines.
29. Analyze well how much you invest
You should determine the costs in a realistic way and if you are going to make additional investments, know what the standard prices are in the market. This will allow you to have more control over your business and get relevant information for investors.
30. Cover your back in economy
As far as finances are concerned, you should cover your back. This means you have to calculate a treasury for more than three months. This way you will avoid having to face financial problems.
31. Decide on the legal structure
You must decide on the legal structure. For example, are you going to be the sole owner or are you going to have a partner? Or are you going to be a cooperative? These are the kinds of questions you have to get right.
32. Use the free resources
Not everything has to be about spending money when you set up your business . You can also make use of financial resources. For example, social networks or tools that have trial versions.
33. Be sure
Don’t forget to have adequate insurance for your company. Depending on the business, there will be differences in the insurance offer.
34. Location can determine the success of your business
If you have a face-to-face business, choose the location well because it can be key to the success of the company . For example, that it is accessible to potential customers, or that it is in a neighborhood where there is demand for your product or service.
35. Don’t listen to pessimistic people
Throughout your life you will always come across negative people who will try to throw away your dreams . Remember that the project is yours, so don’t listen to criticism that is not constructive.
36. Keep going and don’t fall apart
Your idea may be rejected by investors in the first place, or you may find it difficult to get started on sales. Don’t give up and make the necessary adjustments if there is something you can improve .
37. Give good customer service
They say that the customer is always right, and although this phrase is not always true, in the end it is the customer who will buy our product or service. So try to give him good service .
38. Communicate with partners and avoid unnecessary conflicts
If you have partners, you may at some point have conflicts and disagreements with them . Solve any problems that may arise as soon as possible, otherwise it will have a negative effect on the performance of your company.
39. Create a blog
Think seriously about having a blog or website so you can interact with your customers and create a digital identity for you or your brand.
40. Builds customer loyalty
The clients are very demanding and therefore it is necessary that they feel valued . Taking this into account, it is possible to employ different strategies to make them come back in the future. For example, by giving them a discount voucher for their own purchase.
41. Surround yourself with good advice
If in a previous point you have talked about ignoring pessimistic people, you should know that you can pay attention to the good advice of some people. Now, remember that you have the last word .
42. Use networking
Networking is a common practice in the business and entrepreneurial world , because it allows you to make new contacts that can bring real added value to your company. Whenever you can, attend this type of event.
43. Hire (or join) people who complement you
Even though the project is yours, don’t pretend to do everything by yourself . If you are going to hire employees, choose people who complement you, as this will allow the talents of each individual on the team to complement each other to create a final product that you could not have achieved individually, and, moreover, it can give you new business possibilities that would not be possible if you wanted to go it alone.
44. Your social life will change
Getting started is going to take a lot of time out of your life . So, at least in the beginning, you should be aware that your social life is going to change.
45, Not all projects are viable
Only 5% of the projects are viable , so don’t bet everything on one number. For example, the founder of “Uber”, one of the most successful companies in recent years, has openly acknowledged that, before his company succeeded, he had fallen over and over again before everything went well.
46. Take advantage of feedback from social networks
If you follow the advice I have given you and decide to use the world 2.0 or create a blog, the opinions of the customers will be very useful to you . For example, you can find out if your new product is liked or not.
47. Don’t be in a hurry to grow
More than reaching your business goal quickly, you should value the small accomplishments you are making. If you have a digital newspaper and you want to be one of the most read newspapers in your country, you should positively evaluate the increase in visits every month. Make sure you have a solid base and perhaps later on you can increase your investment to obtain more noticeable results .
48. Measure the results
Therefore, measure the results and analyze them . Success has to do with the results, not with the amount of work you do. Measure your results and promote them, detect where you are succeeding and empower that aspect.
49. Learn to delegate
Delegating is as difficult for entrepreneurs as telling the truth is for politicians . So, although you probably want to do everything, learn to delegate. You can’t move forward without delegating some tasks to make room for new and more valuable ones.
50. Accepts the moment of withdrawal
Sometimes failure is inevitable . Put aside your pride and sense when it is time to retire. A timely withdrawal is also a victory. There is always a new beginning in the business world.