Business Start-up Tips by #NewToHR

Business Start-up Tips

Be your own boss, they said. Choose your own hours and get paid to do the thing you love. What could be simpler? Well, as every entrepreneur with a start-up or two under their belt will tell you, your unique offering of revolutionary goods/services doesn’t seem to sell itself as fast or with as much popularity as you were certain it would. All those late nights with a laptop, plotting graphs and planning your expenditure against expected revenue … it all comes to nothing when ‘units’ don’t shift. You need help greasing the sides a little. You need business start-up tips.

Build a network before you need it

Many is the time that you will wish you had developed a viable business network to help make the most of opportunities as they come your way.

For example, invest in newsletter software that can help you to reach out to a database of clients. And sharpen your in-person relationship building skills – always ask for a business card from anyone you meet in your niche, and ask advice along the way (you may not get a full response, but free guidance is career gold that you shouldn’t ignore). 

Not sure how to build a network? … start with your niche

This is going to sound perhaps a little silly for some of you who are confident that you have grasped the very essence of your business goals and strategies, but if you’re struggling to develop a business network, it’s probably because you haven’t identified your niche.

Think about a new-to-the-scene coffee brand that’s focusing all of its efforts on promoting the benefits of its comfortable coffee houses – selling the store as a place to sit and relax is a great way to build a network of interior design and furniture contacts, but the vendor is missing the point.

Take a look at potential office spaces

Whether you’re looking at relocating to another office or you’ve not yet moved to an office space, it’s always worth looking at the future of your company. You may grow a lot quicker in the next year and find you’re hiring more and therefore need a bigger space. Or you could continue working remotely for the next year or two or perhaps you’re coasting and will continue working in the space office building. Always look at where you’re going and make preparations or at least plans in case a move does happen.

Be prepared to loosen the purse strings

No one ever made it in business without speculating to accumulate.

If you want to play it safe, go back to your 9-to-5 and open a long term high-interest savings account. By the time you retire, you could have enough in that account to put an extension on your house with enough left over to perhaps purchase a little fishing boat for the weekends.

Being in business means taking calculated risks and spending in areas where you can add value to your company. Do your research on market trends, be brave, and spend big where it will help you most.

© New To HR

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