5 TIPS ON STARTUP BUSINESSES
Setting up your own business is exciting, but can also be very challenging if you are not prepared. Here a just a few tips that will help you one your way.
- SO IF WE HAVE AN IDEA, HOW DO WE BEST GO ABOUT GETTING IT OFF THE GROUND?
OK – so you have an idea be it service or product? NOW YOU NEED TO: get committed and focused. DON’T be like many who turn around 6 months later and see someone else making a motza with their idea. FEAR of failure stops us, it is our own mind that stops most of us from taking the first step. I don’t mean you have to be irresponsible and give up your day job straight away, but make a commitment to your idea. I have a saying ‘passion, commitment, focus action’!. (LINK TO PAGE) You need energy to develop a good business along with the right mind set and commitment.
- ONCE WE HAVE DEVELOPED OUR IDEA, HOW DOES SOMEONE GO ABOUT STARTING A BUSINESS?
There are 2 different types of startup –
- Those that have a brand new concept
- Those that just want to start a business because they think they can provide a better service or product than they have seen already.
- If you are starting up a business spend the time to research and plan, get yourself a good coach, mentor and advisor. Go through the process of planning, research your potential industry and market. There are many examples of businesses doing exactly the same as someone just around the corner. But they do it so much better, they have got their marketing message that meets their market needs and their service delivery systemised to creating a following. They are making 5 times more than their competition around the corner.
- If you have a new concept or idea, the questions is- Is your idea worth patenting or have you some intellectual property (IP) that is worth it. There are different types of IP – trade marks, brands, products educational material, IT concepts.
Be careful, who you talk to and where you present your idea, there are many ideas that have been pinched by a friend and even angel investors. There is a lot to be said for confidentiality agreements and remember even if you patent your idea, you also have to protect that patent. It is also great to think you are going to make millions but sometimes it takes a little longer to become that rich entrepreneur.
- NOW IT’S NOT JUST ABOUT STARTING A BUSINESS, IT’S ABOUT MAKING IT A SUCCESS…
Surround yourself with a good team. The success rate of mentored small businesses compared to those without a mentor is stunning: 70 percent of mentored businesses survive more than five years, double the rate for non-mentored small businesses over that same period. Get yourself a trusted mentor, coach or advisor, or even create a board of advisors with different skills to you.
Do some training and network with other business people. I have had many people doing my workshops and courses that have degrees and even MBA, been working in the corporate arena but when it came to building their own business they were lost. Do a small business accredited course or a workshop! ‘Turn your thoughts into reality’ Helen Cowley is an accredited coach and trainer for the many programs.
- WHY DO SO MANY START-UPS FAIL? WHAT DO WE NEED TO AVOID?
- BEING UNDER PREPARED
- IGNORING ADVICE
- NOT BEING ACROSS ALL TARGETS & FIGURES
- SPENDING MONEY ON UNNECESSARY ITEMS
- RELEASING PRODUCT AT THE WRONG TIME
- NOT GETTING SUPPORT
Your mindset would have to be one of the biggest ones. Having friends squash you before you start.
Business is a spider’s web if one string is pulled it affects another, often it is not just one thing but many that help the collapses.
- Mindset being the first.
- Not knowing what problem you are solving.
- Research and planning.
- Not acknowledging the risks before you start.
- Not knowing the risks or regulations before you start and
- Not knowing where to find helpful and relevant information
- Not knowing your figures and what return you are targeting or even your breakeven point.
- Being too slow to keep your market edge
- Not getting advice and support
- Spending all your money on unnecessary things prior to marketing, marketing is your main priority for getting people through your door or to your digital media when you start. Sales is the point!
- Releasing your product at the wrong time.
- Not rewarding yourself and acknowledging your own achievements
- Not knowing your market. This leads to not enough sales not enough resources, which in turn leads to not enough marketing.
- Not enough product at the right time
- Not believing in yourself and or product
- Not committed enough.
- NOW IF YOU NEED A BIT OF EXTRA HELP… WE HEAR THERE’S PLENTY OF LOW-COST OPTIONS OUT THERE…
There are many low or no cost advisory services such as the Australia Small Business Advisory Services of which I am also a mentor for. Do your research – – not just about your product or services, but on how you will plan, manage and control your business and its growth.
Keep in mind that success doesn’t happen overnight. But follow and use the business plan (which will contain all of the above) you’ve created and consistently work on your business, and you will increase your chances of success.
