Another Handful of Tips 28 – Working for Yourself
Five of the best tips on how to set up your own business and become your own boss
To set up your own successful business you need a competitive advantage – you need a product or a service that is different, cheaper or better quality than your competitors.
1. Enjoy the challenge
Make sure your new enterprise is a job you enjoy. Can you turn your hobby into a business?
(In the book “Secrets for Success” you will find over 30 suggestions of hobbies that could be turned into businesses.)
2. Aim to fulfil a need
Research the market so you know what is available and what could be improved.
To succeed you must fulfil a need.
3. Realise you will need help
You cannot do everything. You won’t have all the skills needed to set up a business. Learn to delegate.
Hire equipment, get products or units made by specialists, employ a good accountant and if necessary negotiate with distributors.
4. Quality and pricing are critical
If you are producing a product or giving a service you must set a very professional standard to compete with similar businesses.
Pricing can be critical. Many small businesses can enter the lower end of the market because many large companies have higher costs for buildings, equipment, administrative staff, and vehicle costs.
5. Prepare a business plan
The main task when setting up a new business is to write a business plan. This will help you clarify your ideas and analyse the proposed project. Keep it handy and monitor your progress regularly.
It will be essential if you need to borrow money or buy resources.
“Your business plan is the most important thing to consider. Minutes spent planning can save you hours when it comes to execution.”
Sources: See A Handful of Tips 43- Starting a business. “Secrets for Success. This book could change your life”, “Secrets for Success” published by Moss Associates Ltd and Cengage Learning Asia. Also available as an e-book from Amazon.com.