The Best Handful of Tips 59 –
Set Up Your Own Business
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.
It is easy to start a business but to keep it growing takes much work, skills and persistence.
Five of the best tips on how to set up your own business and become your own boss
Enjoy the challenge
Can you turn your hobby into a business?
Make sure your new enterprise is a job you enjoy. (In the book “Secrets for Success” you will find over 30 suggestions of hobbies that could be turned into businesses.)
Aim to fulfil a need
Research the market so you know what is available and what could be improved and assess any competition, if any.
To succeed you must fulfil a need.
Realise you will need help
You cannot do everything. You won’t have all the skills needed to set up a business. Before you start, work in a similar type of business to gain experience and make contacts.
Study the art of delegation and learn to delegate tasks.
You don’t need new equipment to start a business so why not hire or buy used equipment. You could get products or units made by specialists and get someone to handle your distribution.
Quality and pricing are critical
If you are producing a product or giving a service you must set a high professional standards to compete with similar businesses.
Employ a good accountant and financial advisers. 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.
Prepare a business plan
The main task when setting up a new business is to write a business plan. Your business plan is the most important thing to consider.
Minutes spent planning can save you hours when it comes to execution. It doesn’t predict the future but it does help you cope with future contingencies. This will help you clarify your ideas and analyse the proposed project.
Try to identify future opportunities, possible threats and the consequences of those threats.
It is essential if you need to borrow money or buy resources.
Keep it handy and monitor your progress regularly.
Always be professional in your approach ; maintain high standards and at all times present yourself looking well groomed.
“What’s in it for me? What’s in it for the client – that is the question?”
Source: “Secrets for Success. This book could change your life”. Published by Moss Associates Ltd and Cengage Learning Asia. Also available as an e-book from Amazon.com.