Any tips for starting a new small business?

[cheapmaket001]

Hi, I m trying to start a small business, does anyone have any tips to help me?

 

[jonny-lindsay1]

hello, im in same position as you. getting an idea which i can afford to follow through is my problem. the only advice i can give you is, just do it. if you have an idea, just do it. its better trying something and failing, than never trying it and always thinking, 'what if?'

 

[Alex@Iansprint]

Picture where you want to be in 10 years, and aim for that.

Don't let somebody else tell you that you can't do it, until you've tried it yourself!

 

[Chris Ashdown]

Be thorough in your planning, check out your competition as well as you can, even go in and ask questions, How's Business orhow are you managing in these times can often open a wide insite to how they are managing

 

[Simply Business]

Get engaged in social media discussions and interactions. Just try some channels and see if it could improve your business in the long term.

My colleague Josh wrote an article about the social media basics for (online) retailers. Maybe it's useful for you.

 

[Venus International]

Decide what you are going to do, check the market, check the competition, get your prices right, do a financial forecast, work out how much money you will need to start the venture and how much cash flow you will need to see you through the first few months, research research research and most of all stay positive and always set sold but achievable targets.

If you would like any help with the basics feel free to PM me and I will be happy to help.

 

[leonyu]

what ever products you are planning to sell, you must get familiar with the products.

 

[koota]

hello all! im based in birmingham UK, i am looking at avenues to start business, where are you all from? what are your backgrounds?i have a few ideas but would like to know more about you all please?

thank you!

 

[WJP]

There's a thread in the General forum called "What is your business?" Lots on there.

 

[LloydBurrell]

It highly depends on the type of business you want to start. As for general tips, you should

• set up your priorities;
• take some time and find your competitors and define their area, benefits and cons;
• set up a business plan and act accordingly in the first phases and don't modify it unless taught by experience, after a period of time.

Etc. There are tons. You probably want to browse some more before deciding on a certain niche...

Cheers,
Lloyd
officedeskreviews

 

[IPC_Design_Ltd]

I was always told (and a firm believer in) the saying "If you fail to plan, you plan to fail"

Researching your chosen business, its consumers/customers and the market is important to your success. The majority of people I have spoken to believe that the most important part of starting a new business is the funding, however, this is rarely, if ever, the case.

Write a comprehensive business plan for your idea, and follow it. Change it as you go along, and keep it realistic, as much as anyone would love to be a millionaire in a month, its not realistic. Keep your goals and objectives in mind, and research any ideas thoroughly before committing yourself to them.

 

[Homshaw]

Definitely draw up a proper business plan. It makes you think things through and foresee problems. Ask knowledgable and well meaning friends what they think of the plan. Don't try to safisfy every objection but if there is a recurring critisism listen to what people are saying

Common sense has its part to play but it's amazing how what seems a good idea turns out not to be so.

Publicity seems to work. Advertising can often be a big waste of money. So don't commit big time. Dip your toe in the water and measure the results

What looks easy at first glance isn't always so. The number of people who open cafes, nick-nack shops and newsagents and fail because they haven't got the knowledge or they buy what they like and not what sells is surprising.

Play to your personal strengths especially if you have a marketable niche skill

Low start up cost businesses are good and if nothing else allows you to see what is involved in running a business. A franchise or a long lease can leave you with a major problem if things go wrong

Could go on forever really

 

[urisjerry]

It all depends on what line are you going to invest in.

 

[Sigarfo]

I was always told (and a firm believer in) the saying "If you fail to plan, you plan to fail"

Researching your chosen business, its consumers/customers and the market is important to your success. The majority of people I have spoken to believe that the most important part of starting a new business is the funding, however, this is rarely, if ever, the case.

Write a comprehensive business plan for your idea, and follow it. Change it as you go along, and keep it realistic, as much as anyone would love to be a millionaire in a month, its not realistic. Keep your goals and objectives in mind, and research any ideas thoroughly before committing yourself to them.

Yep funding is a massive issue for some people and many say you cant set up or you'll never servive without funding......
Well I started my business with £200 thats it.....but heck I wouldnt advise anyone else to go down this route...no more funding and no help from the banks either, but I tell ya in 2008 I was 41 but looked 21 ofcourse now very nearly 43 and look 65 but Im doing ok.
I would say planning is far more important than funding however both would set you on your road to success......

 

[WJP]

Sigarfo, what business did you set up on £200? I'm just interested, sorry to hijack the thread a bit!

 

[Sigarfo]

NP......TMTY MOVERS and went LTD a few months ago....

 

[Sigarfo]

Sorry forgot to add:
Removals would be one business area I would stay clear of....lol

 

[Marketester]

Do some market research, from existing one (secondary market research) to your own tailored one.

Ask your target market (in a neutral way, not your family circle of course), too many people start their business without asking their future potential customers, a mistake!!!

It will give you some figures and help you to get funding as well

 

[termsandconditions]

I would echo the many suggestions of planning effectively and making realistic cash flow projections. If you would care to PM me a 'proper' e-mail address I can send you a FREE business plan pro-forma and guidance together with an unlocked cashflow forecast tool as attachments.

If you are thinking about offering goods or services on credit i.e. invoicing your clients then also consider how you intend to handle the credit management aspect of your business. Late payment is still keenly felt despite recent slight imporvements and statute law continues to favour debtors. So you'll need to set clear ground rules in your terms to shift the odds in your favour.

Good Luck and Best Reagrds

 

[Coppock]

Hi, i started my business with £5 - ebay shop selling design services!

How things have changed

Don't let lack of start up finances set you back, anything is achievable on a budget... its just a lot harder and slower (but more rewarding).

My big tip would have to be...

Check out your competition, see what they're doing well and what they're doing poorly... then look at how you can improve on their weaker areas. Providing there's a demand for the improvements... if you can do it faster, or cheaper, or with a "smile", then it's worth shouting about!

Good luck!
Jen

 

[dotkix]

what type of business are you trying to start,maybe i can help

 

[Ryan T-Mobile]

I was listening to Tim Campbell (of Apprentice fame) speak at the IOD conference this week (T-Mobile sponsored the event, so I was able to attend). Anyway, Tim was saying that the one thing he puts above everything else when starting a new business venture is passion. His first business didn't take off because he didn't have that passion to keep working on it through thick and thin, yet has had more success with the ideas that he really believes in.

However, I'd perhaps suggest that you still need to keep a bit of perspective on things too (it's easy to let your passion blind you from what other people think of your idea), but all in all it's a pretty good piece of advice.

Hope that helps!

Ryan

 

[ReformedSinner]

I'll support what Homshaw said. You should prepare a business plan before you go ahead with the business idea that you have.

If you can bring your business plan to life, you'll be well on your way to success

 

[B2BDatasolutions]

I know this is to be expected of us... but

ADVERTISE, ADVERTISE, ADVERTISE!

pick up the phone, call prospective customers and ask them to buy your products.
send out special offers through the post.... everyone loves a special offer
&
send out emails asking people to visit your website!

If no one knows about your product you're not going to get bring in any money. So figure out who your potential customer are and go out and contact them.

If you need any data like contact information, emails or addresses I can help. I won't charge you alot as I always offer special offers to new startups.

GO Fellow Entrepreneur! Best of Luck =)

Peter
Business DataSolutions Limited.
07779 838568

 

[Ivy]

I have an idea, but I don't know how to make an comprehensive plan, so I only could always in thinking , it is really upset me!

 

[Brookay]

It is very easy to start business,but hard to earn money ,catch best chance is good advice