THE TOP TEN tips to start your own business
Do you want to start your own business? Here's a selection of tips that will make the process much easier
Do your research
This is probably the most important tip. Before you decide to start your own business, you will need to spend quite a lot of time doing some research on the type of industry you're interested in.
Find out who the main competitors will be, decide your market sector and consider if your business could be profitable.
Write a business plan
A vital element of the research phase is the business plan. It will make you decide if your business idea might work and how much funding you would need to execute it.
Get clients and customers first
Make contacts, do some networking and try to establish relationships with clients and customers before opening your business.
Don't wait until you've started your business or you'll probably struggle during the first months.
Find your business partners
Finding the right business partners is essential. Don't start your own business until you make sure the people you're going to work with share your same vision.
Decide on how you are going to finance your business
How much money can you invest in your business? How much funding would you need? These are questions that you will need to ask yourself at the very first stages of your business plan.
Venture capitalists, the bank, angel investors, grants... consider the different options and see what works better for you.
Work on your market strategy
Before your business opens to the public, your business marketing strategy needs to be completely defined.
How are you going to advertise your business? What's your social media strategy? What tools are you going to use to measure your results and marketing analytics?
Consider all the legal issues before you start
Make sure you understand the legal and taxes system. It is much more expensive and complicated to change any mistakes you might make after opening your business.
The first months are going to hard and you will need to do as much as possible in order to cut unnecessary costs.
You can find more on how to cut costs in this article.
Try to separate your work environment from your personal life. If possible, avoid having your office space at your home. It is important to find the right work/personal life balance and set boundaries between them.
Be consistent and patient
Starting a business requires a lot of time. Don't give up and work hard!
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