Top tips you need to know when you are starting a new business

Starting a business is a great thing to do. It is exciting, rewarding, and can be the best thing you can do in your life. However, it can also be extremely risky, and stressful and consume your entire life. There are so many different ways to begin creating a business, but this also means there are many ways that you can succeed. If you need a little advice, then here is a good starting place for those who need a little nudge in the right direction to start your business on the right foot.

Service level agreements

This may seem like a foreign concept but the basics of it are that it is a contract between a customer and a service provider. It often defines the types and the standard of the service to be offered. As a business, you need to be able to understand and not only meet but exceed a customer’s expectations. If you are not clear about what kind of service, you are providing then it is hard to provide excellent customer service. This is where SLAs come in. Make sure that you have this organized before you open the doors to your potential customers.

Determine your concept

Many leaders in the business world tell new entrepreneurs to focus on the thing that they love. When you can monetize something that you are passionate about it should be easy. However, you also need to make sure that your passion is profitable and something that you are good at delivering. If you don’t have a firm idea of what you want to do, then you should start thinking about things you love and hate. This will hopefully help you identify a gap in the market. Then focus on what you are good at. When these factors all come together, you should have a strong business concept that you can develop and build from.

Think about your competitors

Many business owners tend to focus on their products. This makes a lot of sense. You need to deliver quality goods to make sure that you are a success. However, you should also think about what your competitors are doing. This will help you find the chink in your rival’s armor and build your fortune. Make sure to conduct some market analytics to assess your competition. Do your own primary research as well as look at secondary research. Once you have this, you can see where your opportunities are.

Getting a business plan

This is a roadmap for your business. Having a document that serves as a foundational guide to your business will help you make the tough decisions down the road. A well-laid-out business plan will not only keep you right but help any potential investors and financial backers see your plan and hopefully garner their investment.

Find your strengths

Every business owner has that moment of realization that they are not as good at something that their business does. You will find in time that through the Strengthsfinder test, you uncover certain skills, knowledge, and abilities that can help grow your business, while you may lack in other areas. That is completely fine. Nobody can do everything. You can try your best, but it will likely run you into the ground before long. Don’t just outsource everything immediately but be prepared to acknowledge when something is not your forte. Once you have developed a strong understanding of yourself, you will be able to expand your business easily and successfully.

Asking for help

This can seem like a big no-no in business. But this is not the case. Even when a business is soaring and on the right track, an issue can arise out of nowhere and cause you problems that you were not prepared for. You will need to address these issues and turn them into opportunities. Don’t be afraid to seek out help and advice. It may be that you just need the location of a trusted serviceman, but you may also need alternative business financing. You will be surprised what kind of help you can get if you just ask for it. Spend time talking to those in your community as well as business advice teams. You may find your problems are easily solved.

Registering your business

This is something that all businesses must do but there are a surprising number of options when it comes to registering your business. You could identify as a sole trader. It is the simplest business model and is suitable if the business is just you. You get the profits but also incur the debts that come your way. You could become a limited company. This is a separate organization from the owner and thus, the owners are not solely responsible for any business debts. It limits exposure to the owners of the business. Different types of LLCs come with their own benefits, so it is worth checking out which works for you. Depending on your business, you may even qualify as a guaranteed company. These can be registered by non-profit businesses. Usually social enterprises. Each comes with its own benefits, so it is worth checking out which works for you.

Bookkeeping and accounts

When you are setting up a business, you need to make sure that you are going to be all over the accounts and the bookkeeping. So many businesses fail because they cannot keep track of the maths. You may be lucky and are innately good at maths and so keeping track of all of your records is no trouble at all. However, if you struggle then you may want to create a system that works for you. It may be worth getting an accountant who can keep you on the right track. One thing you should definitely do is keep a digitized record of all of your accounts and expenses. It will make things so much easier when the tax man comes calling.

Starting a business

There are lots of different considerations to make but it is important that you don’t rush into anything. Spend time planning your business and it will no doubt become a success.

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  • About the Curator

    Abelino Silva. Seeker of the truth. Purveyor of facts. Mongrel to the deceitful. All that, and mostly a blogger who enjoys acknowledging others that publish great content. Say hello 🙂

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