If you’re stuck in a job that you don’t like – don’t think you have no option other than to amble along against your will. Start thinking about starting your own business, then once you have an idea and a business plan we can help you. Starting your own business could just be the best thing you’ve ever done!
Remember: you won’t be around forever, and when the day comes to end your involvement in the business you’ve started, you really need to have peace of mind that your business will go from strength to strength even in your absence.
When I stumbled across Alibaba I got pretty excited and squandered a load of cash on there. Don’t fall into the trap of buying anything, but do take your time to research the products on offer to see whether they’ll sell. Profit margins aren't the only worry you face if you go buying lots of stock without thinking about it properly - cashflow can be affected, which can be a huge problem from the start. When you’ve found a product or niche you want to operate in, think about your outlet; will you sell it at a market or jumble sale? Or will you start your own website, or use a selling platform like Amazon or eBay? Ensure you set yourself goals of how many new products to bring in every month and how much profit you'd like to be making - essentially setting targets for the growth of your business. Starting a business has never been so easy thanks to the internet – so what’s stopping you?
Some people might take a dim view of building a business selling on someone else’s site, but the fact is even big companies are now recognizing the potential of platforms like eBay, and selling their products on there. So how about it? Look into niches that interest you, perhaps you enjoy hunting, or even horse riding. Check out some of the websites that connect you with suppliers and see whether there’s a market for those products. You could be incorporating the next potential Fortune 500 company to-be before you know it!
Next time you’re considering starting your own company, remember the phrase “smell what sells”. Find a market with lots of demand, and find a way in which you can quell that demand. Don’t be put off by competition from bigger companies, but don’t be unrealistic (remember the chances are they’ll have far greater resources than you!). Starting a business is easy when you know what direction you want to go in, the hardest part about it is being persistent, and getting your business off the ground. It might not all be plain sailing, and you won't be running a mega company from day one - in fact you may even have to keep up your day job to subsidize your new company, but if you put in the effort it will be worth it in the long run.
As your business starts to develop and take off it’s important that you take the necessary steps to make sure you’re adopting the right structure. you need any incorporation advice, or you just want to get on with it and incorporate your company ASAP – why not give us here at CorpNet a call? We can guide you through the entire process – we know how daunting it can look from the outside! Once the ball is rolling and your company is incorporated you’ll be kicking yourself for not doing it a whole lot sooner. Ownership structures may not figure much in your thoughts, but perhaps they should – choosing the right one could save you and your business lots of money further down the road.
Think of the tasks you could outsource in your startup (or even your established business!) – you could save precious time and money by having someone else complete them for you. Even if you don’t run an online business you might still benefit from having a website, and even if you don’t have a website, outsourcing customer services or even having a freelancer create some brand identity for you could turn out to be a great investment!
An ability to maintain a healthy cashflow within your startup could very well mean the difference between failure and success for your business. Many businesses falter at the first hurdle simply because their cashflow is not well managed – don’t succumb to a poor cashflow, stay on top and keep tabs on your cashflow like it’s your own cash.
The moral of the story is that everyone needs a holiday – even if you are the center pin on which your startup depends. There is always someone out there - a friend, relative or even a worker from a temp agency who can keep things ticking over nicely in your absence in the short term just so you can take that hard earned break. I came back from my vacation bigger, better, stronger and with more great new ideas than ever – you could too! It’s important you make time for yourself, it sounds silly but it really does pay in the long run.
Those who succeed in business are those who are determined – not those who throw the towel in at the first sign of trouble. Having a plan in place before the problems occur is priceless – it could save your business in the long run. Keep your business wheel rolling forward – and don’t let the bumps (or craters!) in the road put you off.
Competition is good. Competition need not make your blood boil, and it should not fill you with envy – you should embrace it. If you’re going to be the best at what you do, you’re going to need to put a few noses out of joint – that’s regardless of what kind of market you operate in. Stop hating your competitors and start embracing them – you’ll find that beating them gets a whole lot easier when the red mist has ascended.
New business owners think that their business will turn a profit from day one, and they think they can draw a big wage from the outset. From personal experiences, it can seem like forever before a wage can be drawn – and an eternity before profit is turned. Believe me, business isn’t all about fast cars and fancy real estate – not at the beginning anyway.
Marketing is no longer an expensive exercise, of course you can advertise in the local media – but for new businesses the costs can be prohibitive. Why not take a few hours out of your weekend or evenings to learn about marketing yourself on the internet? SEO, PPC and social media are all methods of marketing you can master yourself – it just takes a little time to research them, and a few doses of trial and error.