FIVE TIPS FOR A FIRST-TIME BUSINESS OWNER

FIVE TIPS FOR A FIRST-TIME BUSINESS OWNER

Hello, everyone!

Starting a business can be a real minefield if you are a first-timer, and it can be difficult to know exactly where to start. Being a self-employed business owner is a different ball game entirely to being an employee within a company; as essentially, all the responsibility will fall onto your shoulders. The first few years of getting your business up and running aren’t always plain-sailing, but making sure you are following the correct strategies and planning methods means you have a far better chance of getting off on the right foot.

Here are five top tips for prospective first-time business owners:

1. Know your customer

Before you put all your eggs in one basket when it comes to deciding on your product or service, be sure to do your research. Chat with those in the demographics of your target audience to gain some insight into whether your idea will work in the real world. It’s extremely hard to come up with an original idea as most have already been tried and tested but having a unique selling point for your business idea will be the difference between success and failure.

2. Know your competition

As well as understanding who your customer will be, you also need to be aware of your competitors, so you know what you’re up against. As mentioned, you don’t need to come up with a completely original concept, but you need to make sure your product or service is more affordable, higher quality and marketed efficiently to your audience to get noticed.

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3. Write a business plan

To gain a real insight into whether your business idea will thrive, it’s important to create a business plan to evaluate your idea in greater detail and spot any potential issues. The plan should consist of a financial analysis, an understanding of the market your business is operating within and your strategies of how you aim to progress.

4. Consider security

The vast majority of businesses contain personal data and customer information on their computer system. Therefore, it’s crucial that such details remain confidential to ensure the reliability and trustworthiness of the business. Likewise, the risk of customer and client contact information being completely lost or deleted from your system could cost you dearly, so investing in a security system before setting up any business is an important step. Secure Backup provides a selection of online security and backup features including the ability to access files from any device, data security and protection and automated backup in the event of a computer meltdown.

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5. Save up as much money as possible

Many people go into business without any real thought of how they will finance their goals, resulting in taking out a loan from the bank. While this may seem like a great ideal initially, the reality is that you will be paying out on interest before making any significant profit. However, for some, getting a bank loan is the only option. Lenders will also take into consideration your overall profits, and if they don’t believe you are making a substantial income, they may refuse to lend money for the following year. One key tip would be to save up as much as possible rather than borrowing and use any profits to reinvest in products, advertising or equipment to allow your business to grow at a quicker pace.

What are your tips for a first-time business owner? Let us know in the comment section below.

As always, thank you for visiting and have a great day!

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16 Comments

  1. July 21, 2018 / 4:59 pm

    Knowing your customers is probably what you should do even before you START a business! That would be a smart move so you even know where to begin!

  2. July 21, 2018 / 6:31 pm

    Knowing your customers and competition would definitely be the two most important points here! Along with making sure you’re aware of your accounts and likely costs before starting.

    I also just found your blog and oh my god I am in love. Literally your blog is everything that I want mine to be. I’m officially a new reader <3 Have a great weekend 🙂

    Amy x Wandering Everywhere

  3. July 23, 2018 / 6:05 pm

    I love to start with a business plan. When I do that, I identify my ideal customers, competition, etc. I also have spreadsheets for everything, I love spreadsheets!!

  4. Joline
    July 23, 2018 / 11:11 pm

    That 5th tip about money is really smart. And very true – when you go into a business you really tend to put everything in. We forget to have some kind of back of plan in case things go south.

  5. July 23, 2018 / 11:20 pm

    It’s so important to reinvest in your business. I think it takes much longer than most people think to turn a profit and people tend to minimize how they reinvest which will hurt their future profits.

  6. Patricia Chamberlain
    July 23, 2018 / 11:21 pm

    I wish I had this list many years ago when I started my first business. I did not have a business plan, and although it ended up profitable, it would have been a huge help!

  7. Christa
    July 24, 2018 / 1:29 am

    Having a business plan is so important, and it’s a step so many first-time business owners miss. This is a great list!

  8. Melanie
    July 24, 2018 / 2:11 pm

    Real core tips. Both knowing your competition and customer is super important and can make your brand thrive if you get this right x

  9. Kayla
    July 24, 2018 / 4:49 pm

    Knowing your competition is so important. I think it’s also important OT have some kind of relationship with them as well.

  10. July 24, 2018 / 7:35 pm

    These are some good points to remember. I like your writing style too…clear & precise.

  11. Tonya Tardiff
    July 25, 2018 / 5:52 am

    These are great tips, some I wish I knew when I first started out as a full-time influencer and blogger!

  12. July 25, 2018 / 7:39 pm

    Knowing your customers and competition is definitely the two most important points before you start your first business. And yes, save a bit before you start, you need some cash to fall back on when things are quite.

  13. Glenda
    July 26, 2018 / 1:47 am

    These are some really great business start up tips. I really plan to look into the Secure backup hackers out there.

  14. July 26, 2018 / 7:16 pm

    Knowing your customer is definitely what I’m struggling with on my blog. I’m trying to figure out who my target audience is.

  15. Stephanie
    July 26, 2018 / 9:24 pm

    Love these tips!I’m thinking of starting my own business soon and these will definitely come in handy!

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