• Electric Accountancy

What to Know Before Starting a Business

Updated: 2 days ago

#StartupSupport #BusinessAdvice #AccountancyForStartups

Most business owners who fail to get their business off the ground do so because they rush in without thinking things through properly.

There’s much to learn about building a business from the ground up and turning it into a success. Some things you pick up along the way, others you have to know before getting started.

That said, it will be much easier to succeed if you remember a few key things.

Tip #1. Identify Your Audience

Before coming up with a business plan, it’s important to figure out your market. you need to understand what your customers need. Knowing your target market helps you to know how to position your product/service, how to reach your audience and how to price appropriately. Here are some questions to consider:

- What is your market position?

- What need do you fulfil for your customers?

- How much value do your products or services provide?

- Who is your competition - and what makes you stand out?

Tip #2. Put Together a Business Plan

Those that start a business without a good business plan often fail. Their ventures die or never reach full potential. As Benjamin Franklin said, if you fail to plan, then you are planning to fail. So spend some time creating a solid business plan.

A business plan presents a detailed overview of where you want to get to and how you will get there. It outlines costs, goals, scaling potential, client demographics, and much more. If you want to get funding for your venture, then a business plan is essential.


Tip #3. Dedicate Time to Marketing

Some people are under the assumption that clients will come running to them. But the fact is that you have to go after them if you want to be successful.

It’s vital to dedicate time to your marketing strategy and to your tactical marketing plan. You need reliable campaigns, targeted advertising, and solid content. Really knowing your market is critical to building a good marketing plan.

Remember that growing a business requires a consistent lead generation as well as the ability to nurture relationships.

Tip #4. Know Your Numbers

Any business is a numbers game. You have to be prepared to stay on top of your finances.

If you lack experience or time then hire in an experienced person to do it for you or outsource to a professional.

Understand that your business may not always go according to plan. Your initial plan and projections may fall short. But you have to keep your eye on things to spot issues early and take corrective action in time.

Tip #5. Consider a Mentor

Some people start their first business after getting some experience working for others first.

Others go into business for themselves right from the start. Whichever the case may be, consider asking for guidance and training.

Having a mentor from the earliest stages of your business can be an invaluable. Whilst it’s true that you can learn from your mistakes, that won’t happen if you don’t have the knowledge and insight to understand what you’re doing wrong.

Tip #6. Be In It to Win It!

It takes a certain level of commitment and passion to start a business and make it successful. Unfortunately, not everyone has that.

Sometimes it will be really hard to get up and keep going. So set some exciting but realistic goals for your business – it will help to keep you motivated and focused though the inevitable tough times.

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