Got a killer idea? Thinking of starting your own business? You may be feeling (understandably) nervous, it’s a massive leap of faith but it’s one that many great entrepreneurs have taken before you. That being said, there’s no point going in blind – so here are ten tips to take in before starting a business.
- Take a risk
Starting your own business is always going to be risky. Will people buy your product? Have a need for your services? Listen to your advice? There are so many unanswerable questions that can make you susceptible to self-doubt, thinking maybe you’re not ready yet… take the risk! Remember, where would the world be in Steve Jobs had given in to procrastination and fear?
- Know your niche and keep it simple
Be clear and specific about what it is you’re going to do and why you will be able to do it better than the existing businesses in your field.
- Get a ‘Goldilocks’
Imagine your dream client, the person that can be perfectly helped by your product or business and the keep this ‘Goldilocks’ client at the front of your mind. Never forget you are doing this for them!
- Don’t quit your day job
Don’t quit your day job – yet! It can be tempting to throw yourself at your business fully but there’s a difference between taking a risk and gambling irresponsibly. The more money you’re bringing in while you’re building your business the more time you’ve bought yourself to make it work.
- Register for GST
The following few steps are simple but essential steps to make sure your business is ready to be up and running. Step number one: register for GST. Click here to go to the Australian Taxation Office website to register now.
- Open a separate business account
Make your accountant’s life easier come tax time by opening a separate business account as soon as you start your own business.
- Set up your invoices
You want your invoices to have a unique but professional look, featuring your logo, business information, everything that is important for your clients and contractors to know. Invoices go into the world and are representing your business so, understandably, you’d want them to be perfect. Whether you design them yourself or use a tool you’ll want to have your invoices under control before you launch your business.
- Put yourself out there
Find mentors, seek advice, absorb all the feedback and information that you possibly can. There’s absolutely glory to be gained from going it alone in fact, without a support system, many new businesses fail. Seek advice from every possible angle friends, family, experts, rivals, other entrepreneurs. If you’re looking for a formal mentor, head here for tips about how to approach a mentor.
- Learn from your mistakes
You’re new at this and you’re almost guaranteed to make a few mistakes. The real test of any new business is not whether you can do everything flawlessly but whether you can admit you were wrong and grow from your mistakes.
- Believe in what you do, and keep doing it!
As the saying goes: ‘dreams don’t work unless you do.’ Plenty of people have amazing ‘ideas’ for businesses but very few people actually end up putting their plans into practice. To make your business into a success you have to have absolute faith, not only in your idea but in yourself and the fact that you are the right person to take this dream and turn it into a reality. The first few days, weeks, months, or even years of your journey as a business owner are bound to be rocky but if you remember to have confidence in yourself and your vision you’ll be able to weather the storm.