With help from smallbusiness.co.uk, we’ve put together a list of our top tips for getting started as an entrepreneur and how to ensure your success from the outset.
1.Do your Competitor Analysis well
Is there actually room for you to compete in this space? Can you pull from the experience of competitors to see how to excel in this space? Analysing your particular industry and the businesses that operate within it gives you a good base of knowledge for what works in your sector. And, more crucially, what doesn’t.
2. Can you adapt to digital?
Making your business tech savvy is vital in 2018. Paid advertising on social networks is the real driver of traffic and building your brand. Gone are the days when you could maintain an organic twitter presence. Make sure you’re up to speed with these tools. With a few hours of research, you can master these easy and user-friendly tools which will help you grow your network and build your brand.
3. Business model
Have a clear and simple structure for your business. Clarity on your business model is fairly essential when setting up a new business. The more clarity and understanding you have over your business from the outset, the less chance there is of you getting lost in details that are more difficult to rectify further down the line. It will also help you stay focused on how you want your business to run when it’s established.
4. Have a contingency plan
‘Plan A’ doesn’t always work! Whether it’s a flaw with your business model or a key supplier not delivering, you should always build in time and money for setbacks and stumbling blocks. In your first year of trading, there will be teething problems, so the more prepared you are, the better you can handle them.
5. Use your network
Take advantage of the wealth of free advice and resources available to new entrepreneurs. Keep your eyes on the Nwes ‘Start; Scale; Grow’ programme for access to free courses, 1-1 mentoring sessions and advice for essential business know-how. It’s invaluable stuff to learn as a business owner and it’s all free, so make the most of the training available.
These tips have been adapted from smallbusiness.co.uk.
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