Starting a new business from scratch is a tall order. It’s not a simple process, and there will be a lot of sleepless nights and caffeine-fueled brainstorming sessions. It’s essential that any budding entrepreneur knows what they’re getting themselves into. Here is some of the best advice to those starting out:
1. There’s only so much thinking you can do
Entrepreneurs have to get things done. You can think through an idea for years, but only putting your theories into practice will prove whether or not they are viable. You can have a flawless business model, but if your target marketing isn’t buying what you’re selling, then you don’t have a business.
2. Become a problem solver
A lot of entrepreneurs will incur roadblocks in the early days. And throughout the entire business process. You will have to become a master problem-solver, as you turn obstacles into opportunities.
3. Kiss goodbye to a work-life balance
Some do this better than others, but chances are you will snowed under when you start trading. You will live and breathe your new business, and the likelihood is that your social life will suffer. If you’re committed to making your business a success, it will all be worth the sacrifice.
4. Do your research
There’s no substitute for proper research. You need to know the marketplace that you’re entering. Do you know who your competitors are, and what they’re doing. Research will allow you to exploit gaps in the market and position your business correctly. Don’t skimp on this.
5. Accept Failure
Failure will hit you at some point in the trajectory of your business. It may not be major, but it may be a failed supplier or a distribution issue. The better equipped you are for this to happen, the easier it will be when it happens. Be prepared to chop, change and pivot parts of your business to keep it alive and competitive.
For more advice on what entrepreneurs should know, visit https://www.forbes.com/sites/actiontrumpseverything/2013/09/22/23-things-every-entrepreneur-must-know-2/#2b0fe3953066.
For more information on how the Croydon Loan Fund could help your business, visit www.croydonloanfund.co.uk and fill out an enquiry form.