Resources for Starting Up

Before you start a business, and perhaps leave a job, try working out if your idea will be worth the risk.
If you’re confident there’s a genuine demand for your potential product or service (and at the price you want), the next step is to work out how much you need to sell each month to make a profit.

1. Generate sales as quickly as possible
Your first priority when you launch your business is to gain some traction in the market as quickly as possible. Some tips:
• Ensure you have a compelling point of difference
• Build and promote your credibility
• Work for free or less than the normal rate in return for endorsements
• Feature customer feedback in all your marketing
• Actively ask for referrals.

1. Put together a strong advisory team
Starting a business can be a lonely process and thinking you can do it all yourself is the road to extra stress and pressure. Study successful business owners and you’ll find they have surrounded themselves with a strong group of advisers.
A typical core team would include an accountant, a lawyer, your banker and a mentor, such as an experienced business person you admire.

Coming up with a new idea is exciting, and you probably want to jump straight in and make it happen. But before you invest too much time and money, you need ensure your idea is feasible and likely to give you a reasonable return on investment. Obviously, there are never any guarantees that a business will succeed but thorough planning and market research is your best start.

Before you start a business, you need to know exactly how much money you’ll need, and where it’s coming from. You’re out of business fast if you fall short before you’ve started.
Why you need to plan ahead
If you want to see your new business start-up succeed, you can reduce some of the financial pressure by planning ahead. Spend some time estimating your start-up costs before you launch your new business enterprise. It could help to prevent cost blowouts later.