3 Tips on Starting a Business

Few people know what they are doing when they start a business. Many only look back on it and realize how little they knew afterwards. Most business owners muddle through and learn quickly . However there are a few points of advice :

  1. Make Sure Your Business Idea is Profitable
  • It may seem obvious but is often overlooked.
  • If you make something how many hours will it take to obtain the finished product? How much will the materials cost?
  • Take the price deduct the material costs then divide the balance by the hours you will have worked to give you the gross return per hour
  • . If that says you are being paid £6 per hour and that is before all your other expenses you need to reconsider. Making a beautiful object that takes a day for which you can charge £25 is not going to run. I have seen many think otherwise unfortunately.
  • Do not rush to be the cheapest as this will just reduce any profitability.

2. Keep Costs Down

You will be entering fields you have never been into before. Lots of people will want to tell you that buying their product is essential to the success of your new venture.

You should work out yourself what your business cannot do without as opposed to what would be good. Then you should source those items for value . If you need quality items get them at the best price. Do not be afraid to query what you are told . Remember The Apprentice task where the aim is to buy all items as cheaply as possible

3. Is a Website Essential?

In most cases yes as no one will take you seriously without one. There are however exceptions to begin with.

If you have visible premises it is clear where you are and what you do say with a shop or salon.

If your customers are ardent social media users you may be fine with a Facebook Page especially for health and beauty and tradesmen. You will however only be visible to people who use Facebook. For this it is important to know who your customer is.

For most other businesses you need a website as a badge of your existence and credibility. It gives your address, contact details and exactly what you do . It makes a potential feel safe dealing with the business.

There is no need to spend a lot of money on a website to start with. A page will do if necessary although more is better. Pay per month options are available but make sure you own the domain name and it is on say Word Press so you can move it if needed.

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