Tips That Every First-Time Entrepreneur Should Follow

FILED UNDER: ACCOUNTANTS, SMALL BUSINESS, BUSINESS ADVICE, ENTREPRENEUR, START-UP

Are you planning on starting a business, but have no clear idea as to where to begin?

Establishing a business is not as easy as it looks. Not only will you need to plan ahead and come up with the needed resources, but you’ll also have to keep the momentum going, if you gain any at all.

But don’t fret! To help budding entrepreneurs like you get a jumpstart, here are a few points to remember when establishing a new business.


  1. Start with what you love

When thinking about a business, take something that you really love and use that as a starting point. A business that is in line with the things that you are passionate and knowledgeable about is better than a business that is not. This way, you get to do something that you love and make a living from it. Just make sure that you know how to separate personal expenses from business expenses.


  1. Do some research

Establishing a new business without doing your homework is like going in to battle unarmed. Before jumping into the fray, at least do some research about what you are going to undertake. Start with the current market trends and your potential competitors. Try to learn more about the market segments that you’re targeting. From there, try to learn if the business that you’re planning to establish is viable. If not, make adjustments or try thinking of another business idea.


  1. Come up with your start-up money

Now that you have a solid business idea in place, it’s time to come up with the funding to fuel your great business idea. While coming up with enough money to make your idea a reality is definitely not a walk in the park, it’s not impossible. Try looking into business loans or get your friends and professional connections to invest.


  1. Develop a killer elevator pitch

Not having an elevator pitch is a mistake that most budding entrepreneurs only realise they’ve committed after a potential investor walks out the door. When establishing a business, make sure that you have a business pitch at the ready. Don’t go for long, boring speeches; instead, go for a pitch that you can deliver within 30 seconds.


  1. Team up with the right people

A start-up is not something that you can do on your own. When establishing a business, look for potential team members who you know you can easily align with. Don’t go with online job postings; instead, start with people in your network. Reach out to those who you’ve worked with before. You may not know it now, but working with someone you are familiar with is much better than hiring a highly talented stranger.


  1. Be prepared to market your business

When establishing a new business, be prepared to let everyone know! As a business owner, you will want to build and develop a customer base that will drive your business upward, and to do that, you will need to do a lot of marketing. Get someone who can market your business, or if you can’t afford hiring an expert yet, learn marketing yourself.


  1. Get professional business advisory services

Start-ups typically have shaky finances. They are limited by their tight budgets, and one bad decision can bring in more problems than they can handle. To make sure that your finances are better managed, get business advice from the experts.


There are many business advisory firms today that provide services depending on your current needs. The advantage of these kinds of business advisory firms is that you’ll get to work with a team of experts at a fraction of the cost, which is great for start-up businesses such as yours.


If you are in need of financial and business advice, get in touch with the experts at Easdowns! As one of the leading business advisory firms in Australia, we pride ourselves in providing advisory services that adapt to your needs, giving you access to expert advice without breaking the bank.


Visit our website for more information about our services, and don’t forget to read our blog for tips on how to better manage your finances.