39 Tips To Help You Start Your Own Business

From time to time on my twitter account, I post a few tips for anyone thinking of starting a new business, using the hashtag #StartupTips. Here are those tweets and a few more tips too….

1. Get a CRM, even a spreadsheet, to record the details of those new relationships you’re going to develop

2. A sale is not a sale until you’ve been paid. Sort out your payment terms before you agree to do any work

3. Before you deal with the ‘what’ and ‘how, be clear on your vision & ‘why’ you’re starting a new business.

4. Grow the business step by step, keep overheads to a minimum & avoid unnecessary purchases

5. Do your research. The more information you gather, the more likely you are to set up a business that is going to succeed.

6. Get out there and spread the word. Whether you’ve started trading or not — now is the time to start networking.

7. Speak with an accountant. The right support can so often make a difference between a successful and unsuccessful business.

8. Not everyone has what it takes to start a business. Ask yourself if you’re motivated enough, adaptable and resilient to do the job

9. Take advantage of free resources available, such as the gov.uk website.

10. Be patient and always keep in mind that success doesn’t happen overnight. It will take some time before you make a profit.

11. Get a online financial management system in place straight away, to help you stay on top of your cash flow. Without cash, you don’t have a business.

12. Don’t worry too much by the economy. Any time is the right time to start a business…including now!

13. Make some noise. Write a effective press release for your new business and send it to all relevant news outlets.

14. Make sure all data on your computer is backed up regularly. Just imagine how you would feel if you lost it all.

- 14b “Test your backup. How to backup? Find your favourite computer emporium (KTS are good!) and purchase an external USB drive and copy your files to it — manual, but quick and cheap. Better still purchase from that same computer emporium (did I mention KTS in St Ives :-) ) an online backup which will automate everything, but it is another password to keep secure. (from Ken Seymour, Director at (you guessed it) KTS Computers).

15. Network, Network, Network. Connections are key, so meet as many people as possible.

16. Resources! Outsource what you need to so you can focus on what you are good at. There are lots of people by hour out there. (from Nikki Stock, @TBOHuntingdon)

17. Answer your phone! If your number rings and rings and rings, eventually, whoever is calling you will hang up and telephone somebody else.

18. Sack bad clients; things won’t get better

19. Don’t accept ‘I’m interested’ when selling. Get a ‘yes’ or ‘no’.

20. Perfect the art of being frugal, maintain a low overhead and manage your cash flow effectively

21. Look after yourself. Working to the point of exhaustion will burn you out and make you less productive. No excuses.

22. Working from home saves money, but you still need to get out and meet people. Try working from a coworking space

23. Know what you know & know people who knows what you don’t. Surround yourself with those who can support your business

24. If you’re going into business with a friend, establish the line between work and friendship early on.

25. Time is a resource like any other. Make sure you budget your time in the same way you budget your cash

26. View customer complaints as an opportunity to fix things that aren’t right. Then learn from the experience & move on

27, More than anything, people remember how you make them feel. Remember that in all your forms of communication with others.

28. Tell your story, whether you’re pitching to a potential investor or customer. Story-telling will help your business stand out

29. Look after yourself. Working to the point of exhaustion will burn you out and make you less productive. No excuses.

30. Work for yourself, not by yourself. For example, use a coworking space or get a mentor.

31. Business is more than passion. Without proper financial planning (e.g. costs, cashflow, profit) it may not be a business at all

32. Social media is not selling media. Use it instead to engage with your network, provide support, research your market, etc

33. Always be ready to talk about your business. If you can’t say what you do in 15secs, don’t bother saying it at all.

34. Don’t try to act bigger than you are. If you’re a freelancer use the word “I” instead of “we”.

35. Sell the problem you solve, not the product.

36. Do you need a business plan? Yes! Because the alternative is to wing it and hope Lady Luck is smiling down on you.

37. Starting a business is easy. Building one, less so. But you’re not alone as millions are doing it. So, get out, meet them & learn from them.

38. Ignore those who say “the market is saturated” & find out for yourself whether there’s a customer who’ll pay you for what you do.

39. Don’t take too much notice of these tips. Just get on with it!

This list is not exhaustive and will be added to regularly to become “The Ultimate List of Tips For Starting Your Own Business”. Come back soon to check what’s been added.

If you have a top start up tip, then contact me here as I’d be really keen to read it. If I like it, I’ll add it to the list along with your details.