Tips For First Time Business Owners

Starting a business for the first time often involves a process of trial and error until the ‘business finds it’s feet’. A good helping of information mixed with determination and liberal serving of tips should be sufficient to help you on your way.

  1. Focus. Focus. Focus. Many first-time business owners feel the need to jump at every ‘opportunity’ that comes their way. Opportunities can be double edged swords. You could end up struggling to balance all your commitments. As a result your effectiveness being diminished.
  2. Do What You Have A Passion For. Motivation for starting a starting a business is normally personal to the business owner. However starting a business because it seems exciting or offers large hypothetical profit margins and return is not such a good idea. A business built around your strengths and talents will have a greater chance of success.
  3. Be Precise, Enthusiastic & Say it in 30 seconds. Having a good pitch can open many doors for your business. You will never know when you will have to pitch your business unexpectedly. – be prepared, less is always more.
  4. Behave Like A New Business. If you need premises, find the cheapest ones possible that suit your purpose. Do not sign up to long term contracts that offer you the earth. The key is to keep your overheads to a minimum. Be prudent with whatever monies are in the business.
  5. There Are No Hard & Fast Rules. Do not be afraid to be adventurous or different

Remember that there is a fine line between outlandish and unique.

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