The top 5 ways to start your own business …and make a success out of it

| September 18, 2013 | 0 Comments

Start Business

If you’re thinking of starting your own business, the assumption is that you want it to be successful. Follow these 5 golden rules and you won’t go far wrong:

  1. Have a mission. You need a clear sense of purpose and vision. What exactly do you want to achieve? Do you have a 5 year plan, a ten year plan? What are your main objectives, aside from making money?
  2. Hire good people. You may think this is obvious, but the people behind your business can make it or break it. Don’t be afraid to let someone go if they’re not matching up to your expectations. Although keeping loyal staff is paramount, those staff need to be fully committed and right for your business.
  3. Do your research. You can never do enough research. Focus groups, market research and customer opinion are vitally important.              You could have the best product in the world, but if nobody is going to buy it, your business has failed from the start.
  4. Be prepared. There are so many aspects to starting up your own business that no matter how organised you are, it’s pretty likely that you haven’t considered some of them. Consider taking an Undergraduate business management course to get you started off on the right foot. This is especially useful if you don’t have other relevant qualifications or don’t know where to start planning.
  5. Don’t worry about starting small. Did you know that Marks and Spencer was started from a market stall? It’s not the quantity that matters, it’s the quality. You will build up your business as you go along, but starting off on the right foot is vitally important. Start off selling your product at a market stall and then progress to festivals, trade shows and eventually supermarkets or similar. It doesn’t matter how small you start off – as long as you do start.

If you follow these golden rules before going into business, you should be well set up to make a profitable organisation happen.


Category: Investment

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