As an entrepreneur, starting a business is probably high on your bucket list. You’ve got the drive and the passion to succeed but maybe a bit shaky on the details when it comes to getting started. That’s fine, we’ve all been there! We’ve put together a list of our top seven tips on starting a business just for you.
7 Top Tips on Starting a Business
There’s nothing quite like the feeling of saying goodbye to the boss and starting your own business. We’re also incredibly lucky that in New Zealand, we’re able to do so with a minimum of red tape. But with on average 26% of new start-ups not lasting past the ten-year mark, how can you increase your chances of being here for the long-term? The answer is, get things right at the start and here are seven tips to help you do just that:
- Research your product or service thoroughly – to sell your product or service, someone must want it. This requires you to hunt out others which are already selling it and then finding a way you can make it better. Copying your competition is not a good strategy but having a point of difference you can promote to your customers is!
- Use your strengths – if you enjoy sewing and are good at it, handmaking products to sell may suit you. But if you’d rather be outside and sharing your love of exercise, then starting up a home fitness business is a better choice. The aim is to choose a business which requires as little upskilling on your part as possible.
- Create a business plan – while this is an easy step to miss out, a business plan will help you map out the course your business will take in the future. Even the smallest home business should have one and with the free templates available from the Ministry of Business & Innovation, it’s easy to write one too.
- Avoid borrowing if you can – it’s always best to start a business debt free. There’s less financial pressure on you and you can keep your profits, instead of giving them away. There are different ways you can raise the funds, such as selling unwanted items or doing odd jobs, which although take time, is better in the long run for you.
- Get support – one of the best ways to get support with your business is by networking with other business owners. Having been there and done that already, many are willing to share their tips and tricks with you. A great NZ business networking group is run by Business Networking NZ, who also offer you a free link in their business directory too!
- Consider your tax requirements – no matter how small your business is, if you are selling products or services to make a profit, you are required to pay tax. Make sure you check out the IRD’s website to learn what you need to pay and when.
- Keep up with your competition – it’s important that you know who your competition is and what they are doing. Remember though, your business is unique and as such, copying what they are doing is not a good idea!
Starting a business is such an exciting time and we wish you the very best of success!
Business Networking NZ