Top 5 Tips: Starting Your Own Business

Despite the tough economic conditions of recent times, there are still a huge amount of people out there planning to start their own business. It seems the recession has done nothing to dim the entrepreneurial spirit in the UK and last year a staggering 400,000 new businesses were launched in this country.

It should not be forgotten that SMEs are the engine room of our economy - they accounted for 99.9% of all private sector businesses in the UK, 59.1% of private sector
employment and 48.8% of private sector turnover. We all know that the risks are high but people in the UK still have the desire to break away from the restrictions of the corporate world to go into work for themselves.

That is one of the reasons why I created my free Business Secrets app aimed at entrepreneurs. New businesses are in my opinion one of the most important ways to kick start an economy. But people don’t always have the tools to know where to begin or improve their business offering. The app is packed with information on how to launch and successfully run a business.

I have picked out some top tips from the app that are very common to all successful businesses – no matter what sector or field they happen to be operating in.

1. Hard work

As a result of the economy every sector at the moment is going to be very competitive and unless you have a truly unique proposition you will have to deal with competitors. People hoping to sustain success have to be self-motivated and driven. When it comes to business there is never any substitute for hard work.

2. Planning

If you want to increase revenue you have to work at it but it is also important to have a defined business plan and strategy in place. However, there is no point in setting yourself impossible targets which you will never be able to achieve. Take things slowly and build up the business at a manageable pace. It is possible to grow too fast and lose control of your objectives. If in doubt, ask for help and advice from someone with more experience and expertise than yourself.

3: Marketing

The next key stage is to go out and get known in the market place. Get to know your customers and get your name or brand out there, there is no point in being shy about the services and products you have to offer. In other words be bold and be brave. Thanks to social media and the internet, direct marketing has never been more effective or affordable so take full advantage.

4: Assertiveness

People who run their own business need to be organised but they also need to be assertive. It is important to have written agreements in writing to avoid any misunderstandings about payments and charges further down the line. There are plenty of businesses out there, both big and small, who will use every trick in the book to try and get out of paying what they originally agreed.

5: Evaluation

Finally, the important thing for someone who has gone into business is to have a constant evaluation of progress. People should always give themselves the time and the space so they can stand back and take a long hard look at how the business is performing on a regular basis.

You need to examine the way you do things and see if you can improve on your performance and offer a better service to your customers or clients. I have always believed that there are improvements that can be made in the way you do things, no matter how successful the business.