At Turner Little, we have decades of collective experience in what makes a start-up work, from financial issues to long term plans. We want to help your business succeed too.
You’ll never succeed just by following a list of tasks, or just because you have a great idea to start off with. Starting up your own business takes guts, determination and, above all, planning. What could make or break your business? For everyone out there starting their own business, here are 12 steps to success.
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Know how far you will go
Do you know your true motivational level? For example, how much money are you willing to risk on your business idea and what are you willing to do to achieve success? Everyone will start out wanting to make money, but what are you prepared to give up to make that dream a reality? Starting a business takes time and, certainly in the initial stages, you’ll have to sacrifice other things to find that time. Are you willing to step outside of your comfort zone and do you have a support network around you before you start? Family buy-in is just as important as access to resources and funding.
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What is the right business for you?
The best way to think of a successful business idea is “find a need and fill it”. You need to find a gap in the market, a service that’s missing or a product that could work and run with it. Above all, you must find needs that you can realistically fill, that you want to work hard to fill and that will ultimately give you enough money to live on and turn a profit.
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Are you sure the market is there?
A common mistake by start-ups to make too many assumptions. Don’t just assume that people will want your service or product, just because you and your immediate circle do. Never assume there is a ready-made market and always thoroughly research all aspects of the idea. Speak to real customer prospects outside of your family and friends and find out for sure whether your idea is something people want to pay for.
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Plan for success
Everyone needs a plan, whether you’re trying to find investors or not. You must map out your goal and destination and create a roadmap of how you intend to get there. The plan will, of necessity, change as you go on and learn more about your customers and competition, but will always help you stay focused.
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Avoid procrastination
Some people shoot themselves in the foot because they want to get every single detail mapped out before they start their business. While research is important, spending endless months on it leads to procrastination. You’ll never have every single piece in place before you take the leap, just make sure you have the important ones. If you strive for perfection before you’ve even launched, you may find you never start it at all.
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Start small
Successful entrepreneurs may be risk-takers, but they’re still very controlled. Testing an idea on a small scale and then building on what works is the way to go. You can alter things as you progress and discard potential disasters before they have too much of an impact.
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Don’t get down about mistakes
The main difference between success and failure is those that learn from their mistakes. Learn the lessons but don’t dwell. Don’t spend time blaming external factors over which you have no control. If your path really is blocked, find an alternative way.
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Be open to learning
Find people you admire online and in the real world, join groups with people who understand your sector and learn everything you can from them. Find out what it takes to get from where you are to where you want to be. Go to industry conferences, take training courses, open your professional life up to those who can help. You can save a lot of time by learning from people who have already been there and done that.
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Act like a business
Find out the regulations you must abide by, register your business, keep track of income and expenses, keep your personal money separate from your business account. In short, act like a fully formed business from the start.
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Get to know investors
If you need investment, then you must find out what they’re looking for. Search for the investors that are interested in your sector and follow up connections.
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Be forthcoming
Don’t be afraid to (politely) ask for what you want. Reach out and introduce yourself to people, whether they’re peers, competitors or potential customers. Networking may have changed over the years with the advent of our digital business lives, but it’s still very important. People like to work with and for people they know.
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Always keep trying new things
What works right now, may not work in five years’ time. Don’t get stuck in a rut and assume you have to do things in the same way forever. Keep learning, keep researching and keep switching it up.
About Turner Little
Founded in 1998 in Yorkshire, UK, Turner Little is a specialist UK and offshore company formation, banking and corporate services provider. Our services include company formation, UK and offshore banking, asset protection, credit correction/repair, trademarking and trusts. Other services include Internet services, mail forwarding, wills and probate. Turner Little’s vision is to offer the best possible service, together with market leading products
