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Tips for Knowing When to Start a Business

2011 May 13
by Contributor

If you have ever considered starting up on your own or with others, but you are not quite sure how to go about achieving this then this article is for you.  Follow these straight forward tips and hopefully by the end of the article you might have a clearer idea for knowing the ideal time for you to start a business.

Ideas – Every great business out there was born as an idea, a thought which manipulated in to something much more. Start your quest by researching; research is vitally important to the successful operation of any business. Be sure to look into your competitors services or products and their pricing structure – bear in mind that the internet is a fantastic resource for checking out competition on a local, national and international level. You could call your competitor or place an order through their website as a means of conducting some additional market research.

WWW – The Internet provides the world at your fingertips and it is expected of you to have a website in place, businesses of all sizes even sole traders have websites which are as technical as a shopping platform or as simple as an online business card. It’s recommended to look in to the functionality you might require of your website – the more automation the less you might have to do manually. Blogging is a common practice for businesses and something you might also want to consider when publishing your business website.

All in One – You soon realise when operating your own business that you are not only the receptionist, the tea maker and churner but you are also an accountant, marketer and the company salesman (amongst others). Being a jack of all trades is brilliant but can lead to neglect in other areas, especially if you are learning these skills with no prior knowledge. Organisations such as business link offer businesses opportunities to train and gain skills in subjects like accountancy, which would help lighten the load.

Networking – The age old phrase comes to mind: “It’s not what you know, it’s who you know”. Knowing the right people can help to secure contracts and services vital to your business, local businesses often have events where they meet and network amongst one another. There are even online opportunities to network with likeminded businesses take for example if you were an accountant then there is the Accountants Forum, all of these great opportunities to meet similar business owners or business owners in your local area could yield your first clients!

Learn from failure – You can’t get it right every time, no one does look at Microsoft as great examples of learning from their failures. Microsoft produced several great operating systems say Windows XP, then they went ahead and made Vista which was a complete failure, learning from their failures they then created Windows 7 – I’ve certainly never looked back! Failure can make a business stronger as long as something is gained from it on the journey.

Isaac Bullen writes on behalf of several Cornwall based businesses including Winter Rule who are a Chartered Accountant, one of the South West’s largest independent accountants, based in Truro, Cornwall. With Winter Rule you get a first class service and fresh ideas at an economical cost. For an accountant in Truro or Cornwall tax advice visit Winter Rule.

cc licensed flickr photo shared by David Reece

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