Blue Orchid Accounting - Pattern

20 Tips To Start A Business (Part 2)


May 2, 2018/in General Information /

Tip #11: Business Plans
Get that rough draft you had done and now start fine-tuning it. This section will help the question of cash flow, type of customers you are after, the type of marketing you will require, etc, etc.
Investing the time into this section of the business can also help you obtain finance if required.
Download a free Business and Marketing Plan template from the hyperlinks.

Tip #12: Workshops
When in the start-up phase of your business, you will sometimes feel lonely—working late nights, early mornings and even weekends, which means you get to spend less time to talk to people face-to-face. This is why is it important to get out and connect with like-minded business owners. Workshops are a good place to start. If looking for start-up events in your area, the Event Finder search tool is a great place to start.

Tip #13: Insurances
You might think it is too early to be considering insurance but now is the time to start doing your research on the option you have.
Insurance is important if you employ staff, operate a motor vehicle or run a service based business.
Before taking up the insurance make sure you ask a lot of questions to understand what you are covered for.

Tip #14: Buy or Lease a Premise
At some stage if you are starting a brick and mortar business, you will have to make the decision of whether to buy or lease a commercial premise.
Like most decisions, each has its advantages and disadvantages, so it is good practice to talk to your business adviser about this issue early in the piece.

Tip #15: Business On-line
Logo design= $560. Website= $2,500, Available for booking, sales and leads 24/7= Priceless
Whether you are selling goods or services on-line or through a physical brick and mortar business, it is likely that some of your potential customers are searching on-line for business similar to yours. That is why having an on-line presence such as a website is invaluable to your business.

Tip #16: Finance
Depending on the size of the start-up of your business, you might need some finance to help you to move forward.
Researched and well-planned business and marketing plans are a must. This is where your business plan is vital in helping you gain that much need finance with lenders and investors.
Some of the things you need to know when applying for finance:

  • Be prepared for tricky questions, have your homework done and prepared as though you are attending a job interview
  • Know what your financial limits are for repaying the loan
  • As for your business, do your research and shop around for something that you are comfortable with
  • Dress to impress, as first impressions count and know your business and the plan you have for it

Tip #17: Social Media
Social Media describes the on-line networks and tools which you can use to help promote your business presence.
If you haven’t already done so, go and start creating your accounts to save your business name on the sites that interest you such as Facebook, Google+, LinkedIn to name a few. Even if you are not quite ready to start, it is a good idea to have your account name “saved” to avoid disappointment in the future.

Tip #18: Pricing
So what do you charge for your product or service? It can be tricky trying to find the balance turning a profit and being competitive and stay true to your business plan.
Depending on the type of business, there are a number of pricing strategies that can help when setting your prices.
If feeling overwhelmed by numbers the Pricing business topic from has useful information that can help with the topic of what price to charge.

Tip #19: Customers
Doesn’t matter if you have a professional looking website, million dollar logo or best tasting product- your customers are the most important item to your business.
Understanding your customers wants and needs are the critical issue when you are working through your sale pitch for moving the customer ” I might need it” to “I must have this”.
The customer business topic has some useful information for start-up business including how to:

  • find customers
  • provide good services
  • handling of customer complaints
  • seek and use customer feedback

Tip #20: Payment and Invoicing
This might seem like an easy decision but making sure your customers pay you will depend on the payment method. After all, you can’t run a profitable business if you can’t get paid.
Food for thought:

  • Will you use credit card facilities?
  • Can your customers pay over the phone?
  • Has the business got an on-line payment system?
  • Or are you strictly cash?
  • No matter what kind of payment system you offer, you will need to provide a receipt for the goods or the service you have provided.