Top Tips to Launch Your First Business

tips for small businessesUnemployment among young people has reached record levels, but that isn’t to say that the latest generations of school and university leavers are lacking in ambition. Instead, many young job seekers are treating their situation as an opportunity to venture into business for themselves.

Starting your first company is tough, especially in the midst of a financial crisis, so here are a few top tips to help you through the early stages of planning and launching a small business of your own.

Identify a Niche

Some of the best small business ideas come from first hand experience of a gap in the market. If you find yourself frustrated by the fact that a company is not meeting your needs, ask yourself how it might be done differently. Filling a consumer need is the most important principle of a successful business, so if you believe that other people share your expectations then you’ve found yourself a business premise.

Do Your Homework

You need to know as much as possible about the market you are entering in order to create the best possible business plan. Who is your target audience and how do they choose who to do business with? Who is your main source of competition and what can you learn from their failures and successes? Putting together a watertight plan will also come in handy if you intend to apply for a business loan to cover some of your start-up costs.

Make the Most of Your Expertise

As a young person you probably know more about the latest technological and marketing opportunities than you realise. Large businesses spend vast amounts of money employing experts to run their social media campaigns and design their websites, but if you can do all of that yourself then you will be able to hold your own in the big leagues.

Stand out From the Crowd

Create a brand image and a marketing strategy that will get you noticed. Investing in a free phone number will instil confidence in potential customers, but did you know that Ofcom are starting to run out of 0800 numbers? 0808 will be the next prefix to take over, so act fast to snap up your choice of the most memorable phone numbers while you still can.

Keep Track of Your Finances

However you decide to fund your business, it’s important to have a realistic financial forecast in mind to make sure you have enough money behind you to get things off the ground. It’s a good idea to get financial advice from an expert so that you can plan how you are going to run your accounts and make sure you know what is expected from you in terms of tax. Bear in mind that any profits you might make in the early days are likely to be poured straight back into the business, so brace yourself for a tough period on a personal level.

This post was written by Nicky Hand, who recommends City Numbers as a supplier of free phone numbers and other creative communications solutions to help your business get off to the best possible start.

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