Tips for starting a business

5 Tips for Starting a Business

Latest posts by Mark Wright (see all)

Starting a business can be very difficult, especially since more than 50 percent of UK startups fail within their first year. In our guide to starting a business, we provide a proven method to become a business champion by positioning your company successfully and allowing staff to establish themselves in the industry. Below are five tips for starting a business:

Go into an industry you have a passion for

When starting a company, you must be doing something you are passionate about. New businesses require a lot of working hours, so you genuinely need to enjoy the work, as it will make the whole process easier.

It also helps if you have experience in the industry, such as working for a similar company for a number of years. Above all, potential investors will always want to know you have spent time in the industry and know the sector a bit.

The more you learn, the more you earn

You need to learn as much as you can about that industry whether it’s finance, retail, tech or sports. It is worth putting time aside every day to read news articles or magazines related to your business area. Check out competitors and what they are doing and attend regular conferences and seminars on your subject matter.

By doing so, you will start understanding the trends in the industry, know who the big players are, companies and ideal customers – and this will help you grow your business.

Become an expert in the industry

Position yourself as an expert in your industry. This could mean writing regular blog posts and sharing them on Linkedin and Facebook, because your peers will start thinking of you as a knowledgable voice.

Volunteer to speak at events or conferences, where you will get good practice at refining your trade and emerge as an industry leader.

Network, network, network

Part of becoming an industry expert is knowing who is who. By attending regular events and even speaking at them, you will start to see the same faces and you will become recognizable. Exchange business cards, utilize Linkedin and soon you will become part of the discipline.

Practice what you preach

Eating your own dog food, or whatever you want to call it. If you provide web design as your business, make sure your website looks good, as this is the first thing that potential investors and clients will judge you on. So for whatever your business, be a leading example of what you want to represent. Even if you’re a personal trainer, make sure you get that six-pack.

Previous Article
E-Commerce Businesses

How E-Commerce Businesses Can Boost Brand Marketing

Next Article
Selling Your Company

4 Traps To Avoid When Selling Your Company

Related Posts
home-based businesses
Read More

The Value of Home-Based Businesses to Economic Recovery

The challenge of America’s economic recovery, in the wake of the COVID-19 pandemic, is to spread it to every community – and especially those that have been historically excluded. The key to meeting that challenge is to appreciate the civic and economic value of an overlooked resource: home-based businesses. There are about 16 million home-based...
Read More

WJR Business Beat: Job Switchers Rewarded with Higher Pay (Episode 406)

On today's Business Beat, Jeff Sloan talks about how it's going to be more difficult and costly for small businesses to hire the best talent because job switchers during the pandemic have seen significant salary hikes. Tune in to today's Business Beat for more:   Tune in to News/Talk 760 AM WJR weekday mornings at...
startup team
Read More

5 Strategies for Building a Great Startup Team

The way you treat your employees, their time, skills and abilities in the early phases of your union as a team influences the rest of your company's course of action. Mark Zuckerberg once said, "The most important thing for you as an entrepreneur trying to build something is, you need to build a really good...
pitch videos
Read More

How Pitch Videos Can Help Your Startup Get Funding

When you’re about to launch a startup, gaining the interest and support of startup investors is an important element in becoming a successful brand. These days, videos are a great way of communicating information and landing you anything from seed funding to crowdfunding. After all, a great pitch video can grab your investors’ and consumers’...