Your Next Business

As a potential business owner you should ask yourself where will buy business be and what will it look like a few years from now?

Others questions worth consideration are whether you want to stay small and work from home or do you want to grow, employ staff and expand an empire; do you want a business partner and what start-up capital do you need? Decisions like these will affect affect a businesses' tax treatment and compliance obligations. That's why it is an excellent idea to have a robust and long term plan right from the get go.

To help below are top tips for starting your own business.

Top tips for starting your own business

Make a plan
Be prepared for the slow times
Invest in an image
Strategically market your business
Know how to sell yourself
Give yourself a break

Make a plan

So you’ve decide going into business for yourself is the next step for you.

Expect to spend around 40% of your time on administration, marketing and client liaison before you even start selling your product. This is the stuff that helps you stay in business and ahead of your competitors. The most common reason a business fails is due to a lack of planning.

Be prepared for the slow times

Keeping overheads to a minimum where possible and taking a proactive approach for when business slows down can often alleviate stress and anxiety and see you through the tough times. Half the battle is knowing that and knowing when that will be.

Lower your risk by planning your workflow evenly throughout the year or taking advantage of opportunities identified.

Invest in your image

Perception is everything in business. As the face of the business consider how you want people to see you in the marketplace. Talk to your customers and suppliers and ask what they think of your branding.

Whether you have a shop-front or running a virtual office investing wisely in creating a consistent brand by designing a logo, business cards and website can promote your business and facilitate long-term growth.

Strategically market your business

In an era where social media dominates you, you need to interact in

strategic ways.

Stay in touch with your marketplace whether it be attending seminars,

sending out newsletters or getting involved with the community.

When you are marketing yourself, you need to entice your customers

by giving them good information that’s free and helpful but not

annoying. Know when enough is enough.

Know how to sell yourself in under two minutes

Keep it Simple. The key to keeping your customers attention is to focus on them and explain what you do briefly and with relevance to them. Avoid giving them a history lesson about the origins of your business. Having a corporate identity and the correct branding can also help tell your story.

Give yourself a break

Starting a new business, it’s common to have periods of uncertainty or self-criticism. But you need to give yourself a break, rather than wallow in the negative thoughts before they grind down your output.

No one functions at their best when they feel overworked. You are your businesses biggest asset so take some downtime and give yourself some space to recharge and clear your head. Who knows you might even come up with a great new idea!

You have an idea of what you are good at and convinced everyone will be able to see that too. You’re going to make a mountain of money, enough to retire early. Everything is rose-coloured and you’re surprised you didn’t think of doing it sooner. It is a good time to be excited about your future.

Before you take the leap however having a good business plan can often save you time, money and possibly your sanity so do your research.

Its vitally important to get on top of business planning and administration from the get-go. Keeping up to date with administrative, accounting, legal and marketing aspects of the business can impact greatly on how long your doors stay open.