3 Top Tips That Will Help You Start Your New Business - by Kieran Perry UK Business Mentor

3 Top Tips That Will Help You Start Your New Business - by Kieran Perry UK Business Mentor

15 Dec 2020


3 Top Tips That Will Help You Start Your New Business


Most entrepreneurs know that setting up a new business isn't easy. It requires a lot of hard work, skill and dedication; an "idea" doesn't turn into a viable business without effort. If you're willing to put in the work but don't know where to begin, here are 3 top tips that will help you bring your business idea to life.


Tip #1: Refine Your Idea and Clarify Your Mission

You've probably thought about the niche you want to enter and why. Perhaps you've even researched existing businesses to learn what they do and how. Now you need to think about how you can do it better. Work out who your target audience will be and why you want to serve them. Is there a demand for your service? Is your chosen niche something you're passionate about? Understanding your market and audience is crucial to business success.

 

Tip #2: Formulate Your Business Plan

Now you've established who your customer base will be, think about your end goals and the financial return you're expecting. That will lead you to consider the problems you might encounter and how you could overcome them. It's also crucial to have an exit strategy in place in case things don't work out.


Tip #3: Review Your Financial Situation

How you will fund your start-up and associated costs? Will you need to take out a loan or crowdfund your business? It's a good idea to have savings to tide you over while your new business is still getting off the ground; that financial safety net will prevent a lot of stress. Remember: it's possible your cash could run out before you make a profit, so don't overspend in your first months.


Bonus Tip!
Be proactive and hire my business mentoring services! I offer guidance and practical support that will steer your start-up to success. Just get in touch to find out more!

Kieran Perry

Business Mentoring

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