4 Essential Tips for Starting a New #Business
There is so much to think about when starting a new business. In order to give yourself the best chance of success, it’s important to implement good habits and best practices from day one. As a new business owner, it can feel like your attention is being pulled in a million different directions which is why I’ve created this guide to help simplify things.
Here are four essential tips for entrepreneurs starting a new business.
1) Prioritise Learning
You can never learn too much and the more you learn, the faster your business will grow.
Of course, I'm not recommending taking course after course after course and never implementing what you learn; shelf help on its own never got anyone anywhere. However, it’s important to learn from and follow in the footsteps of those who have gone before you. Coaching and mentoring programs can save you a huge amount of time and enable you to fast track your business to success.
Your customers represent a very valuable source of learning, too. By having conversations with them, you can get a clearer understanding of their problems and fears, and thus provide an effective solution.
2) Stop Making Excuses
What’s the difference between people who talk endlessly about starting something and those who actually get up and do it?
There is never a perfect time to do anything and there will always be a reason not to, whether it’s time, children or a fear of failure. These are very real obstacles but you’ll never achieve anything if you let these things get in your way. If you want your new business to succeed, you need to stop making excuses and focus on finding solutions. Think ahead and solve these problems before they impact your progress.
3) Sell Paracetamol
I don’t mean this literally, but as stated above, it’s important to get an understanding of your customer’s pains and then prescribe the solution.
Think of it as selling paracetamol instead of vitamins. Yes, vitamins can be a preventative measure and help people achieve their health goals but paracetamol cures the pains they are suffering right now. We all know which one most people would reach for when suffering from a headache.
Don’t think so much about what you’re selling but focus on the problem that you are solving. This will enable you to create a powerful marketing strategy that really appeals to your ideal customer.
4) Track Expenses from Day One
We cannot overstate this enough. Not only does tracking your expenses help to minimise your tax bill and keep your business compliant, it also provides critical financial data that will prove invaluable in terms of cash flow projections and financial planning. This will help you to choose the right payment terms for your business, make investments at the right moment and grow at a steady rate whilst mitigating the risk of overstretching yourself.
I know that bookkeeping is not your favourite task, which is why I recommend using cloud software such as Xero as well as a good accountant to make the process as fast and painless as possible. This makes it easy to manage your invoices, track your payments and organise your financial records, meaning that it’s more likely you will actually do it rather than putting it off indefinitely.
Summary
Of course, there are a million details to deal with when starting a new business but by using the above tips as guiding principles, you can give yourself the best chance of success. Striving to learn more and refusing to make excuses are both important parts of cultivating a growth mindset, whilst focusing on selling pain-killing solutions will prove invaluable when it comes to creating an informed and accurate marketing strategy.
Finally, it’s of the utmost importance that you track your expenses from day one to avoid making a stressful (and expensive) mess of your books and ensure that you are able to leverage your financial data to create a stronger and more profitable business.
We hope you find this information useful and please feel free to share it. If you have any questions, feel free to contact us.
Timothy Kelliher & Company Limited
Chartered Accountants
Phone/WhatsApp: +353 (0) 64 6632105
Email: info@timothykelliher.ie
