Thomas Noel Collister Jackson understands the process well. As a solicitor, he knows that it’s crucial to help small businesses hit the ground running.
Very often, starting a small business comes down to having a ‘to-do’ list. An entrepreneur will likely have a head full of priorities, advice and ideas. The important thing is to sort these into what’s important, and what needs to be completed. It’s also important to know that there may not be a perfect formula for going about the process, and often many people learn as they go along. However, when smarter decisions are made early in the process, the chance of success increases.
The following are some useful tips that can make the process more worthwhile:
Be Clear About the Idea
One of the early sticking points that new businesses go through is having a clear idea of what the business is about. Before anything concrete happens, the owner should be able to jot down what the business is going to sell or do, clearly outlining the main services or products. This information will form the core of a business plan that may later be used to come up with a pitch for potential investors.
Be A Sponge
Early on, advice will likely come from several quarters – family, friends, online resources and other experts. When it comes to learning about entrepreneurship, be a sponge and aim to learn as much as possible. Keep detailed notes from all the advice and material reviewed, and whenever people want to hear about the idea, assess their body language. Also, receive feedback with an objective mind and encourage people to be honest in their assessment.
Keep Things Simple
While many new entrepreneurs are ready to get rolling with their new ideas, it helps to keep the initial concept simple and easy. The aim here is to start small by creating a simple service or good. Get rid of any unnecessary features that may make things complicated or end up costing money. It’s easier to add the bells and whistles when the business grows and the returns are worth the extra investment.
Understand the Market
It’s important for a new business owner to know who their target market is, or who is likely to engage with and purchase the product or service. It helps to start reading up on the different marketing strategies available, including the value of networking. Once the business is set up, don’t forget to market it so there’s a pipeline of potential clients to reach out to.
Keep the Main Job
For many entrepreneurs, starting a small business is something they do on the side, while continuing to work at their main jobs. Launching a business is a process that may take a while before it stabilises and becomes successful. While this is going on – and the revenues may not be steady for a while – it may be beneficial to keep the day job and work on the business during the weekends and off hours. Gradually, you can think of transitioning to running the business full-time.
Passion, With A Measure of Wisdom
Passion is an essential ingredient for small business owners as it continually drives them to work on the business and make it better. However, passion shouldn’t substitute the need for wise decision making when needed. Passion will drive the business forward, but it’s wisdom acquired through knowledge and research that will keep the venture headed in the right direction.