Don’t Just Start Your Own Business – Succeed with These Helpful Startup Tips

Editor's Note: Take a look at our featured best practice, Five Stages of Business Growth (25-slide PowerPoint presentation). This presentation introduces a framework for entrepreneurs to use when building and navigating their business from a nascent, startup state to an enterprise with a global footprint. This framework, called the 5 Stages of Business Growth, is based on the fact that all businesses experience common [read more]

* * * *

What do you really need to start your own business? A great idea, strong financial strategy, determination, and a watertight business plan. All these answers are correct, but they don’t answer the most important question – what do you need to ensure your business succeeds?

More people than ever are taking the plunge and starting their own business from scratch, but many entrepreneurs fall at the first hurdle as they struggle to determine what will ensure that their success comes to fruition. Here we’ll look at some helpful start-up tips for small business owners and what they can do to guarantee success.

Have the right tools in place

Before you open your business, it’s vital that you have all the right tools in place to help you hit the ground running. From time management software to graphic design tools, there are hundreds of start-up tools you shouldn’t be without. In terms of your billing and invoicing, simplifying the payment process will not only keep your business looking professional but also help you get paid faster. With this really simple to use invoice template, you can create your own invoices and personalize them to reflect your business logo and brand. Having an invoice system on hand to streamline your billing process means you can send accurate and automated invoices to clients with just a few clicks. Giving you more time to focus on building your business.

Be realistic about your income

Starting a small business is an exciting prospect, but money and your financial stability need to take centre stage. If your business is going to take a while to get off the ground, don’t quit your day job just yet. Being realistic about your income means you’ll make better business decisions and still enjoy a healthy cash flow into your fledgeling business.

Understand the formalities

Are you familiar with your tax obligations? Do you have an accountant? What about the latest health and safety legislation, or permits and licenses? Starting your own business is exciting, but that excitement can quickly turn to dismay if you’re unintentionally breaking the law and undermining yourself. Before you begin, get to know the latest legal requirements for businesses like yours.

Research your competitors

Small business competition is fierce and even in your saturated market, you must conduct research on your (currently) more successful rivals. Competitive research is a vital part of any business startup, as seeing how your competitors sell their products and attract customers can give you valuable insight into the right way to do things – and where improvements can be made. Competitive research should be an ongoing practice.

And finally, don’t talk yourself out of it

Business is all about calculated risk, and in these early stages you’re going to find ways to procrastinate and preserve your pride, should your business idea fail. You might be inclined to wait to start your business or consider a specific approach until everything is perfect. The truth is, business is all about taking controlled risks. So, don’t sabotage your own success.

Do You Want to Implement Business Best Practices?

You can download in-depth presentations on Entrepreneurship and 100s of management topics from the FlevyPro Library. FlevyPro is trusted and utilized by 1000s of management consultants and corporate executives.

For even more best practices available on Flevy, have a look at our top 100 lists:

• Top 100 in Strategy & Transformation
• Top 100 in Digital Transformation
• Top 100 in Operational Excellence
• Top 100 in Organization & Change
• Top 100 Management Consulting Frameworks

These best practices are of the same as those leveraged by top-tier management consulting firms, like McKinsey, BCG, Bain, and Accenture. Improve the growth and efficiency of your organization by utilizing these best practice frameworks, templates, and tools. Most were developed by seasoned executives and consultants with over 20+ years of experience.