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5 Tips for starting your own business

Starting your own business can be difficult, so here’s tips from the experts on how you can make a success of it
Editorial team

/ Last updated on 27th October 2017

A restaurant sign

Apart from getting employed at their preferred organisations and companies, graduates might also consider entrepreneurship as a viable career option. Though, they may hesitate to establish their own companies, as they might not consider themselves experienced enough. However, this has little to do with the failure or success of a start-up, and below are a few guidelines and tips for aspirant entrepreneurs, to help them ensure the survival and progress of their businesses.

Related: A complete guide to starting your business

Build on the functionality of your ideas

Primarily, to initiate a business you need to have a unique and functional idea or concept for the product or service that you plan to offer. Observe your environment and assess in what sectors you may be of help to bridge the gap and fulfil consumer requirements. Identify the consumer needs and inspire yourself to devise and offer viable solutions.

Put yourself in the shoes of the consumer and list down all the consumer needs and requirements. It is probable that you might be able to identify a section of the market which remained unexplored and you might bank on the opportunity to fill the gap.

Consider working from home

This may significantly reduce your capital requirements. A major portion of your capital, when starting a business, is allotted to the rent or purchase of office space. Hence, working from home, you may be better able to meet your financial requirements when laying down the foundation for a start-up. You may transform one of your spare rooms into your workspace or use a secluded space in your home as your office.

Adorn the space with rented or purchased office furniture- whatever fits your bill- to fulfil the requirements of your workspace.

Launch a website

Starting a business in the present age without launching a website can be suicidal for your business. Online presence plays a major role in the success and survival of a start-up business and to increase the chances of your success, you may pay sufficient attention towards making your website appear professional and appealing to your consumers.

A website launch is not as costly, and it offers wider reach to the target consumers. Also, you may make your website SEO friendly and choose a suitable URL to increase its functionality.

Join a group

It is advisable when starting a business, you may join a community or a relevant support group to gain adequate assistance and increase your exposure. The acquired support can be of significant help, especially if you lack the experience of working in the industry you plan to start a business in. You may choose a support group or community that is of relevance to the industry you aspire to serve through business.

Joining these support groups, you will be able to have access to numerous advantages these have to offer, which include free meeting spaces, easy and convenient approach to various networking events, discounts for various business and marketing services and solutions and viable legal advice.

Register with HMRC

Also, make sure that you register with HMRC, as soon as you establish your business, to avoid any possibilities of getting penalised.

Related: How to start a business in your spare time

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