Taking the leap from employee to a business owner is a huge step and one that not every aspiring entrepreneur will have the courage to take. There are a number of risks whether it’s financial, security or the possible effect of failure that must be considered. In the UK there is currently a high percentage of entrepreneurs with innovative business ideas and a comparatively small number of these will progress into high turnover businesses.
Here are my 5 tips on how to take the plunge and never look back:
It is essential that you understand the market sector you are targeting, research the potential customer base, the product and the competition. Then prepare a realistic business plan before committing to anything. Make sure you believe in your business and that it is something that you feel passionate about it.
Take the risk
If you have done your research and you believe in your product, brand, service and business model- Go for it. All businesses have the potential to fail, but with a strong belief, attention to detail and a can-do attitude you can make it happen. I had a lot to lose by setting up my business at just 25 years of age; I had a secure well paid job, and by following my business dreams I had to make sacrifices at a young age but, it paid off. There is always the risk of failure but there is so much to gain from the freedom that success brings.
Take on the competition
Don’t be scared to take on the big boys! If you believe you are offering a better product than the competition, this is the opportunity to break into the market.
Look online for opportunities and exploit the latest technology
There is a lot of good advice on the internet, and I suggest utilising all of the resources available to entrepreneurs for start-ups.
Take advantage of online training in the form of webinars and blogs and research government websites for details on funding and grant schemes and use all of the available resources to grow your business. Consider the advantages of an online business to increase opportunities and reduce overheads.
Find your niche
Customers like dealing with specialists, find your niche and know your market, by providing an expert service within your sector it will create a competitive advantage and before you know it you could be a market leader.