Building a successful new business is a roller-coaster. There will be days you know you couldn’t do anything else, and days you wish you did. Sometimes you’ll be on top of the world, but at other times it will be a struggle to drag yourself out of bed.
In the high-stakes world of starting a new business, only one thing is certain: everyone will make mistakes, but only those who learn from them will succeed.
So, to help you learn from these common errors, without making them yourself, here are 8 mistakes that startups frequently make;
Setting up a new business is an exciting, thrilling and all encompassing challenge! Personally, I think it is the best and most stretching form of personal and professional development that a person can do.
Creating and selling your own products and services, building a network of happy customers and managing your own time are just three of the perks that come with starting and running your own business.
But all too often, I meet entrepreneurs who are burnt out, stressed and lacking in sufficient income. This is often because they did not trial their business ideas before they got stuck in. So today, I want to convince you that you should ‘pilot’ your business idea before you launch your new venture for real.
You are ready for your big speech: you’ve crafted the talk, you’ve tailored the content for the audience and you’ve rehearsed your words. That’s great – but have you thought about the body language you will use when delivering it?
When we are preparing for presentations and speeches, we tend to focus on our words because vocal language is a conscious activity, whereas body language is a more unconscious activity. We pay attention to saying the right words but we need to extend this attention to our body gestures which unconsciously could be communicating a different message.
If your body language isn’t aligned with your vocal language you are missing the opportunity to deliver the full impact of your message. Worse still, you are at risk of creating confusion among your audience.
Here’s how to use body language to capture your audience’s attention and ensure you get your message across when you are giving a speech or making a presentation;
It was Mahatma Gandhi who once famously said, “There’s more to life than increasing its speed.”
And his observation applies to business as much as it applies to life. Businesses that have the most success are the ones willing to take the time to slow down and think about what they are doing.
This is borne out by an Economist Intelligence Unit study that found companies who slowed down made, on average, 40% more sales and 52% higher profits than companies who had set getting faster and faster their main priority.
So what aspect of your start-up will benefit from you slowing down?
Whether you have just launched your new start-up, or are the owner of an existing business, to be successful you need to make the best use of your valuable time.
With so many different aspects of the business to think about, and a host of demands on their time, it’s easy for small business owners to become too busy to get the really important things done.
To make sure you don’t get sucked into this trap, author Martin Gladdish, reveals some simple tips and tricks to show how you can build your business in 90 minutes a day.
There is so much that a small business owner, or potential entrepreneur, can do with just a shift in how we think, and what we focus on.
When you start to look back at what you have achieved and where you are in your life, work and business, you would begin to realise that success is heavily dependent on your attitude.
Most people who are successful started out just like you – and then they kept their strength and determination, they persevered through the tough times and now we look up to them as successful business people.
The good part is that you can make it too and even achieve much more than them. The magic is upgrading the software your mind has been running on with a new, better and bug-free version!
Here, serial entrepreneur, Taimur Khan, tells ByteStart how a positive mind-set can help you succeed with your start-up; Continue…
Why do some businesses appear to steam ahead, recording rapid year on year growth, when others even in the same sector, with the same market opportunity, lag behind, recording poor growth or often no growth at all.
Of course, every sector will have its own nuances, however there are some barriers to grow that every business owner (and aspiring business owner) will need to address if they aim to punch above their weight. Continue…
According to research, around 7% of working age adults in the UK expect to start a business in the next three years.
Many of these aspiring new business owners will be envisaging a multi-million pound business, or even a multi-billion pound business. But, statistically, only 4% of business owners ever reach the £1million turnover mark.
So, what’s holding back more than 2.5 million UK businesses from breaking that £1million barrier?
To create a successful business you need four things – a good plan, a good product that people actually want, good people who can make things happen and a good supply of money.
Running a business is also a way of life, which invariably takes up a lot of your time, so when you are starting a business choose something that you enjoy doing, something you have a real passion for. Continue…
Your brand is your identity and in a tough market place it can be the thing that separates you from the competition and grabs the attention of potential new customers.
Remember you’ve only got a very short space of time to capture the attention of new customers, so whether it’s the design of your business cards and marketing collateral, your website or even the name of your company, these things really make a difference when it comes to winning business. Continue…
Statistics from HMRC show that around 80% of companies registering for VAT cease trading within three years, and this statistic has held true for many years now.
With the chances of survival so slim, it’s a wonder so many people decide to take the plunge and start their own business. Anybody that manages to steer a start-up safely through these crucial early years, has done so against the odds and should be heartily congratulated on this achievement.
So what are the secrets to surviving the start-up years, and thriving beyond? Continue…
If you are starting a new business, or your business is still in its infancy, it’s tempting to grab any deal that offers something for free – after all you need to save as much money as possible and look after your cash flow.
But if you are offered a free phone or other telecoms equipment – you may find it ends up being anything but free.
Sadly, many small businesses have fallen prey to a scam where they are offered free phones for their business, but are then tied in to overpriced, long-term contracts that can cost them thousands of pounds.
A key skill for business owners is the ability to deliver a successful business pitch.
A pitch can take many different forms, it might be pitching for contracts with possible new customers, highlighting potential opportunities to new partners, persuading talented individuals to join your team, or trying to win investment to grow your company.
With the ability to pitch being such an important tool in a business owner’s armoury, here are some simple steps you can take to give yourself the best chance of succeeding with your pitch and getting that handshake.
Starting a new business is fun. It’s a world of learning and discovery as you set out on your own and try to build a brand new business from scratch.
Many people are so caught up in building their business that they don’t really consider where they want it to go in the long-term. And very few people are forward thinking enough to plan the finish – their exit strategy – when they are starting up.
Yet it’s an essential part of your start-up planning. Not only will there have to be a day when you walk away from the business, but when you know where you ultimately want it to go, you are much more likely to make the right decisions along the way.
Here’s why you need to plan your exit before you launch your new venture;
Popular media would have us believe that the legendary entrepreneurs are born that way, concocting profitable deals with their schoolmates from a young age, and that you either have those elusive qualities or you don’t. I disagree.
From what I have experienced over the years, you can acquire the qualities of those successful business owners, if you want to. Continue…
With the enduring popularity of entrepreneurial TV shows, a lot of attention is paid to finding a great business idea by the media.
To work out if your idea is brilliant or will bankrupt you, there are four key questions to ask before you get started.
Hundreds of thousands of new businesses are formed each year. Some will be a great success, but the vast majority will no longer exist in five years time.
So if you are thinking of starting a business, what can you do to increase your chances of success? Continue…
Chris Robson, author of Confessions of an Entrepreneur provides some helpful tips on how to survive the initial stages of starting up a new business.
Starting your own business can be very exciting, but the reality is that it can be very tough to get a new business off the ground.
Statistics indicate that out of every 5 businesses started, 4 will close within their first 3 years, so the chances of success are slim. However, if you are passionate about starting and running your own business, you won’t let mere statistics or long-odds get in your way!
If you are thinking about starting up this year, there are things you can do to increase your chances of succeeding. Here are 10 practical tips from the ByteStart team for anyone considering taking the plunge;