Anyone who decides to launch their own company is bound to experience challenges along the way, and these challenges will all be different depending on what sector you decide to tap into.
For me, I knew launching a tech start-up in one of the most rapidly changing industries would be an exciting prospect. I knew I was bound to make mistakes but also understood the importance of learning and developing from them. (more…)
Setting up a new business is an exciting, thrilling and all encompassing challenge. 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 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. (more…)
Every business owner can learn valuable lessons from studying how successful businesses are born and grow. Looking out for, and replicating, key drivers of success in other businesses, can help to drive our own business forward.
However, vital insight can also be gained from business failures. In many cases, what we can learn from terminal business mistakes can prove even more illuminating than what we can glean by following the high-flyers. (more…)
Starting your own business from scratch can be a terrifying prospect filled with self-doubt and worries about failure and going broke.
To help you safely negotiate the path of entrepreneurship, we asked business mentor and author Brian Marcel to share his blueprint for business success. (more…)
When you start a business with someone else, it’s always a good idea to lay down some rules on important issues, such as; how you will run the company, your respective responsibilities and what happens if someone wants to leave the business. Agreeing on how you will handle these, and other important matters, will save a lot of anguish down the line.
If you are going into business with other individuals working under a partnership structure, you should do this with a Partnership Agreement. If you are setting up a limited company, you will a need to record these in a Shareholder’s Agreement.
This guide explains what a Shareholder’s Agreement does, who should get one and what should be included in the document.
Entrepreneurs come in all shapes and sizes, of course, but many of the most innovative entrepreneurs are creative contrarians. They are outsiders, gainsaying the doubters that say it cannot be done.
In fact, many entrepreneurs are introverts, which can be a major barrier when it comes to that vital part of the entrepreneurial process: pitching. (more…)
One of the main benefits of becoming self employed is the ease with which you can start up and run your new business.
You can even become a sole trader (another term for self-employed) whilst working as an employee for someone else, so you can test the water and see whether working for yourself suits you.
To help you understand some of the most important issues, you’ll need to tackle, here are 5 things you need to do when you decide to go self employed: (more…)
Most business cards are about as much use as a scrap of paper with a name and number scribbled on it. That’s fine if you are looking for a date, but not so good for showcasing your business.
With a little thought, however, it’s easy to create a business card that packs a real promotional punch and helps you, and your small business, stand out from the crowd. Here are some tips and ideas that will help you design business cards that make a big impression;
You have a great business concept. Now you just need to sell it – not to customers, well, not yet. But to your backer.
Your top sales tool is a business plan. But take care. Potential investors banish the vast majority of plans to the bin, so you need to make sure business plan does the business. (more…)
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;
The inspiration to start a business can come anywhere at any time: in the pub, in the shower, in the supermarket, walking the dog.
How many times has someone you know announced they’ve had a great business idea? And how many of those eureka moments ended up getting no further than a few notes on a napkin?
Why was this? Too much hard work involved? Concerns over starting a business being too risky? Worries about it needing too much commitment?
But those aren’t barriers to every business idea taking off; some ideas do make it from conceptualisation to conclusion. The difference? Dedication and passion. And perhaps necessity. (more…)
Starting up and growing your own business can be extremely exciting and exhilarating, but it can also at times be quite lonely and overwhelming, particularly if you don’t have a business partner to share the experience with.
When you are sitting alone at your desk it can be hard to know where to turn for advice and support.
The good news is there is fantastic solution to this. That is to create your own support team that you can call on whenever you need to for help and advice, and even sometimes simply for encouragement and motivation and a friendly chat.
Here’s how to do it: (more…)
If your new business is going to be operating in a competitive marketplace, it’s crucial that you find a way to differentiate your business from all the competitors out there.
In short, why should customers choose your products or services over what’s already available?
If you can’t answer that question, then you need to read on to find out why it’s essential startups and small businesses find a niche, and how you can spot a potentially profitable gap in the market.
If you’re a start-up, chances are you are going to have to get out there and tell people about your new venture. What you say, and how you say it, is a lot more important than you may realise.
When it comes to communicating what you do, you don’t want to make a rookie error, just because your business is new. And the last place you want to miss the mark is when it comes to your pitch.
Preparing a powerful presentation is one of the best ways to communicate your start-up’s mission and vision. Deliver it well and you’ll earn a reputation as “one to watch”. Nail it, and your chances of success will increase exponentially. Using the “Power of Three” will help you to do just that.
The simplest way to start a business in the UK is to become self employed. This is also commonly referred to as becoming a sole trader.
There is minimal paperwork to take care of, and you don’t have to pay any company formation costs. However, you do need to formally register as self employed with HMRC, and assume responsibility to pay your own income tax and National Insurance liabilities.
Here are the steps you must take to if you want to become self employed, plus the other aspects you will also need to consider when working for yourself: (more…)
When you are starting out in business, you need to quickly grasp that the three key factors that determine a company’s financial success, or failure, are:
- Control of costs
- Cash management
Two out of three simply won’t work – you need to have complete control over these three crucial aspects, otherwise your chances of succeeding in business will be very limited. (more…)
Starting a business with friends can seem like a good idea, but before you jump in and set up a company with people you are close to, you need to be honest with yourself and each other.
If you get it wrong your new business could fail and lifelong friendships ruined. So what steps should you take before going into business with friends, or any business partner for that matter?
We asked entrepreneur, Mike France, who has experienced both sides of this coin, to share his advice on how to successfully start and run a business with friends; (more…)
It might be strange to think that storytelling can be a powerful tool for startups. But stories provide a fantastic way to explore the purpose of your new business, what it stands for, what it will be like and how you will achieve your vision.
The great thing about stories is that we are all designed to be storytellers. Every time we talk about why we are starting a business, every time we share our idea of what the business will be achieving in the future we are sharing stories.
When we do this, we are influencing others – sometimes these stories change our thinking, sometimes they help us and those around us to understand and accept new ideas. So with stories, being such a powerful tool for new business owners, here are 4 simple strory-telling techniques you can use to get results; (more…)
Your business may offer amazing products and a fantastic service. It may have a clear, determined vision of what it is doing and where it is going. But if your potential customers don’t know it exists, your wonderful business is likely to disappear without trace. As Alan Sugar put it: “Your start-up will be a cock-up if you don’t learn marketing communications”.
But what can a small business do to get themselves noticed?
There are two options: pay lots of money to a marketing company, or do it yourself. The DIY route costs less (if anything at all) and lets you use your unique insight to create the kind of personalised, precision-targeted marketing message that an external marketing consultant could never pull off.
So let’s dip into the marketing communications pic ‘n’ mix to see what methods are at your disposal;
One of the biggest challenges you face as a start-up is getting your name out there. However, even if people hear your name, unless they know what makes your business unique, they are unlikely to choose you over a competitor. Help someone understand how you can solve their problem, however, and you’re in with a chance of becoming their preferred supplier.
One of the best ways to grow awareness is to share your industry-specific knowledge. Information you take for granted can be very valuable to people in other industries . . . but only if they are made aware of it.
By sharing what you know, you not only help others to improve their business, you can simultaneously position yourself as the ‘go-to’ person in your industry, and turbo-charge your start-up. (more…)
Launching a startup is weird. You have a big idea driving you, with lots of small things to do to get going.
You don’t necessarily have lots of business coming in or staff on board yet, but still you have to run this fledgling business the way you are going to run your future super-successful business.
The way you behave, now, at the start, will set the scene for what your business will be like in the future. This is where being a good customer comes in. (more…)
The fear of failure is one of the most common reasons why people decide not to start their own business. Hauling yourself out of your comfort zone and throwing yourself into the unknown takes a certain amount of courage and self-assurance.
Leaving a cosy, secure job to try and turn your business idea into reality is definitely a risk, but if you follow sound advice you’re more likely to succeed.
When it comes to good advice on starting your own business, successful entrepreneurs are always worth listening to, so we asked David Rusenko, founder and CEO of Weebly to share his 10 top tips on starting and growing your own business;
The difference between entrepreneurs who succeed, and those who spend time just thinking about it, is taking action. Specifically, it’s about taking the right action at just the right time.
You might not realise it but, if you’re starting a business, you can gain a lot from using some age-old Buddhist philosophies. One particular Buddhist concept, called the Noble Eightfold Path, gives a very practical and useful framework to take a startup idea from its genus and genesis through to successful delivery. It’s also a graceful way to move forward with in life.
But, there’s no need to become a practicing Buddhist, or ‘Anything-ist’, to benefit from the principles of mindfulness. Here, Tom Evans, author of ‘The Authority Guide to Practical Mindfulness’ explains how you can help turn your business dreams into reality with these 8 mindfulness hacks;
Experience tells me that one of the reasons why people start up their own business is to be their “own boss”, and that means they don’t want to be constrained by petty, bureaucratic, small mindedness being meted out every minute of their working lives.
The reality is that we all need rules. In the words of Al Murray (“The Pub Landlord”) “Where would we be without rules? France!”
I am not going to inflict upon you here a doctrine of rule-bound obedience leading to business success, but rather propose a Ten Commandments of Behaviour which are intended as a benchmark against which to measure yourself.
You can use them when you feel that perhaps you’ve ‘missed the mark’ or, better still, use them today, right now, and see how a change in behaviour might benefit your business. So here are the 10 Commandments of Behaviour tablets, delivered to your door; (more…)
If you were to survey a group of entrepreneurs about why they started their business, I’m sure you would get a huge variety of interesting answers. Of course many of them will have been motivated by money, but I would bet that one of the most popular reasons would be a desire to create something meaningful for themselves.
The prospect of taking control of your own destiny and being your own boss is a powerful motivator. I personally spent years as a Wall Street trader but found that the money I earned and lost just became numbers that had very little meaning to me.
Chasing money felt like an empty pursuit, and deep down I really wanted to start and run my own business, be the boss, and build stuff that I could actually point at. (more…)
Have you ever heard the saying: “There is no such thing as an original idea?”
Like many things that live in the public imagination, it is there because there is some truth behind it. There are some ideas that come like a bolt of lightning out of the blue, or so they seem. But when you look closer at the facts, the ideas have been stimulated by other factors and inputs.
A great example of this is in watching the evolution of the earth and how totally separate cultures, closed off from each other, have developed similar inventions over time.
The best ideas have a bit of something else in them, but how can you capitalise on this and use it to develop a great business idea? (more…)
A number of the world’s largest companies were founded by ambitious and determined university students who weren’t afraid to dream.
Most people know that Mark Zuckerberg created Facebook in his Harvard dorm room, but were you aware that FedEx, the global courier service, was first imagined by Frederick W. Smith in an undergraduate paper while he was studying at Yale?
In fact, lots of companies that we encounter on a daily basis, like Google and Microsoft, were set up by university students who decided to run with their business ideas. So if you’re a student at university and feeling entrepreneurial, here are 10 practical tips to help you launch a successful business while you study; (more…)
Every year, hundreds of thousands of entrepreneurs make the huge leap from working for somebody else to running their own business.
Launching your own venture is a leap into the unknown, and many new business owners discover that much of what they thought was true about starting their own business, turns out to be completely false.
There are many common misconceptions about running your own business, and being caught out by some of these can prove very costly indeed. To help you separate truth from fiction, here are 8 common myths about starting and running your own business;
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; (more…)
Everyone has to cope with the stresses and strains of everyday life. Challenges and changes are constant, and this is especially true if you are starting up your own business.
Adverse situations may be familiar or unfamiliar to you depending upon whether you have experienced them before, or whether you have experienced circumstances that may be similar. You will have developed coping mechanisms and these will help you in dealing with familiar adverse situations and, if you’re launching a new business, many unfamiliar ones.
Parents, politicians, pundits, pub philosophers. They all have something in common – an arsenal of adages, aphorisms, proverbs, mottos and maxims. But of all the oft-used phrases you’ve heard in your life, which do you think sticks with people most?
- Give a hundred and ten percent
- Never say never
- Game of two halves
- Winter is coming
You’ve got to be a bit of an optimist to start a new business. This positive outlook undoubtedly helps you to get through the ups and downs of starting your own business, but it’s worth investing in a bit of negative thinking too.
When astronaut Chris Hadfield described his preparation to go into space, his focus was not on how fantastic it was going to be when he got there but on being ready to deal with the things that could kill him, so he could get to come back again.
This approach has parallels for how we start up too – we can dream of the big fabulous destination, but we have to expect that we will need to overcome challenges to be a success.
Running a startup is about stepping up to run a messy marathon, not hunkering down to run a perfect sprint. We have to make sure we can go the distance and this means we need to talk about embracing failure, affordable risk and filling the weak spots.
Human history provides countless examples of leadership be it in the political, economic or military sphere. But no two leaders are alike and some leaders have left a far more distinctive mark on history than others.
To lead other people you need to be able to communicate clearly. Indeed, many successful leaders such as Winston Churchill have been able to inspire others through the power of the spoken word.
But inspiration also requires another ingredient besides communication. It requires a vision.
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. (more…)
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? (more…)
To create a successful new 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. Someone who waits to be successful in a business they don’t have a passion for will be waiting a very long time. (more…)