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;
When you are launching a new business, it’s fair to say that planning your finances isn’t the most exciting aspect of of being a startup. However, it is a crucial part of understanding whether your business has a chance of succeeding
And the good news is that there are now dedicated software, tools and apps that can quickly and easily produce financial forecasts for you.
So to help you understand more about how planning your finances can help your startup succeed, we asked Ally Bush of Brixx.com to share her experience with us;
If you decide to work for yourself and begin trading as a sole trader, (self-employed) you will need to set up your accounts to record your income and expenses.
In order to do this you will need to be aware of tax, national insurance and other factors that will affect the records you need to keep as a sole trader.
To help you understand your duties and to get your book-keeping done painlessly, here’s the low-down on setting up your sole trader accounts. Continue…
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 if you’re suited to working for yourself.
Here are 5 things you need to do when you decide to go self employed: Continue…
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. Continue…
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;
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. Continue…
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. Continue…
If you are running a successful business, the prospect of replicating that success throughout the country, with a team of crack managers at the helm can seem very attractive, but franchising is hard work, and lots of planning is required to ensure it is a success.
Everybody understands that starting up a business from scratch is not a simple process or an easy challenge to take on.
Regardless of how lofty your ambitions are or whether you’re aiming to establish yourself as a sole trader or as a the boss of a burgeoning new enterprise, finding access to initial and early-stage sources of finance is a vitally important step along the way towards sustainability and success.
Here’s a look at some of the most commonplace and most viable routes to finance currently available to startup businesses and the entrepreneurs behind them.
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; Continue…
When you decide it’s time to get your business started, you’ll find the first piece of advice given by most experts is to “get a business plan written”.
And they’re right; that is the first step to turn your business dream into a reality. But many people find it the hardest step to make.
You’ve done your market research, you’ve got a solid business plan, you’ve registered your company and pulled together funding, suppliers and everything else you need to start your new business. You’re ready to trade – you just need some customers.
However, not all customers are created equal; some are a delight to deal with, while others seem to have crept from the depths just to torment you.
When you’re building up your customer base, you obviously want more of the former and fewer of the latter, especially if you’re in a service-provision industry where customer relationships are key; but how can you achieve this? Continue…
Making the decision to go it alone and leave the relative security of life as a PAYE employee is a big one, but it can pay dividends (quite literally) when it comes to your potential earning power.
If you’re thinking about whether becoming a contractor could be the right career move for you, we have put together this guide to cover the key things you need to know before you make the move.
If you want to become a contractor, the good news is that there are plenty of different roles available, with everything from IT specialists and engineers, to management consultants and even locum doctors engaged on this basis.
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.
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.
Of all the things you need to deal with when you start your business, two areas are particularly scary and will give you most hassle: recruitment and finding premises.
Get either of these wrong and you are facing big bills and a load of work to overcome early in the life of your new venture. Get them right, and you’ll wonder what all the fuss is about!
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.
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: Continue…
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: Continue…