Over the years, successful entrepreneurs have gained celebrity status for their accomplishments. Alan Sugar and Richard Branson alike are something of British icons, especially in terms of business, and many entrepreneurs (Gary Vaynerchuk, Steve Jobs, Wendy Kopp, Deborah Meaden and more) have earned book deals, been the subject of films and become household names due to their entrepreneurial success.
With this in mind, it’s no surprise that many people have dreams of starting their own businesses, no matter how small. While starting your own business can be an exciting prospect, there are risks associated with it and mistakes that you’ll definitely want to avoid.
Passion for the sector your new business will be in is vital. This provides the motivation for ongoing improvement, and will also drive you to overcome mishaps, criticism and rough patches in your business. While passion is vital, it’s not a good idea to let passion dictate or influence all of your decisions, especially decisions that could have a direct impact on anything relating to finance or something that could affect your employees.
For small businesses just starting up, it’s important to not abandon your current income. Building a successful business takes time and happens in stages. It’s a process that can’t be rushed and it’s much smarter and safer to take the time to gradually become more invested in your business, leaving your day job only when you have the stability to make sure that full-time entrepreneurship is a financially intelligent move.
Attend networking events, local business groups, seminars and any other kind of event that allows you to talk about your business. Love your business and let that love show when you talk about your business to other companies looking to connect or clients looking to find out more about your business. When running your own business, there is no such thing as being shy. Tell the world why you love your business and why other people should love it too.
Managing your finances, being mindful of your overheads and being in charge of your accounts can be tricky, but when it comes to budgeting and safety-net planning, working out your strategy is critical.
More than 50% of new businesses fail within the first half a decade of opening. While this statistic seems startling, it’s mentioned not to scare you or put you off from starting your business, but to motivate you to create a ‘worst-case scenario’ plan of action. This should include a safety-net saving plan so that if the worst does unfortunately happen and your business hits a rough patch, you have the means and money to survive.
As a start-up business, it’s important to carefully manage your expenditure. At NJG, we can support you through the purchasing process to ensure you receive the best value. Get in touch with us today on 01257 232602 or email us at email@example.com to find out how we can help your business.
At NJG Purchasing Services Ltd we believe that there are many basic tips and tricks which can help to reduce your company overheads with almost immediate effect.
We have produced an ebook to guide you through some of the more basic methods which you can implement alongside using NJG Purchasing Services.
As a procurement specialist for more than 30 years, I get the frustrations you face. Growing a business is complex and challenging, but don’t let high costs be your downfall.
No matter what size your business, any inefficiencies you have now will only get bigger as you grow. Getting lean and resourceful as early as possible, will enable you to build an efficient and streamlined business for the future…
We understand how frustrating it is when you know your overheads are high, but you don’t have the resources or expertise to get them down.
That’s why we do it all for you.