Tips for New Business Start Ups.

This post is about tips and tricks for starting your first business. Starting your first business is a daunting, yet very exciting prospect. You will be given advice from all sides, and the key is to filter out the worst and keep the best. The one piece of consistent advice you can get is work hard. Below are some of the tips we find helpful.

1. Act like a start up. Don’t get tied down by seeking fancy facilities for your offices, or looking for the most expensive services. Be frugal. The most important thing to do is cut costs, and grow revenue. It is possible to do at the same time. Spend in a structured and planned way, and keep your financial adviser up to date on income and expenditure as often as possible.

2. Specialize in what your good at. We have all heard about the business person who wants to be an expert at everything and a master at nothing. If you need advice in an area you know nothing about, call in an expert. Don’t try to be an expert at everything.

3. Aim to be perceived as being trust worthy. When doing business, one of your biggest barriers is to get over the trust gap with a potential client or supplier. Public Relations consultants are experts in defining their publics. These are, clients, suppliers, prospects, staff, in fact, anyone who interacts or touches your business. Aim to gain everyones trust and you will be perceived as a safe bet to do business with. Don’t talk the talk, just deliver on your promises ahead of when you say you will.

4. Get out of your comfort zone. If you cant present to large numbers of people, try to overcome this barrier. There could be an opportunity for you that you will miss.

5. Build a war chest. Don’t over spend or always be close to your overdraft limit. You should always have a little cash in reserve for a rainy day, or for an opportunity that presents itself and needs to be acted upon quickly.

6. Update your website. The web is the most efficient and inexpensive way to promote your business. Keep your site up to date at all times and don’t put it on the long finger.