I wish that someone had given me these three tips when I started out in business nearly ten years ago.
I had been an employee in other people’s businesses for nearly twenty years and then had the chance to start my own.
Having never started a business from scratch before, I really should have focused on these three tips and things would have gone better.
- Keep It Simple
Don’t over complicate what you’re trying to achieve.
The famous Kellogs advertisement which says “The simple things in life are always the best” is a great piece of advice in starting your business.
- Focus on Lead generation
There is a well known phrase “Build it and they will come” which was great before consumers got used to having lots of choice.
Your customers have so much choice these days that just building something will not mean customers coming through the door.
The focus in starting a business must be on getting customers coming through your door and the only way this happens is by focusing on lead generation and getting your business in front of as many people as possible
- Keep Money in Separate Bank Account
The last tip is about structure and the fact that it really is not important when you’re first starting out.
In the future when you have plenty of business it becomes important and particularly when doing your tax planning.
When you start out just keep all the money side of your business in a separate bank account.
Make sure you understand and manage the cash in and cash out in your business.
Get the cash in greater than the cash out as fast as possible.
