How to get your Start-up Started

Image courtesy of Dennis Skley
Image courtesy of Dennis Skley

Many people come up with a business ide abut then never get going with it. They may have an idea for a product, perhaps even something that they have a prototype of or a service that they would like to provide, but they get no further. It can be just starting that is a problem though so below are some tips on how you can do this.

This first thing you need to have a confidence. You need to have confidence in your idea. You came up with it, you must have believed in it and liked it yourself but if you do not think that it will work as a business, then it will not. In order to build your confidence, consider who the potential market is, look at what competition there is and discuss it with friends and family to get feedback that way. Hopefully all of this will allow you to see that there is a place for it and that there are people that will want it. If it does not and you think there is too much competition or not enough of a market then it is best to not get started but perhaps think of something else that you can do instead. If you came up with one idea, you are bound to be able to come up with more.

Once you have confidence then you need to start thinking about how to sell your good or service. Consider where your market is and how they are likely to buy items. It could be that it is something that will appeal locally, so you need a local market stall, try to get it into local shops and advertise locally. However, it may stretch further than this and you may need to think about websites, social media and more global advertising means. It is possible to still do all of this yourself and on a low budget. Websites are cheap and easy to set up these days and you should be able to easily do this yourself using a few tutorials. Alternatively you could just set up a social media page where you may even be able to list your products for sale if you have set up ecommerce for the company.

If you are selling products then you need to think about stock. You need to consider whether you need to buy or make items and how many you should have done. It can be tempting to order lots because there will be a discount for bulk, but you need to consider where you will store them and whether that will cost anything, whether you have that much money to invest and whether you will be able to sell it all. It can be better to start off a bit smaller and have a smaller profit margin while you test the market. You may find that once you start selling you realise that the market is not what you thought and you need to have slightly different products, perhaps tweak the design, change the colour or whatever and this will mean that you could be left with a lot of unsold stock.

It is really important to make sure that you keep your enthusiasm up and make sure that you pay enough time and attention to the business. It may start slow, but if you stop putting the house in then it will not get the chance to grow.

 

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Rachel Henderson is a professional freelance writer from the UK. She writes on many subjects but specialises in personal finance. As well as contributing to various blogs and websites she has her own website tracking her own money making process http://www.turnonepoundintoonemillion.com and sells her books through http://www.bowbridgepublishing.com.

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