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7 tips and tricks for starting a business

It might be hard to believe but even the billionaire brands of today started as tiny start-ups at some point. So here are six handy tips and tricks to follow when starting up your own business. 

by James Archidona 26.11.2019  |  5 min read Coworking
7 tips and tricks for starting a business

Some keywords of advice when kick-starting your very own empire

It might be hard to believe but even the billionaire brands of today started as tiny start-ups at some point. Not too long ago, the likes of AirBnb, Uber and Spotify were nothing but inked brain-dumps in the pages of somebody’s notebook and in what seems like no time at all, they’ve become household names.

It’s perhaps proof that in this tech-fuelled world, where there’s a will there’s a way and just about anyone can be a start-up success story. Sure, starting any business can sound intimidating, but it’s actually easier than you think, and you don’t need piles of money to do it.

While nothing should hold you back from starting your own empire, there are some key things to keep in mind when doing so. And so here are six handy tips and tricks to follow when starting up your own business. 

 

Do proper research

If you have what you deem to be a good idea for a business, the first thing you should do is seek out someone who’s done something similar before and ask if you can meet up and pick their brains. Offer to buy them coffee for their trouble. They might not have the time, but it’s always worth asking. Remember: if you don’t ask; you don’t get. 

 

Don’t Be afraid

The most significant obstacle an entrepreneur faces is the fear of failure. When it comes to creating your business and product, aim as high as you possibly can and kick the biggest problem you can find; one that’s not just economically interesting and viable but something that can impact the society you live in.

 

Patent your idea

If your business idea is centred around an invention, the first thing you should do is protect it through patenting. You need to check that your idea is completely original otherwise you won’t be granted a patent. If it is, apply to the Intellectual Property Office website or at a public library with a patent department. Just be sure to keep tight-lipped about your plans until the patent application is filed, as they could be easily stolen. 

 

Have an online presence

Many UK businesses currently have out-of-date or incorrect details on their websites about who they are or what they do. Customers are likely to try another company if the details listed online for your business are incorrect or presented unclearly and could result in lost revenue.

 

Find the ideal working space

While it might not seem like a priority when starting a business, it’s important for startups to consider where they’re going to work. Starting up from your home might be sustainable for the short term, but this won’t be the case as your company grows and you need a bigger workforce. While traditional rentals are often the cheapest, they can often involve a lot of management and leases can be long. Alternatives include all-inclusive options such as serviced offices or shared office, or a co-working hub. These options will definitely be more flexible than a traditional lease.

 

Give crowdfunding a go

When it comes to investment, crowdfunding can be a quick and easy way of securing some dosh as it asks the average Joe for money instead of heartless bank managers. Thanks to platforms such as Indiegogo and Kickstarter, crowdfunding has become the most popular options for entrepreneurs all over the world. Just don’t be disheartened if your product doesn’t do as well as expected – it could solely be down to exposure and not the viability of your idea.

 

Keep your expectations in check

If you ask any seasoned entrepreneur they’ll be able to tell you the pitfalls they’ve faced starting a business from scratch. No matter what goes wrong, try not to lose all hope but instead, learn from your mistakes and move on.

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