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Four Tips for Starting Your Own Business

Business / 20 Jan 2019

Starting a new business, especially for the first time, can be daunting. Sometimes providing the service itself can seem like the easy part, taking into consideration the demands involved with setting up bank accounts, registering with the appropriate authorities and filling out tax forms. The danger is that we become so overwhelmed with the pitfalls and potential difficulties that we find ourselves accepting defeat before we even begin. That is why a positive attitude is so important from the off.

Tip #1: Know Your Strengths and Weaknesses

Accept your limitations by all means, but don’t set the bar too low. You’ll be surprised what you can do when you set your mind to it. Make a realistic appraisal of how far you can go – can you call upon any help from friends and family? Do you have any starting capital or can you access some? Be bold, but be realistic.

Tip #2: Identify Your Market

Are you selling something that somebody needs? If so how many suppliers are already providing it, and can you compete with them? The trick is to identify a product or service for which there is a demand but where the market is not already saturated.

Tip #3: Start Small

You’ll hear all sorts of stories about successful risk-takers and mega-businesses which began as a stall in the market. It happens, but then so does winning the lottery. A prudent approach to business and to growth is much more likely to pay dividends than taking excessive and unnecessary risks.

Tip #4: Embrace Modern Media

It is almost impossible these days to conceive of a business which doesn’t have a presence on the web. Many quite sophisticated business tools are available either for free or at least very cheaply. Take advantage, it’s where your customers are so make sure you are seen there too.

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