Running your own business is no easy task, but there are ways to boost your chances of success

 

There are endless joys involved in running your own business. You get to earn a living on your own terms, in your own way, with the possibility of finding new opportunities, making new connections, and creating new experiences.

However, there are also challenging aspects to running an organisation, especially if you want to turn it into a successful brand. There is a huge amount of hard work involved, as well as luck.

But there are steps you can take to give yourself the best chance of business success. If you’re looking to become an entrepreneur, make sure you get familiar with the following tips to start off on the right foot.

Make it something you enjoy

Whatever your business speciality may be, make sure it’s something you’re passionate about, rather than just something you think people might be interested in. Your business will dominate a huge amount of your time and energy, so you want it to be a labour of love.

Successful entrepreneurs often start their businesses as passion projects, and are excited about the prospect of exploring new territories. If you don’t truly care for your business, it’s unlikely that the public will either.

Have a clear plan

If you fail to plan, you plan to fail. Nowhere is this more true than when running your own organisation. The best businesses are those built on solid foundations, with firm stepping stones in place. Start by outlining what you want to achieve from your business, highlighting your strengths, skills and potential downfalls.

Think about the kinds of questions you’ll need to answer. What is your budget and how will it be divided? What is your 6-month goal? Your five year goal? Your ten year goal? How will your business differ from your competitors?

Assess the risks involved

Starting your own business always comes with a few risks involved, so you need to work out whether the benefits outweigh the potential costs.

Staying on top of your finances, your workload and your projected growth will help you mitigate these risks and stay on track. Make sure you think ahead and note down your potential risk areas. That way, you can work to prevent them and put a plan in place for if the worst should happen.

Network and build relationships

Another great mantra for starting your own business comes from Mavuso Msimang: “if you want to go far, go alone. If you want to go further, go together.”

There is only so much you can do with your business if you don’t put yourself out there to make connections. Engaging with potential clients, customers and partners can be extremely beneficial, as it increases awareness of your brand and gives you more opportunities for growth and expansion.

Get your pitch down

People will inevitably ask you what your business is all about, and sometimes these people will be potential clients, customers or even investors. If you fumble over your answer or seem unsure of yourself, it’s not going to make a very good impression.

That’s why you need a firm pitch in place that you can reel off at a moment’s notice. Think about the essence of your business: what is it all about and what makes it unique? Try to describe your business in two or three sentences, clearly conveying your USP in a way that promotes interest and intrigue.

Ask yourself: what is my version of success?

In order to find success with your business, you need to know what that means for you. Is it just earning enough to live comfortably and support your family, or is it creating the next big household name? Knowing your definition of success will help you know exactly what you’re aiming for.

 

Need help getting your business idea off the ground? Get in touch with TEDCO Business Support today by calling 0191 516 61 02 or by dropping us an email at hello@tedco.org.

What we offer

TEDCO offers one-on-one support provided by a dedicated team of business advisors and a range of pre start seminars available to clients who are taking the first steps into self-employment. This could be looking at an initial idea and developing it further, looking at how to start a business plan, business competitors, business marketing.

Are you eligible?

If you are looking to start and grow a business we’d love to hear from you. Our friendly team of experienced Business Advisors are on hand to take your call to discuss the support available.

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North East Business & Innovation Centre, Wearfield, Enterprise Park East, Sunderland,
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