Becoming an entrepreneur is no easy feat, but there are stepping stones to guide you through the journey

Thinking of starting your own business? If you’re ready to take the step from employee to entrepreneur, here are the tips you need to get started.

Start out with the right mindset

Your business is yours. This means that only you are responsible for motivating yourself to work, so a positive mindset is absolutely essential. If you go into your business thinking it will fail, chances are it will. Give yourself the time you need to energise yourself for the task ahead, creating space for stress relief and downtime when necessary. Imagining yourself on the road to victory will help you deal with any potential setbacks quickly and effectively.

No matter whether you plan on remaining a sole trader for ever more or want to end up with 100 employees, there’s still always value in creating the right working culture.

Build your skillset

Running your own organisation requires a great many skills, some of which are financial, some personal, some technological and some creative – so improving your own knowledge base is key. As your business grows, so should your skillset. Taking online courses and seeking the help of experts are both great ways to enhance your own abilities.

However, it’s important to remember that an important skill is also knowing when to delegate. There’ll come a time when you want specialists working in roles and your job is instead to manage and integrate those skills into your working business.

Budget, budget, budget

Even the smallest business can require a sizeable investment, so before you take the plunge into the entrepreneurial world, make sure you have the funds you need to survive and thrive. They say you have to spend money to make money, and many new businesses can take months or even years to start turning a profit. Make the time to work out all your costs before you start spending, to make sure you have enough to commit to your new venture.

Plan ahead

When you’re just one cog in a business machine, you can just focus on your specific area and leave the overall plan to others. But when you’re at the head of your own business, you are responsible for the brand’s entire past, present and future. From coming up with a general mission statement to ironing out the finer details, make sure you’ve planned your business thoroughly before you turn it into a reality. Any business that fails to plan, plans to fail.

Stay flexible

Of course, even the most detailed business plan must be subject to change, because running a business is never predictable. You need to be able to think on your feet and make quick decisions in order to turn unexpected developments to your advantage. Being flexible to changes means your progress won’t be halted by every hurdle you face.

Network

Making friends is always helpful when it comes to running your own business. No matter how much you boost your own skillset, you won’t be able to take on every task by yourself, but networking with the right people can put you in touch with useful experts. From marketing to IT and finance, get to know people in various circles to help you expand your business capabilities.

Take it slow

Rome wasn’t built in a day, and your business won’t be either. Set yourself realistic goals to meet, taking into account the fact that your brand will take time to find its place. Don’t try to take on everything all at once, and only expand your range of services once you have your main services mastered. This will help your business grow steadily and organically, helping you on the road to success.

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The team at TEDCO Business Support has helped thousands of businesses to start up, supported by the European Regional Development Fund (ERDF), don’t be afraid to ask us for help.

Get in touch with our team today to see how we can help you. Give us a call on 0191 516 61 02 or drop 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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