7 top tips for starting your own business

Starting your own business can be a very scary prospect, but it’s also exciting and liberating to be embarking on something that is solely yours.

If you’ve done the due diligence, crunched the numbers and are confident of your business’ viability, well done.

But as with anything new, there are always uncharted waters to navigate. To help you on your journey, here are our top tips for starting your own business…

Be your own customer

You might have researched and see the need for your product in the marketplace, but in order to make your product the best it can be, you need to know it inside and out.

Be your toughest customer and put your product to the test.

If you use the product yourself every day, you will see and understand every pain point and how your product can solve them.

You will also identify design flaws and will be able to rectify these quickly.

Have the right people ‘on the bus’ with you

As a start-up, you will most likely be a one-man band for a while.

But you will quickly reach the point where you need help to manage the workload.

When this happens, you need to make sure you hire right.

The right personality traits need to be at the top of the list along with the right skill set.

This way you will build a team of motivated and gifted people who you enjoy working with and who achieve goals.

Structure is important to make fun happen

Fun social activities are a must to keep your team motivated and inspire camaraderie within your organisation. Staff look forward to social activities.

If regular social activities are something you plan to do, make sure they don’t slip off the calendar when things get busy. It will lead to disappointment and disenchantment if you make promises you don’t keep.

If fun activities are going to be a part of your business, make sure these are a formal fixture on your calendar and schedule them in.

Rewarding your team for their hard work is hugely important.

Ensure your customers are the core of your business

Without customers you have no business – so you need to ensure they are at the core of everything you do.

Change your thinking so that in every decision you make you are accountable to you customers – in the same way you are accountable to a CEO.

This way you will be much better at creating value and setting goals. And it will have a flow-on affect to your team as well.

It will empower your staff to make the right decisions for your company because they are accountable to the customers.

Get the price right

A simple and straightforward pricing model is key but make sure it’s not so simplified that it puts people off.

A ‘one size fits all’ approach can alienate people from using your product because it doesn’t suit their circumstances.

Communicate clearly with your customers to understand their needs. Then you will have a clear understanding of what you need to do to meet their needs.

Create simple packages that suit all sizes and budgets. By doing so, you will be more likely to encourage people to try your product or service out.

Build a team of advisors to support you

However clear and defined your business plan is, it’s still necessary to have people around that can advise you on the macro and micro elements of running a business.

Advisors, mentors and experts will provide you with insight on the bigger picture and scope of your venture, and also those critical little details that are easy to overlook.

Your advisory team will provide you with much-needed advice, support and guidance on all areas of business.

Switch off sometimes

Running your own business can be stressful and time consuming, but you need to take the time to property switch off and leave work alone sometimes.

If you don’t switch off you’ll burn out and become disenchanted, which will have a negative impact on your employees.

Switching off in the evenings and taking holidays or breaks where you can will make you happier, more productive and more engaged in your business.

These are our top tips when it comes to starting you own business. If you’d like some specialised advice around your venture, get in touch.

How the Workplace is Changing to Support Working Parents

How the Workplace is Changing to Support Working Parents

The way we think about work and family is really starting to shift, and it’s exciting to see how companies are stepping up to help working parents manage it all. At MWM Advisory, we’ve been making some smart changes to make life easier for our team members who are...