I have started 4 businesses now. The best bit of advice that I could give anybody is - don't consider yourself a builder, plumber, tradesman or whatever - you must think of yourself as a business person. Hundreds of really good tradespeople start a business and fail, it's hardly ever because they are bad at their trade, it's nearly always because they are bad at business. You have to constantly think of returns on investment, profit margins, cost of sale etc etc. Forget that lot and your business will fail. Effective advertising is possible. The problem I have is that about 90 per cent of my advertising budget gets wasted, identifying the 10 per cent that works is virtually impossible.
Good accountants are worth their weight in gold. Talk to one before you set up in business, they can help you determine the best legal status (Plc, sole trader, partnership) for your business. Getting the foundation right is vital. Keep your costs as low as possible, stay away from debt as best as you can. Most importantly believe in yourself.
Best of luck with whatever you do,
Dave
|