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Top 10 tips when starting a business

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by

Rob King

on 16 March 2016

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Transcript of Top 10 tips when starting a business

What skills / experience will you bring?

Where will you need to up skill?

Uncertainty? How do you respond?

Do you know your legal requirements?

How do you change?
You will need to register!
Commonly as a sole trader, partnership, Ltd, or social enterprise.

You will need to keep records. Mostly for you, but also for accountants and the tax office (HMRC)

Tax, national insurance & VAT

Know who owes you, by keeping good records

0800 0435522
@Sheffbusiness

Know your numbers! Sell to make profit - If you are not making money, it is a hobby, not a business.
Do what you are good at! Become an expert in your sector.
Marketing!
What is your USP?
Marketing
Networking
Research

My Key 3
A business plan will help you: Question everything you do!
Be Different. Be remembered!
What is your idea?

How will it work?
Richard Reed's Top Tips
Jamal Edwards Top Tips
How to start a business? My top ten tips by Rob King, Start Up Advisor
@Sheffbusiness



Detail

Plan & research

Cost

Soak up, listen & learn

So to reiterate!

How much will my business cost to start and run?

Start up costs. What do I NEED?

Write a cash flow forecast.

How much should I pay myself?

How can I raise the finance I need?

Keep it simple, start small!

Plan
- Step back, think and plan how this is going to work.
Be prepared to overcome barriers - It is not always going to be plain sailing, if it was everyone would do it! Think of what could go wrong and how you would deal with such a scenario, before it actually happens.
Seek help! Look into what business support is available and use it! Where are your weaknesses?
Network, network, network!
Go to events, trade shows, use online networking tools, such as Twitter & produce business cards. Connections are invaluable, they will not happen on there own!
Boot-strap - Budget and stick to it. The lower you keep your running costs and start-up costs, the better chance of success will follow.
Be different - Find what makes your company different and try to be better than those around you, a USP (unique selling point) is vital in a competitive market place.
But also, learn from those around you
- Whoever it is, people you know, people you don't, but are running businesses, look at what is good about their businesses and what is not too!
Think!
What is your strategy?
Weighing up the risks!
What could go wrong?
How are you going to beat your competitors?
Ben Keene - Building Tribes
Love it & have passion! Believe! - In yourself, your services and products. If you don't believe, no-one else will & nobody will buy. Your passion and enthusiasm will come across if you believe.
Love it & have the passion!
Steve Jobs - Apple
It can be the simplest things that give you a USP
Is this for you?
Study your
competition,
the market, plan your
marketing
strategy and find out if your
customers
really want your services.
Research!!!
For help starting and growing a business
Full transcript