Starting your own business.... any hints & tips?

Hey all,

I'm contemplating starting my own business; not 100% sure whether I'll go ahead with it or not, i guess that's why I'm starting this thread to see what people have to say.

I know it won't be easy, but i believe if i were to start my own business doing something that i enjoy (cars), that even if i earn less than i do now, and i'm not living as comfortably as i am now, it wouldn't matter...
as it's better to work a job you enjoy and earn less..

Anyway, any hints, tips, or any pearls of wisdom at all, fire away

thanks,
Phil

You need to be able to burn some cash as all businesses start in the red for the first few months/years.

Originally Posted by Mad person considering starting their own business...

Anyway, any hints, tips, or any pearls of wisdom at all, fire away

Don't bother!!!


















Unless you know you have the ability to put your all into, and work your ass off for the first year or so to get yourself a firm base on which to steady yourself (in what is usually a turbulant first year due to unforeseen circumstances, not budgeting enough, etc) and possibly grow from...

Originally Posted by Hammy156

Unless you know you have the ability to put your all into, and work your ass off for the first year or so to get yourself a firm base on which to steady yourself (in what is usually a turbulant first year due to unforeseen circumstances, not budgeting enough, etc) and possibly grow from...

well, i have the ability to give it my all, and work my ass off alright.
I'd have a shared workload as well, as i'm considering doing it with a friend.. shared costs as well as a result

I think to be a real success and survive the initial few years, you must have a niche product/service or a real point of difference so customers pick you over your competitors.

A chap I know his comment on business success is - you only really need two things Marketing & Innovation, if you get both of these right and keep getting it right you are on to a winner.

This is probably a load of old rubbish but there you go.

Originally Posted by GTLeigh

I think to be a real success and survive the initial few years, you must have a niche product/service or a real point of difference so customers pick you over your competitors.

well, there's a gap in the market up this end of the country for what I'm intending, and I've lots of advertising possibilities that'll get us seen by the people that'd be interested in the products/services..

Originally Posted by rancido64

well, there's a gap in the market up this end of the country for what I'm intending, and I've lots of advertising possibilities that'll get us seen by the people that'd be interested in the products/services..

Sounds like you've got a start

On the friend bit, many friendships end over money issues. Best to put your feelings on the side when dealing with the business and make sure all the agreements are paper.

Originally Posted by BigFoot

On the friend bit, many friendships end over money issues. Best to put your feelings on the side when dealing with the business and make sure all the agreements are paper.

oh, i completely agree. Any partnership will be drawn up on paper with a solicitor that we both agree on
we've agreed on that much already, but beyond that the whole thing is literally still a fleeting idea..
Just looking to firm it up some with input from people

Great stuff so far people, thanks

any more, keep it coming!

Do some market research to see if your product/service will fit/be taken up by the market you are aiming at

shall do, thanks

Hi Rancido,

Going it alone is a huge challenge, but may well be the most rewarding thing you ever do in life. I'm Chairman of UK Business Forums - a place for small business owners to ask questions, discuss business issues, share advice, have a bit of chat, and so on - it's worth an hour just browsing around.

However, I see you're in Ireland, so you'll probably find more relevant Irish info at Entrepreneurial & Business Management - boards.ie. Specific info will be important when it comes to finding Irish government grants, agencies, etc.

If you've got a product that you believe in, and one that you'll enjoy selling, then you're half way there - the other half is the planning and doing. There's plenty of free advice around - so do plenty of research!

Good luck with it all - keep us posted.

Cheers,
Darren

Thanks Darren, I'm just heading home from work now, but I'll definately give a check of those forums when i get home


thanks again for the advice,
Phil

I admire you for having the balls to contemplate it, let alone do it dude

This is something ive always wanted to do myself, trouble is, theres no money in what i like doing anymore (mechanics/engineering) plus iam too spineless to take the risk

Good luck

I've been through a few businesses (family and my own endeavours) so have learnt quite a bit from the mistakes I/we've made.

Budget: Work it out, inflate it, worst case scenario, plan B and how far will you go into the red before pulling out. STICK TO IT!!

Marketing: Do the research FIRST in the form of a SWOT analysis (Strengths, Weaknesses, Opportunities and Threats). Spend time on this one.

Know your product: What's different about it? Where's the innovation? With a known product in a new area you already know how good the product is and how well it has sold in the past but see if you can find out where it hasn't done so well and why. A new product is a risk so don't try this one unless you have big bucks backing you.

Sales: Who will do the selling? Sales needs dedication 100% so work out who will do the selling and who will run the admin side. If there are two of you, you can share tasks but make it clear who deals with what from the start.

Organisation: Simple really. Be organised, as with anything you do in life! Keep up to date with the paperwork and make sure it gets done properly especially VAT and SS!

And don't put your house down as collateral. Bad way to start/end…

Some say luck is not a factor. I don’t agree… GOOD LUCK!

I started my own business with a friend 8 years ago. Took a 60% income cut to do it too. The first year was hard; as much from the mechanics of drumming up business as it was from earning a keep.

Anyway, the company is now 15 strong and well established in Scotland. We've had one or two ups and downs and the current economic climate is a factor as well, but I don't regret any of it.

Only advice I can give is KNOW YOUR MARKET. Make sure there is a gap and make sure you have a good strong strategy to fill it. If you go for this you must really go for it - there can be no half measures or doubts.

thanks guys, very useful stuff here!