Tips on How to Start a Business With No Business Experience?
Business Startup: Have you taken the plunge and just created your own business? Congratulations! But with this new freedom, total autonomy can also sometimes lead to certain errors, which should be recognized in order not to be discouraged. Here are some tips by Observer Desk for you if you have started a business with no prior experience.
- Focus on Quality over Quantity
When launching your business, you may tend to accept all contracts, to build your reputation and retain your new customers. As your workload increases, you push back on the issue of deadlines. Faced with a workload that has become too heavy, you risk accumulating stress and being forced to cut down your work. You will, therefore, have worked without pleasure and your customers may be disappointed with the results.
Even if you earn more money in the short term, prioritizing quantity over quality should, therefore, remain a priority. So it is advised not to overestimate your abilities.
- Learn to say ‘No’
The creation of a business is often accompanied by good feelings: full of energy, you work a lot to quickly generate a decent turnover. And for that, you are sometimes ready to say “yes” to everything and everyone. But by doing so, you take risks, which can over time turn in to anxiety.
You cannot deny orders for lack of time and or because you have overestimated your skills. So remember to save the time to think carefully and weigh the “pros and cons”.
- Invest in your business
You will have to take on the role of a full-fledged entrepreneur and therefore invest in the launch and development of your business.
It is often an illusion to believe that fast decisions give good results. On the contrary, doing things quickly can make you look like an amateur. You should not neglect your image and your communication because they are essential to increase your visibility and find new customers.
If you want to develop your business, you will have to consider your self-business as a real business. To do this, consider planning an initial budget and continue to invest as your activity grows: advertising on social networks, purchase of more efficient equipment, creation of a website, purchase of software, etc.
- Surround yourself with Professionals
One of the most common mistakes of self-employed people is being left alone during (and after) starting a business. If you stay in your place, it will be difficult to gain visibility and find customers.
Do not hesitate to join associations and clients to talk about projects around you.
- Keep learning
For lack of time or interest, new starters sometimes make the mistake of stopping all learning, believing that their knowledge is sufficient to manage all aspects of their business.
However, continuing education is essential when you are starting a business. Indeed, all sectors are important: new regulations and trends, new methods, more efficient equipment, etc. At the same time, strategies related to entrepreneurial development must evolve quickly, especially if you use the web.
To be more efficient and not to be overtaken by your competitors, stay curious. You need to keep learning after setting up your self-employed business. Register for workshops; attend seminars related to your sector and get online training.
- Keep track of your expenses
Confusion between turnover and salary can lead to difficult financial situations. Thus, if you invoice, keep in mind that this amount corresponds to a turnover and not a net income as is the case of an employee.
From this turnover, you will indeed have to deduct expenses, even if you benefit from the taxes and contributions, purchase of raw materials, supplies, insurance, communication media, etc. and any other upfront costs of starting a business.
Take the time to list all the expenses related to the business and calculate the amount necessary for their payment. Also, remember to set aside for unexpected circumstances.
- Sell at the right price
The classic mistake of the new business starters is to charge low prices to attract customers. In reality, there is no point in selling off the work done: in the minds of consumers, low prices often go hand in hand with the poor product quality or messy services; there will always be customers who refuse to pay even if your prices are very low.
In this context, even if you are starting or evolving in a competitive sector, assume your prices and put forward what justifies them. If you have skills that are in high demand or your products are of excellent quality, it is okay to sell them at a higher price.
Some entrepreneurs find it difficult to grow because they feel uncomfortable or don’t know how to do it. By remaining in such a situation, the consequences are foreseeable: if you can’t find a customer to sell your products, your business will stop. If you bet everything on one or two clients and the collaboration stops, you may find yourself in an awkward financial situation.
If you want to make a real living from your own business, growth must be at the center of your concerns.