We Look at the Dos and Don’ts of Starting Your Own Business

Thinking of going solo?

Check out our business start up page here
Look at what government support is available here
Write a business plan – you can finds tips on how to in our factsheet here
Get educated – understand the rules and legislation that apply to your business and its industry
Get advice from professionals if unsure
Always keep your personal and professional finances separate
Put a digital bookkeeping system in place from the start (we recommend xero )
Keep records, spreadsheets, paper chains (we recommend storing electronically in Dext)
Know your business inside out and believe in it – otherwise no one else will!
Conduct market research and use it to your advantage – be original and authentic, lean into what makes you unique
Look forward – market research should be helpful but not limiting
Realistic forecasting – dream big but don’t over project sales

Set yourself achievable goals – consider both professionally and personally. What’s important to you/ lifestyle do you want to achieve
Keep an eye on your
competitors – know the market
Keep going – overnight successes are rare, and often don’t last
Listen to your customers and engage with them – build a rapport. We crave meaningful relationships
Connect with people at multiple levels – the brands that last are the brands that connect with people at head and heart. People form an emotional relationship with their favourite brands that goes far further than a cash transaction
Set yourself deadlines and stick to them
Move and grow with the times – be prepared to embrace change
Put a face to your brand – it shows humility and passion. Transparency will also gain trust and credibility
Sell more than just a product – create an extraordinary experience
Celebrate the small wins – they will keep you going in the dark times

Procrastinate
Be a perfectionist – they say done is better than perfect. The founder of the Cambridge Satchel company designed her company logo in 15 minutes and it’s still used today
Listen to the naysayers believe in yourself
Get disheartened if it’s not an overnight success
Lose sight of the reasons you started it in the first place
Underestimate the time, money, and resources it takes to make a start-up a success
Compare yourselves to others – we have just told you to keep an eye on your competitors.
Assume you will be able to source loans or funding – save some of your upfront for a rainy day
Assume the hard work ends with the launch