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Our 11 (Now 101!) Top Tips for Business Startups - LinkedIn Collaboration

Posted by Ben Williams on Tue, Oct 18, 2011 @ 03:53 AM
  
  
  
  
  
Add to delicious  delicious  
  
  

Below you will find our top 11 tips for anyone looking to start a business. 

We've now made this post a little bit different - we are sharing it across the board - Facebook, Twitter, LinkedIn - that sort of thing, and we are asking everyone for their best business tip, and including it below! 101 Startup Business Tips

UPDATE 01.11.11 - COMMENTS HAVE NOW CLOSED, WE WILL NOT BE ADDING ANY MORE TIPS NOW!

Thank you to everyone who got involved; due to the sheer number of tips we received, we have published these tips into a free eBook, which you can download here.

Below you will see 10 tips - just as a little teaser of what's in the eBook!

  • Appreciate the commitment starting a business is – the rewards can be great, but you have to be aware of how much time and commitment your business will need.
  • Keep a running list of your competitor’s weaknesses, and take advantage of it if you can, also keep an eye on what they are doing – are they running any special offers? Never do what they do though – you need to position yourself as different and unique compared to your competitors, not exactly the same.
  • Recognise the importance of having one or two simple short term goals that are absolutely critical to business's success and therefore have priority over every other activity e.g £xx sales per week, xx new clients a week, etc. as it is too easy to get caught up in admin and minutiae. Courtesy of Chris Radford, Belvoir Lettings
  • Remember marketing isn't everything but everything is marketing. Make sure you have a clear, precise business focus and a narrow, specific target market. It's really important that you know exactly what you're selling and who you're trying to sell it to. And the answer is never "anyone who wants to buy." Courtesy of Leon Noone, Noone Self Instruction Systems.
  • DON'T talk turnover, think PROFIT & CASH. Using good Cash flow and Profit & Loss forecasts and credit management records is always vital. Just remember one phrase, ‘Turnover is vanity, Profit is sanity, and Cash is reality’. Think Profit and Cash not turnover. It’s better to be a company with turnover of £300,000 giving £50,000 profit than one with turnover of £500,000 giving £20,000 profit. Unfortunately many businesses do not remember this and often chase business turnover. Often this results in business failure. Businesses are commonly Over Trading or Trading Insolvently without even knowing it, even when the economy is thriving. This is especially true as the economy recovers from a downturn or recession. Courtesy of Alan Briggs, Bizzy Business Solutions
  • Use your expenses - more expenses are eligible for tax relief than you might think. Don't forget you can claim a proportion of household expenses if you're running a home office and can use any expenses incurred whilst setting up the business. There is no time limit on tax relief for legitimate set up expenses. Courtesty of Debbie Boulton, Target Consulting Limited
  • Keep it Simple! Courtesy of Mark Coyle, MCA
  • With a good CRM (Customer Relationship Management) system you can keep track of all enquiries, existing customers, sales and any other processes you may need. You can then segment your database and market to each area accordingly, remember it's easier and cheaper to get your sales from existing customers than it is to keep finding new ones. Courtesy of Lucy Ignatiadis, Nigel Botterill's Entrepreneurs Circle
  • I recommend learning what you did wrong for each mistake or lost sale or customer. Take the time to think of what you could have done differently for a different outcome. Courtesy of Katherine Cuttonaro, Michaels Arts and Crafts
  • I have a weekly and a monthly cashflow on the go. I check my cashflow on a daily basis so as to ensure that there are no hidden surprises. Remember cash is king. I always ensure that I get good payment terms from my suppliers. A credit card is always a good idea (make sure you have option of making the minimum payments!). My first credit card with Natwest ended up actually being a charge card, with them taking the full payment at the end of the month. In short be very disciplined about keeping your cash flow updated daily and make full use of payment terms! Courtesy of Philip Evans, Sussex Funeral Services

If you want, you can also use this eBook as downloadable content for your website, all you need to do is call Ben on 0800 612 2008, or email him here. 

101bizstartuptips

How Keepers Can Help You

We can help you in many different ways, dealing with lots of common issues with start-up businesses. We have over 20 years experience in helping start-up businesses to not only stay compliant, but to grow as well. If you would like to know specifically how we can help you with starting a new business, please book a free, no-obligation telephone consultation here.  

If you have any more tips that could help anyone looking to start a business, please leave a comment!

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Comments

In my experience, setting up a business always costs three times as much as you expect. If you are really good at planning, costs may only be twice what you expect. 
Be economical!
Posted @ Thursday, October 20, 2011 3:52 PM by Stephen Pett
Share with friends & family. Setting up a new business is hard, it's long hours and doesn't leave as much time for outside interests. You need all the support you can get & don't be too proud to ask for help. Also they are your greatest network.
Posted @ Friday, October 21, 2011 5:11 AM by Lesley Jones
Dont' forget to network, this could start with telling your friends and family exactly what you do and what you want to achieve and how they could help. Always goood to start with people you know, it builds confidence. 
 
When networking meet and talk with people and ask how could you help their business, build a strong contact base.  
 
And do not just hand out business cards expecting business to come to you, you have to build trust and respect. Enjoy your business.
Posted @ Friday, October 21, 2011 5:49 AM by Jan Dixon
If you are considering retail, remember that location, location, location plays a huge role in the determination of the chance of retail success. Note everything, including available parking spaces during your expected peak hours. 
 
<a>http://www.linkedin.com/profile/view?id=11470789&trk=tab_pro
Posted @ Friday, October 21, 2011 9:29 AM by Robert
Keep it Simple!
Posted @ Friday, October 21, 2011 11:28 AM by Mark Coyle
Always make sure you have the support if your family. You will be under enough pressure from getting your business off the ground without your family complaining that they never see you/tea not ready/washing not done/house dirty. You need THEIR support as well.
Posted @ Friday, October 21, 2011 11:33 AM by Fiona Wills Accountancy Services
Secure the services of a Professional Book-keeper, either an employee or freelance. They are an invaluable source of advice and help in starting a business. Try to find one who is a member of a recognised association, such as the IAB -www.iab.org.uk for a full list of practising members.
Posted @ Friday, October 21, 2011 12:16 PM by Sue Renaut
Find a consulting CFO with direct experience in your industry - even for a start up - who has successfully delivered a return to investors. At first a quarterly update, increasing participation as the business grows. The advice is far beyond accounting. Its process and strategic as well. A real game changer
Posted @ Friday, October 21, 2011 12:58 PM by Tracy Glover
Read my book 'How Companies Really Grow'. Find out why NOT to create a written business plan at start-up. Learn how to progress through the phases of growth, in detail. The book overturns lots of false beliefs about how companies really grow.
Posted @ Monday, October 24, 2011 6:39 AM by Ciaran Walsh
credibility is key if you want to sell to corporates. A start-up company has seldom a large credibility (few customers, not so proven technology,...). Less credibility means longer sales cylces, harder to get the first 10 customers.Partnering with a larger known company (your niche solution is often too little for the partner to run it themselves) can help: It will give you more credibility.
Posted @ Monday, October 24, 2011 8:40 AM by Bart Vermeulen
dare to adapt/ change your initial business idea when you're in the market for a little time.
Posted @ Monday, October 24, 2011 8:44 AM by bart Vermeulen
Be patient with a new business. Don't expect overnight success!
Posted @ Monday, October 24, 2011 11:34 AM by Donna Maheady
Know what your break-even volume is by year, month, week, day and hour! You can then figure what it is by customer, widget, seat, user, etc. Use the funds past break-even to go after market share, invest in business or both.
Posted @ Monday, October 24, 2011 2:19 PM by Rick Jennette
Branding of your new company and products is also very important especially when starting new business. You should really look into these things to create unique products. Visual identity and brand is the first thing that your customers sees. If you have comments or questions relating to branding, I would be very interested to talk with you.
Posted @ Monday, October 24, 2011 2:38 PM by Ossi Simonen / JohnDoe Creative Workspace
Branding of your new company and products is also very important especially when starting new business. You should really look into these things to create unique products. Visual identity and brand is the first thing that your customers sees. If you have comments or questions relating to branding, I would be very interested to talk with you.
Posted @ Monday, October 24, 2011 2:38 PM by Ossi Simonen / JohnDoe Creative Workspace
Hi Guys, 
 
Thank you all very much for your tips! They have all been added to the post above. 
 
If you have more, please do share more - We want to get to 100 tips by the end of this week!  
 
Cheers 
Ben
Posted @ Tuesday, October 25, 2011 3:10 AM by Ben Williams
A Brand is the only story which can last forever; design, build and grow your brand into the best it can be at every given time. It doesn't always cost money to be a good brand but it does cost a lot of money to fix/repair a failing/non-delivering brand
Posted @ Tuesday, October 25, 2011 4:38 AM by Lerato Lekena-Okoro
When networking don't look for sales look for great ideas and co-marketing opportunities. Sales will follow.
Posted @ Tuesday, October 25, 2011 4:47 AM by Joni Farthing
Plan your business for a year- this is your 'entrepreneurship' vacation- focus on everything related to your planned business- for each of these 12 months, set aside $500 in a special account for your advertising budget. Plan your work, work your plan.
Posted @ Tuesday, October 25, 2011 5:26 AM by Chas
Research your competition thoroughly. Understand what they do well and what they do...not so well. Find out what their customers appreciate and what they complain about. It may not show you the path to success, but will help you avoid wasting time, effort and money repeating their mistakes.
Posted @ Tuesday, October 25, 2011 5:52 AM by Paul Dallibar
Join your local Chamber of Commerce and/or Federation of Small Businesses. They open up networking opportunities, provide invaluable, set-up, legal and financial advice and other cost-effective opportunities (for example, long-term free business banking - not just Yr 1).
Posted @ Tuesday, October 25, 2011 7:20 AM by Martin Allen
For your startup needs money for 'proof of concept' or developing your prototype, consider Crowd Funding which provides funds without them being a loan you have to pay back or an investment you have to give up equity for. 
 
As an example, if your startup is for a product our service that is technically innovative, check out our crowd funding site, FundaGeek - Crowd Funding for Technical Innovation, early next month. After you post your project on FundaGeek, you then promote it to your contacts through social networks, directing them to your project, seeking their pledges for rewards you offer. We'll assist you in the promotion of your project to your social network and beyond. We are accepting project submissions now for our launch, no cost to you unless your successful in raising your needed funds. Check it out here http://goo.gl/7SqRt you can click there on a 90 second Intro Video and read our FAQ that should answer all questions.
Posted @ Tuesday, October 25, 2011 10:11 AM by Cary Harwin
If you want to know what your competitors are up to, don't do a SWOT analysis, just ask your customers. They know! If, for instance, a competitor drops their price & your customers don't know, then you don't have a competitor.
Posted @ Tuesday, October 25, 2011 12:06 PM by Ciaran Walsh
A business plan and financial forecast is essential to your success. Take the time to do a complete business plan, even if you aren't going to seek any financing. And remember that the business plan and accompanying finance forecast are living documents!! Those who fail to plan, plan to fail.
Posted @ Tuesday, October 25, 2011 2:43 PM by Dan Clark
Cashflow forecast, Always keep your forecast up to date if possible. NO you should have at least 13 weeks of forecasts so you know what to expect in the long term as well as the short and be honest to yourself when perparing your forecast
Posted @ Tuesday, October 25, 2011 3:50 PM by Danny Mercer
Thank you all so much for your tips, we are so nearly at #100! 
 
We've introduced something new - for whoever gives us #100 we will give them a bottle of wine! 
 
Cheers 
Ben
Posted @ Wednesday, October 26, 2011 3:41 AM by Ben Williams
Always focus on the things that could bite you on the bum, simple time management - 5 things you must do today - a will do list and not a to do list. 
 
So things that will bit you on the bum eventually are:- 
 
taxes and unpaid invoices both incoming and outgoing. 
 
not working out your profit margins on a deal before you agree the price. 
 
not charging upfront for goods and services supplied- you can't pop into the supermarket and get stuff on 30 or 60 days credit. 
 
working with people and businesses that won't ever pay you enough or want more than you are prepared to give (we call them scum). 
 
Never ever worry about losing clients, changing your business focus or starting a new business all together. Always 'fall forward' and move on quickly, find out what works as quickly as possible and do more of that. 
 
Stop doing what does not work after a reasonable test. 
 
Don't think you can do it on your own, you can't. 
 
 
 
Posted @ Wednesday, October 26, 2011 6:52 AM by Richard Smith
Take advantage of all the free help and advice available, but remember that is just advice, not an instruction. Listen to it and adapt it to fit your business. 
 
But if you need a Life/Business Coach or a mentor to hold your hand, then you really need to ask yourself if you are ready to start a business. The only certainty they will give you is that money will leave your bank account.
Posted @ Wednesday, October 26, 2011 7:34 AM by Ewen Mac Leod
Discuss your issues and worries with your closest friends and family. Even if they're not experts on your business, they are experts on you and could help you see solutions to problems.
Posted @ Wednesday, October 26, 2011 2:27 PM by Kelly O'Haire
For biz development: create a target calling plan. Use a CRM system or just put reminders on your calendar
Posted @ Wednesday, October 26, 2011 3:29 PM by Lerato
Stock up on your reserves of persistence and resilance as you're going to need them! 
 
Staring a business is like having kids for the first time - it leads to highs and lows that you didn't know existed before ... but would you do it again?  
 
Of course you would, there's nothing quite like it!
Posted @ Thursday, October 27, 2011 5:33 AM by Paul Teague
Find yourself a good mentor (not a consultant!) who you respect and trust - they don't have to be in the same industry as you. There are loads of superb people out there who will be happy to mentor you for free. A genuine mentor will discuss things with you and prompt you to think about things in different ways to enable you to come up with your own decisions, and agree targets with you to push things along. They will not, and should not, make decisions for you. Knowing that you will most likely be meeting up with them again to discuss whether or not you have met your targets and to set new ones is a good way of keeping yourself on track.
Posted @ Thursday, October 27, 2011 6:06 AM by Pauline Seston
I know it's been mentioned - but network,network, network. Meet up with potential customers, competitors, people who are offering a product/service that compliments yours, people who offer products/services that you might need etc., etc. All fantastic resources that can make your life so much easier and help you on your journey.
Posted @ Thursday, October 27, 2011 6:11 AM by Pauline Seston
Don't foget to think about your exit strategy. When, why, how and what you want to take away with you (whether that's £'s or the knowledge that you have left a legacy - something sustainable for others to grow on and appreciate). You never know when opportunities will arise, so best to have some idea in mind.
Posted @ Thursday, October 27, 2011 6:19 AM by Pauline Seston
This may sound simple but is frequently overlooked. Be certain of your personal and business values and use them as a guide to making decisions.
Posted @ Thursday, October 27, 2011 8:31 AM by Chris Sinclair
Start to do your own accounts from day 1 use a good accounting package and keep it up to date daily. The long term savings are huge plus you know where you are daily. No surprises less stress
Posted @ Thursday, October 27, 2011 9:21 AM by George Wallace
Answer all Customer queries as quickly as you can and make them your main focus. Keep on doing that and you will have happy Customers who will keep on coming back for more.
Posted @ Thursday, October 27, 2011 9:25 AM by George Wallace
Hi George, 
 
Thanks for your comment and tip, but would that really be the best course of action? (Obviously being an accountant, I would say that!) 
 
But, my point is that if someone tries doing their own accounts, and they're not entirely 'clued-up' about tax laws, do you not think it could end up costing them a lot more in tax than hiring an accountant would? (In certain circumstances, of course!) 
 
Thanks  
Ben 
 
Posted @ Thursday, October 27, 2011 9:26 AM by Ben Williams
Get out of the office/house. There are loads of great networking events going on. People at these events are often very generous with their time and advice. 
If you go to a breakfast meeting, whatever happens you get to enjoy a good cooked English breakfast!
Posted @ Thursday, October 27, 2011 10:17 AM by Ian Trevett
The first thing anyone setting up in business should do is contact a local accountant (accountants in Glastonbury) .They will assist you in registering with HMRC, Advise you on best option for your buiness,LTD,SOle Tradr,Partnership,They will also assist with dealing with Companies HOuse if LTD .They ill then using their knowledge and experience of dealing with almost every type of business advise you on going forward with your business.
Posted @ Thursday, October 27, 2011 10:29 AM by Arthur Croker
Good learning point - don't put all your eggs in one basket, make sure you have a spread of clients, it's easy to become 100% focused on one customer but if something happens with that customer, you become unstuck. Even whilst servicing your existing customers, continue doing business development to build your pipeline.
Posted @ Thursday, October 27, 2011 11:14 AM by Irene McManus
Good learning point - don't put all your eggs in one basket, make sure you have a spread of clients, it's easy to become 100% focused on one customer but if something happens with that customer, you become unstuck. Even whilst servicing your existing customers, continue doing business development to build your pipeline.
Posted @ Thursday, October 27, 2011 11:14 AM by Irene McManus
Good learning point, don't put all your eggs in one basket, make sure you have a spread of clients, it's easy to become 100% focused on one customer but if something happens with that customer, you become unstuck. Even whilst servicing your existing customers, continue doing business development to build your pipeline.
Posted @ Thursday, October 27, 2011 11:14 AM by Irene McManus
Good learning point, don't put all your eggs in one basket, make sure you have a spread of clients, it's easy to become focused on one customer but if something happens with that customer, you become unstuck. Even whilst servicing your existing customers, continue doing business development to build your pipeline.
Posted @ Thursday, October 27, 2011 11:14 AM by Irene McManus
Good learning point, don't put all your eggs in one basket, make sure you have a spread of clients, it's easy to become focused on one customer but if something happens with that customer, you become unstuck. Even whilst servicing your existing customers, continue doing business development to build your pipeline.
Posted @ Thursday, October 27, 2011 11:15 AM by Irene McManus
Good learning point, don't put all your eggs in one basket, make sure you have a spread of clients, it's easy to become focused on one customer but if something happens with that customer, you become unstuck. Even whilst servicing your existing customers, continue doing business development to build your pipeline.
Posted @ Thursday, October 27, 2011 11:15 AM by Irene McManus
Understand the various federal and state payroll taxes that must be paid. Pay those on time. If you assign those duties to an in-house accountant or professional payroll service, monitor those payments and insure they are paid correctly and timely. Review and understand all correspondence from the IRS or State Tax Agencies. If you do not understand the correspondence get a professional (CPA or Attorney) to assist you.
Posted @ Thursday, October 27, 2011 12:58 PM by Jim Marberry
A famous man once said. It is the weak hearted man that fears change. 
Always accept that advice from others that hurts and make changes as the tree bends in the wind. 
and most importantly do what is in your heart and never give up.
Posted @ Thursday, October 27, 2011 3:41 PM by CJ Murray
My tip is to start your blog before you start your business. Use it to build an audience of your potential clients. You can even use them as a sounding board to develop your offerings.  
 
When you are ready to go live with you business, you have a ready made list of potential clients, you have already got a relationship with.
Posted @ Friday, October 28, 2011 5:53 AM by Jason Rudland
Every business now needs an online presence. However, don't be tempted to build a website without first considering your brand.  
 
And definitely don't be tempted by the '500 free business cards' offers.  
 
Brand is much more than a name or a logo. Brand is your strategy, your call to action, your brandmark and visuals, your customer service, your people and the way they represent you. It's the way you communicate across ALL media. 
 
Ultimately, brand is about caring about your business at every level and in every detail, from the big things like mission and vision, to your people, your customers, and every interaction anyone is ever going to have with you, no matter how small.  
 
Investing in brand and properly branded communications at the start will pay you dividends in the long-term.
Posted @ Friday, October 28, 2011 7:47 AM by Tim Mulkern
The Small Business Administration has great resources for helping you start a small business. They have Small Business Development Centers that offer free training and other resources to help you through all the start-up tasks.
Posted @ Friday, October 28, 2011 9:46 AM by Dan Clark
You will need to have a good business plan. Use it as your road map. However, you must be willing to make changes as situation on the grounds changes.
Posted @ Friday, October 28, 2011 11:52 AM by Cavel Capalbo
Get a good website made up and make sure it is optimised for SEO. Not a lot of web designers can do it and be careful of Adwords and similar as its a good palce to lose money! How ever, find a decent SEO person and ensure your website can be found in search engines!
Posted @ Wednesday, November 02, 2011 2:45 AM by Stuart Marler
Although it is easy to get obsessed with what is happening in the here and now when starting your own business, always try to plan how your business can diversify, grow and adapt to things like recessions in the future. There is no point in having a business that might work now, without thinking how it can grow and chage in 5 years time. Consider different target audiences, social media, online trading etc. You dont have to do it all straight away, but have a few more ideas about what you COULD do up your sleeve as you will most certainly need them.
Posted @ Wednesday, November 02, 2011 5:04 AM by Laura Reardon
Don't forget the driver! YOU are the most important asset of your business. Look after yourself as a matter of priority. The number of my patients who tell me they put themselves last, after everyone else's needs is staggering. Take a few minutes every day to do NOTHING! Yes, nothing! Start with one minute, no more. Sit quietly, breathe gently, focus on a point in the middle distance and just breathe. It can be as simple as that! For more tips like this, simple smart and effective, email me.
Posted @ Wednesday, November 02, 2011 11:26 AM by Eleana Needham
Plan your time and focus on the important things. 
 
When you start your own business your time is likely to run away with you. Spend time planning your day, your week, your month - so you know what you're doing and why and focusing on the things that are going to make a real difference to the success of your business. 
 
Don't get bogged down with low value tasks and time-wasters. Do at least one money-earning task every day - something that is going to grow your business and bring in more income. 
Posted @ Wednesday, November 02, 2011 11:42 AM by Clare Evans
Put your business on Google Places and make sure you verify it.
Posted @ Friday, November 04, 2011 3:23 AM by Anne French
Make sure you know where all your customers heard of your business and make sure to get all their details to make a comprehensive database so that you can keep in contact with all your customers.
Posted @ Wednesday, November 09, 2011 4:50 AM by Richard Haines
As a new business consider outsourcing your administrative processes, until such time as you need permanent office staff. Freelance assistance is flexible, there is no PAYE to administor, no employers NI, no holiday pay and no ongoing commitment. Nowadays you may not even need to find office space with the benefits of virtual assistance available.
Posted @ Thursday, November 10, 2011 7:58 AM by Helen Clarke
With all the information based technology and communications we use, whilst cash is still king, think of your information as the heart and centre of your business and know how each aspect/system fits together to make an efficient whole.
Posted @ Thursday, December 01, 2011 4:10 AM by June Beddows
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