Five tips for budding entrepreneurs

Five tips for budding entrepreneurs
17 June 2013

While many people crave the flexibility that running their own business would provide, they very often underestimate the amount of work required to launch a successful venture. When reality bites, enthusiasm often wanes, but not before lots of cash has already been spent. We asked entrepreneur and multiple business owner James D’Arcy of Acefast Services (a web development and IT company) for his top five tips on launching your own venture. He says;

1) Don’t run before you can walk

If you think you have a great idea, launch it in a small way first alongside your day job to test the market. Doing this will help you iron out any potential flaws before giving up that salaried security. Timing is important. Economies go through high and low cycles. One of the best times to think about doing your own thing is actually when you’re in the midst of a recession or when recovery is just setting in. Start-up costs are much lower than in boom times and you can negotiate better deals. Yes, it might be a while before you see tangible profit, but in the long-run, you’ll have made important savings.

2) Don’t gamble everything you have on one venture

The saying goes, ‘Don't put all your eggs in one basket’ is never truer than in business. All businesses need a little diversity because markets change, customers’ needs change and demand dips. That's not to say that a butcher should be selling cars in the car park (although nothing wrong with that either). It’s more a case of businesses doing as much as they can within the field they operate. Think online selling, distribution, product servicing and more, rather than just the obvious initial venture. Having two or three sources of income obviously gives you more of a safety net if one strand should dry up.

3) Time management is tough

This is something many who work for themselves struggle with. You don't clock on and clock off, or have a set rota, so making sure that you have time for yourself is nearly as important as making sure that you have enough work. Your mind needs rest and you must find balance in that way. Creating yourself set work times helps but if you're like me and never turn down work, overtime is pretty much a permanent fixture.

4) It doesn’t suit everyone

And it's not something everyone can do. You have to motivate yourself when things are slow and you're working for rubbish money, keep on top of workloads that often outgrow your normal hours and organize your life 100%. In the same way that many aren't suited to salaried work, others aren't suited to working for themselves. Square pegs, round holes n' all that jazz. It's nothing to do with brainpower, just that some systems work better for others.

5) It has to be something you enjoy

Go into something that interests you. You will work at it diligently and in an impassioned way. Keep in mind that you have no boss who will be annoyed if your output drops once the novelty of working for yourself has dissipated. You need to enjoy the work to keep your output up. In short, do something that you would option as an enjoyable job – and not something that bores you, but will probably make money. Remember that when the going gets tough, lack of interest will set you on the path of failure, no matter how good your initial idea was.

Do you work for yourself? What's your advice to new entreprenuers? 


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