Money MattersTime Management Skills

The Do’s and Don’ts of Starting Your Own Business

By December 5, 2016 No Comments

Unfortunately, just like there isn’t a magic guide that is guaranteed to get you sailing through your studies, there also isn’t a handbook that provides you with a specific recipe for success when thinking about starting your own business. No two businesses are the same and, aside from hard work and determination, very few businessmen have achieved success in the same manner.

Luckily, just like there are do’s and don’ts to remember when cruising through life on campus, there are also a few basic do’s and don’ts to keep in mind when setting your goals and taking the plunge as a budding entrepreneur. Here they are:

DO…

ask for help – Chat to family and friends and ask for advice. Chat to business owners you know who will be able to give you some tips. Speak to your lecturers about your plans. Hearing new perspectives could help you to make the best possible decisions before starting your new business venture.

your research – Having a great idea is a wonderful place to start, but it’s only as good as the research you put in. It’s important to find out whether or not the peeps in your town or city are going to love your future products / services as much as you do. Find out if there is a demand, check out the competition, and work out how big of a chunk of cheese you’re going to need to get started. By doing this, you can jump into your new adventure knowing that you have covered all your bases.

take it slow – Tempting as it may be to want to take it all the way when you first begin, it’s essential that you remain cautious in terms of cash outlay until you are sure that your potential customers are taking the bait.

DON’T…

give up – This is an obvious one, but it just can’t be emphasised enough. Building a successful business takes years of sweat and perseverance and, often, a few set-backs. The important thing is to remain positive and keep hustlin’ until you get it right!

try to do everything yourself – If you find that your business is taking off quickly and you are struggling to remain organised, you might want to think about hiring some back-up. To begin with, you could ask a friend or family member to help out until you have enough flow to actually hire your very first employee.

One of the most important things to remember when starting a new business is to do so with your eyes wide open! Research, plenty of support and slow, careful planning could be all that you need to start ballin’ in the big leagues…

Sharing Digz with other likeminded, budding entrepreneurs and students is a melting pot of inspiration. Open up to the other creative peeps around you, throw ideas back and forth… just be sure to hold back on part of the plans to ensure that the concept remains your vision and doesn’t become someone else’s!

 

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