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4 things you should know before you start your business

Embarking on your new business is certainly going to be a rollercoaster, as well as a physical and emotional journey. Everyone is so willing and happy to give you advice, even if you don’t ask for it and eve if they don’t have any business experience themselves. It can be a very overwhelming and often daunting time, fretting over your finances, wondering when or if you should hire a media agency to help get things moving- check out Fast FWD Media (a digital agency in Birmingham) for more information – so, we’ve put together a few helpful tips and some simple advice that I wish I had known when I started my first business.

Be wary of hiring friends and family

Whether it’s a cost saving exercise or they simply want to help and be involved, there’s nothing wrong with family and friends wanting to help make your business a success. But more often than not, feelings and emotions tend to get in the way of good ideas and the best direction for your business.

You might think of going in one particular direction but then you could be lambasted and pushed in another by a friend or a family member who “knows best”. Sometimes it’s best to just put feelings aside and take back control by removing them, or not allowing them to feel that they can influence your business decisions. From laziness and letting you down to something like fraud and a lack of care, its best to leave family and friends out of it all.

Beware of the discount trap

You’re a new business with an amazing product line or service. And you desperately want customers, clients and the recognition you deserve and have worked hard for. However, too many young companies make the mistake of discounting their prices too heavily in order to win customers. Rather than focusing on slashing your prices – and avoiding a “race to the bottom” with your competitors, focus on adding value to your customers experience and try to build relationships instead.

Own your name

You might have woken in the night with the perfect business name fresh from your imagination. But before you rush out and have mugs and stationary printed, take steps to own the name, and make sure it’s actually available. I’m talking about domains, email addresses, Facebook and social media platforms and choose something with an available trademark.

You don’t want to go to the trouble of marketing a business name and spending time and money on something that you’ll never officially own.

Make sure you’re ready

Consider where you are in your life. Starting a business takes brains, time, money and so much effort. You’ll likely be working 60+ hours a week just to get it off the ground. Before you sign anything or commit, make sure you have the commitment and the ability to persevere.

Also remember the effect that this could potentially have on your family and life in this time, and good luck!