Startup businesses generally receive little or no advice when they first startup. The reasons for this are many and varied. However, it is common that the biggest reason is not having anyone to ask for advice. This article aims to help those new business owners who have found themselves in this position by giving some sound generic advice to the most common problems that new businesses face.
Who To Ask For Advice
The first port of call for any new business owner is to ask their family members and friends. However, this isn’t without its problems – because the opinions are subjective, it may be difficult for you to decide whether the advice given relates to your type of business or not, so be careful with whom you choose to discuss your business matter.
Another source of advice for new businesses is to ask at their local library and bookshop and on the internet. Many websites give sound advice about starting a small business and what pitfalls to avoid, so do take advantage of them by doing some research.
Networking with other business owners in your local area can also be a great source of advice and encouragement; often, these businesses will have been around for many years and might be willing to give you some sound advice if they know what type of business you intend to start up.
Finally, professional organisations specialise in helping new businesses get off the ground; for example, NAWBO is a network of business owners who offer advice to other new businesses.
What To Ask For Advice
Due to the varied nature of business types and start up costs, there are very few hard and fast rules about what you should ask for advice. In general, it will be sound advice to ask about what pitfalls to avoid when starting up your business and which mistakes not to make.
The most important part of any new business has a sound financial plan in place. Without cash coming into the business regularly, it will inevitably fail. So ask for advice on how you should finance your startup, what type of business bank account to set up and the best way to organise your accounts.
Finally, don’t forget to ask about common problems that businesses face when they first startup. This could be anything from finding office space, dealing with local authority paperwork or even organising the dreaded book-keeping!
How To Deal With Advice
The main thing to remember about business advice is that it is only as good as the person giving it. Get as many opinions on a subject as you can and then use your judgement to decide if their advice relates directly to you and your situation or not.
In today’s fast-moving world, sound generic business advice is available for free on the internet and in bookshops, so take advantage of this advice as often as you can to save yourself time and money. Finally, don’t forget that any business will make mistakes; how quickly they learn from those mistakes makes all the difference…
The main points to take away from this article are:
· Start asking people for advice as soon as possible.
· Take advantage of the free generic advice available on the internet and in bookshops.
· Don’t forget that everyone makes mistakes; it’s how quickly they learn from them which matters…
· Lastly, don’t be put off if you get conflicting advice; use your judgement to decide what advice is right for you.