7 Insights you absolutely must have before you start a business

Top 7 things to know before you start a business - jennystilwell.com.au

I absolutely love that virtually everyone I meet is an entrepreneur, and although that probably says a lot about the company I keep – it is exciting to see people following their passions and start a business. So if you’re thinking of making the leap here are my top 7 things you absolutely should know!

  1. You will have far greater chances of success if you start a business because you REALLY want to, rather than just fall into it.
  2. Recognise that it’s going to be really, really, tough and be prepared. You are unlikely to make six figures in your first week, or a million dollars from a product launch. Some do, but most will not. It’s more like a marathon than a sprint….
  3. Make sure you have plenty of capital to get you through this phase – you’ll need all of it. Keep expenses to a minimum – it will take time to start generating an income.
  4. Use suppliers who can meet your budget. Don’t be ‘sold’ into paying more than you want to – there will be time enough for that when your business is making plenty of money.
  5. Draw up a database of all your contacts and spend time getting out there and talking to people. Tell them what you’re doing, and listen to what they need.
  6. Try to do business with people you want to do business with. This is likely to be a more effective strategy in generating referrals and building your business.
  7. Don’t neglect the marketing fundamentals: understand what it is you can offer potential clients, understand what they need, develop a very clear value proposition, and know who your competitors are and what makes you different. If you haven’t sorted this out, you aren’t ready.