Six tips and pitfalls when starting a business

making your new business fly making your startup fly is hugely rewarding what we’re going to talk about today is three things that could make it a success and three pitfalls to avoid so here we go do your homework find a need in the market that isn’t being met for example

when I was in university I started an ironing board covered business and there might be more regular needs that aren’t being met in your market then find them research the market make sure you’ve done your homework will and then start working on the business plan to ensure that

you have considered everything you can consider at that point to have a plan to be successful get ready to go open a bank account so you’re ready to receive money and make payments make sure you understand all the compliance and all the legislation in the industry in the market where you need to play make sure you understand the systems and the processes

you need to operate your business then you’re off find stuff if you need to but get started lift off make sure you develop a marketing plan and that you have an online presence that’s where many customers go to find you today make sure you are clear on what price you want to charge for your

products or services and I would also encourage you to keep that under review to fine-tune the price you charge and the last thing make sure that you provide great service try to be known for great service so the customers you find to start with come back for more now even with the best laid plans starting up a business can be quite challenging so here are the three most common pitfalls for you to avoid not now your customers your product or your services won’t appeal to everyone so

it’s important you know who you’re selling to and why the more you know about your customers the more chance you will have to adapt your product and services to fit those customers you want to serve not sharing its natural not wanting to share a great idea someone but I really recommend you to share your ideas with someone you really trust because they can enhance your ideas and your plan it’s a very low chance that they will steal your idea but it’s very likely that they can help you enhance the idea to make you more successful being unrealistic it might take a while for you to generate the revenue that

you need to make a profit so do make sure that you seek advice on the cash flow that you will generate and the cash you need to get started we’ll make sure you are covered to get off to a good start remember you are not alone at day and said we have heaps of free online resources on our website and on the a and set this up we also have hundreds of local business bankers that talk to small businesses every day about support and advice so come and talk to us if you need any more advice about the tips and pitfalls of starting a small business