{"id":57,"date":"2017-10-11T10:37:30","date_gmt":"2017-10-11T09:37:30","guid":{"rendered":"https:\/\/www.lowcostletterbox.com\/blog\/?p=57"},"modified":"2019-02-02T16:46:11","modified_gmt":"2019-02-02T16:46:11","slug":"top-5-business-tips-for-startups","status":"publish","type":"post","link":"https:\/\/www.lowcostletterbox.com\/blog\/top-5-business-tips-for-startups\/","title":{"rendered":"Top 5 business tips (for Startups)"},"content":{"rendered":"
We have all had that eureka moment, \u201cThat should be a business\u201d you say. Or \u201cI could make millions with this idea\u201d you think to yourself. \u201cI could do better\u201d you shout at the TV whilst watching Dragons Den.<\/strong><\/h6>\n

However, the main reason most of us don\u2019t act upon these thoughts, no matter how good the idea, is that we all know the complexities and all demanding necessities of starting a business, giving it all up to work for yourself can seem both exciting and also very terrifying. So we have shared<\/span> our top 5 business tips for startups!<\/p>\n

The reality is that now one in ten people in the UK own their own business. With the difficulties induced by a turbulent economy. The necessity for self-employment and new business opportunities has become more and more pertinent in recent years. <\/span><\/p>\n

However maintaining an encouraging outlook on starting a business is often overshadowed by overwhelming statistics. The majority inspiring pessimism. <\/span><\/p>\n

More than 50% of startups fail in their first year and become redundant. <\/span><\/p>\n

The leading causes of startup failures include: <\/span><\/span><\/p>\n

Incompetence – 46%<\/span><\/p>\n

Lack of managerial experience – 30%<\/span><\/p>\n

Neglect, fraud – 13%<\/span><\/p>\n

Lack of industry experience at 11%<\/span><\/p>\n

Credit to smallbiztrends<\/span><\/i><\/p>\n

https:\/\/smallbiztrends.com\/2016\/11\/startup-statistics-small-business.html<\/span><\/a><\/p>\n

Having said that, there is a plethora of information out there for those of us who are brave enough to take the plunge and start up our own business doing what we love.<\/span><\/p>\n

Here are our top 5 business tips for startups! <\/span><\/p>\n

1. <\/span>Learn your craft<\/strong><\/h4>\n

We all learn on the job from time to time but this is not the right ideology when it comes to running your own business. Many successful business owners spent years perfecting their craft before they invested any money into their potential business. Invest in yourself first, your skills, knowledge and expertise will take you a long way towards your business goals and will be the perfect foundation for your new career. <\/span><\/p>\n

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Nothing you do goes to waste. We are instinctual creatures and actually learn much more from our mistakes than our successes – you wouldn\u2019t eat a poisonous berry for a second time. <\/span><\/p>\n

2. Understand your customer<\/strong><\/span><\/h4>\n

Going into business without sufficient market research can be a killer from the get go. I\u2019ve seen it before and I will see it again. If there isn’t a demand for your product then why waste your time. <\/span><\/p>\n

You may think you are onto something, or be so confident in your designs that you know it will sell. The reality is that most of us aren’t blessed with a commercial and psychological understanding that is sufficient for overnight success. <\/span><\/p>\n

Even someone as gifted as the designer Tom Ford will have done his market research or been aware of a demand from his previous roles.<\/span><\/p>\n

Spending your initial investment on designs to hand over to manufactures, without market research, is like going in blind. You need to know what your customers need before they want it, and before it gets anywhere near launch.<\/span><\/p>\n

Yes, market research can be hard to do when you don\u2019t have any customers but there are a bunch of businesses out there that are set up to help with this process. They can provide you with willing applicants (Guinea pigs) that are willing to test your product and give (startups) life changing feedback. <\/span><\/p>\n

Alvin C. Burns and Ronald F. Bush highlight the steps to performing excellent market research in their book \u2018Marketing Research\u2019. These include;<\/span><\/p>\n

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