Tips for New Businesses – How Not to Step on Your Own Toes

Ivan Dimitrijevic
Ivan Dimitrijevic is a seasoned blogger and SEO consultant with years of experience. His skill sets include Social Media Marketing, Search Engine Optimization and blogging on a wide variety of topics. He is a digital marketing & business consultant and has had many articles published on serious blogs over the years on topics ranging from Digital Marketing, Tech and Online Business to Home & Family, Health & Wellness and Architecture, Real Estate & Design.
Ivan Dimitrijevic
Ivan Dimitrijevic

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Ivan Dimitrijevic
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When people search for tips on how to successfully start a business, they are actually asking how to start up a business without the risk of it going on pause permanently. Unfortunately, there is no bulletproof way to start a new entrepreneurship, meaning that there is always a risk that your investment can go down the drain if you are not careful enough. This is probably the best advice for new business owners ripe with enthusiasms, starry-eyed and hopeful. There are a bunch of things that can go wrong and you should be aware of this before you invest too much and can’t back out without substantial losses.

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Depending on the niche you are targeting and the nature of the business you are trying to breathe life into, there are different things that you need to focus on. There are some general tips that I can give you to help you avoid more common pitfalls a majority of businesses make.

Knowledge is power

You are less likely to make a mistake if you are informed and if you took the time to read through the subject thoroughly. The importance of this should become obvious when you take into account the fact that 46% of startups shut down due to some mistakes caused by various forms of incompetence. You need to have insight into each individual element of your business so you can manage it properly because even if you hire a highly professional team, the big decisions always come to the managerial part of the company. If you can’t evaluate the situation properly, you can’t make solid decisions and you are probably going to doubt your own decision making process.

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The same thing goes for the organization of your entire operation because you need to anticipate the needs and the possible problems before you even start your business. This is impossible to do if you haven’t researched the subject thoroughly. You need to be aware of how businesses most commonly destroy themselves.

The best thing to do is to ask somebody with experience in running a successful entrepreneurship (for more than a decade) for tips. Picking their brain can give you first hand insight into what it’s like to run your own business.

Researching the niche

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Once you have gotten all the general advice you need, then it is high time you start researching your niche. You need to know who your target crowd is and build your marketing campaign based on that information. In terms of pricing, you need to know what the competitive prices are so as to avoid losing money or overpricing your services.

You also need to find some niche value that will make you unique. If you are doing the exact same thing like your niche competitors, what makes you think you are going to be able to pull in customers. They already have a greater brand reputation and have developed some trust with their customers. The fact that you are new on the market will not be enough to help you establish a steady inflow of leads. The fact that you are new gives you that mystical marketing edge, but it is not omnipotent.

 

Accounting and cost assessment

If you have never dealt with anything more complex than your family budget then you can get into a lot of trouble when planning a budget for your business. There are a lot of things to take care of and amateur accounting is something that is stressful for the person doing it and it leaves a lot of room for mistakes that can literally destroy your business. It is a good idea to get an accounting course that will help you manage and follow all the financial details. Budget control is essential for successful business running.

Before you put your money down, make sure that you have assessed the costs of your investment properly and that you have consulted a professional to check if your numbers are solid.

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The right tools for the job

In some cases, you have no choice but to start a business on a minimal budget. There are situations where businesses are barely making for months, working with makeshift solutions and tools. Efficiency is seriously compromised when you and your employees are working without proper tools and equipment. In recent years, there has been a focus on creating cheap but reliable tools for startups and this can really help you out.

 

This should be enough to start your research. Remember, diligence pays off and thorough research will give you a better chance of surviving. I wish you the best of luck! 

Comments


  1. Twitter:
    Hi Ivan,

    Great tips indeed. Preparation and budget matters are two most important things when we want to step into new business. A good preparation will give us clear description about the market and a good budget plan will ensure our money spend for the right things related to business.
    Okto recently posted..Top 4 Easiest Ways to Make Money OnlineMy Profile


  2. Twitter:
    Hey Ivan,
    Nice post for the beginners and research is very important factor for putting our business in right path. These tips really help many newbies.
    Sudipto recently posted..Best Android Phone Under 12000 In IndiaMy Profile


  3. Twitter:
    I am trying to make use of my new Oneplus phone to help me manage my business. It comes with a lot of app that keeps a track of my business expense. And yes, the tips which you have mentioned are great.
    Sanjib recently posted..Xiaomi Mi3 vs OnePlus One: Comparison – Which Phone Should you PurchaseMy Profile

  4. Knowledge is power, research is awesome. Without these two key elements it is impossible to make a business successful.
    Vikas Bhatt recently posted..Singham Returns Box Office Collection Report, EarningsMy Profile


  5. Twitter:
    Business and Marketing is all based on strategy. Good strategy and you are in a win-win situation. Faulty strategy and you could spiral down to the bottom. Ivan, You are very correct on the significance of Market and gaining customer attention as the key to making profit.
    Kathy Mathis recently posted..First Look at Samsung Galaxy AlphaMy Profile


  6. Twitter:
    Yes researching the niche is a must and important step for any new business
    Rahul Biswal recently posted..Top 8 Advantages Of Windows Phone Over AndroidMy Profile

  7. Leon Bailey says:

    Great read. I do believe 100% that researching what you are doing and gaining as much knowledge as you can before jumping into something will go a long way to being successful in business instead of jumping head first into it without knowing what you are doing and ultimately failing.


  8. Twitter:
    Understanding the niche is essential to have an effective marketing strategy. I have seen many businesses losing a lot of money when they have the wrong targeting and not keeping track of their spending. It’s generally too late before they realize it.
    Arun Chandran recently posted..KikMy Profile

  9. Mothi Venkatesh says:

    Researching the niche before starting your business is the must do thing. That’s really a valid point, I do agree sir. I always do this for my micro niche sites and by this, I got some loss in ROI too…Thanks a lot for mentioning sir!

  10. thnx for these nice tips will follow it for my small business .well apart one should also consider about deep searching to open a bussiness
    deepti recently posted..Candy crush game for pc |play candy crush onlineMy Profile


  11. Twitter:
    Hi Ivan,
    I agree with all your points; It is necessary to have some knowledge about the business before starting. And yes, researching is another important element to do before starting a new business.

    Very informative post, Thanks for sharing! :)
    Adithya Shetty recently posted..The Ultimate Guide to Start a Self-hosted WordPress BlogMy Profile

  12. Benson Wright says:

    It’s true that there’s no bulletproof method of preventing a start-up from failing. However equipping yourself with knowledge on what causes start-ups to fail will greatly help you to avoid such mistakes.
    The other thing that is of paramount importance is seeking mentorship or enrolling for a mentorship program in your industry of business.
    The experience of your mentor will be very valuable and critical to the success of your business.

  13. Thanks for sharing informative article. It’s contents really helpful for online readers. These tips very useful for start a new online business. I agree with you that Knowledge is Power without knowledge you can’t make your business successful.
    Thanks for sharing your thoughts with us.
    vella di recently posted..Top 10 Kesha Songs 2014 List Upcoming New Album 2015My Profile

  14. markjonson says:

    its a nice post with great information on the web. I really like this post and love your way of sharing the information.

  15. I think that researching your competition is one of the most important things you can do before you you start you online business. Checking out your competition and stacking yourself up to them is incredibly important.
    John recently posted..Teens Make Money Online!My Profile


  16. Twitter:
    Great Article Ivan,

    Be sure there really is a market for what you want to sell.
    One of the biggest mistakes startups make is to assume a lot of people will want to buy a particular product or service, because the business owner likes the ideas or knows one or two people who want the product or service. To minimize your risk for loss, never assume there is a market. Research the idea. Talk to real potential prospects (who aren’t family and friends) to find out if what you want to sell is something they’d be interested in buying, and if so, what they’d pay for the product or service.
    Prod recently posted..DOWNLOAD SongPop Plus APK v1.23.08My Profile

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