Handy tips for first time entrepreneurs

Some people are born to be entrepreneurs. They itch to create work they love and to help change the world in their own way. They can feel it in their bones and nothing else in life will satisfy them more than achieving their goals without answering to somebody else.

If you want to be your own boss and start a business but are not sure where to start or what to do, then keep reading; we’ve put together some great tips to help make your start-up a success!

Do what you are truly passionate about

Starting and running a business is no mean feat; it takes a lot of time, hard work and perseverance.

If you are going to spend long hours building your empire, doing something that you really feel passionate about will not only help you approach this mammoth of a challenge, but will also make you feel more satisfied in life.

Of course, identifying market opportunities is important, however, if you choose to start a business based only on financial return, you will lack the drive and passion that every startup needs to become a successful business.

Try solving a problem that tends to present itself when you are doing something that you love and instead of thinking “How can I make a living out of this?” think “How can I truly add value to people’s lives with my solution?”.

Take action

Success only comes through action. Having a load of ideas on how to make a change is just the first step towards making change happen.

So, if you have decided to start your own business, the next step is taking action. There’s a chance that while considering your new career, you will find many reasons why you should wait a little longer or even convince yourself not to do it at all. But, if being an entrepreneur is something you cannot shake, then just take a leap of faith and go for it.

Get to know your audience

Once you know what your new business is going to be all about, you need to find out if people will actually buy your products or services.

You can start doing this by asking yourself and potential customers some simple questions like:

  • Would people buy your service or product?
  • Why do they need it?
  • Does your product or service solve any meaningful problems for your customers?
  • How can your service or product make a difference in their everyday life?

Listening to your potential customers and their feedback will help you shape your new business into something that is really needed in the market and that has more chance of success.

Have a business plan

In order to increase the chance of success you need to do some planning. But don’t worry, this isn’t as complicated as you may think.

A business plan doesn’t really need to be more than one or two pages, but in order for it to be effective, it needs to tell a clear story of what your business sets out to do and how it will do it.

Start off by writing down your goals, action steps and what you need; doing this will help your business become more real and will give you more clarity on what your first steps should be.

If you have already identified your audience, and the ways they will benefit from your service or product, then include this in your plan and start building strategies on how to target them.

Another important part of your business plan is how much money you currently have and how you are going to spend it. Having a budget and analysing what the priorities for your business are will help ensure that you spend your money wisely and reap results.

Get a business account

Many entrepreneurs do not consider opening a business account with a high street bank when they first start their business because they feel it’s too complicated, too expensive and it takes too long, so they opt to use their personal account instead.

Using a personal account to manage your business finances may seem like the easiest thing to do when you are first starting, but it can actually make things more complicated in the long run.

On the other hand, there are many benefits to having a business account. It will not only make you look more professional but it will also help keep your finances separate and to manage your tax returns more effectively .

Business banking doesn’t have to be difficult or full of paperwork either. At Arro, we believe that money should be simple, safe and fast, with all the perks of a business account but without the need for a regular bank, long waiting times or nasty terms and conditions. Sign up to get your Arro Early Access account, here.