First Person: Making Your Own Business a Success from the Start

Starting and running your own business cane be stressful to say the least, especially when it is your first business. So here are a few tips, pointers and bits of advice I can give to you about starting and running your own business.

Make sure you have a business plan in place. Even, if you are not actively seeking business finance. A business plan can help keep you and your business focused and on track, especially if your business plan is reviewed regularly, ideally annually.

Research your competitors, your market place and your target market. Knowing who you are up against will help you in the initial start-up of your business.

Know your customers and clients from the outset. Know who you're selling to and who you market is made up of. When starting a business and within the first few months of operating your business knowing your target markets is essential and crucial.

Keep on top of the books. Keep accurate and clear financial records, customer details and business transactions. Keeping organised in the early stages of your business will help in the latter stages when you come to grow and possible even sell your business.

Keep on top of the financials. From financial forecasts to marketing budgets is essential to know what you are spending, receiving and taking when starting and running your own business.

Complete a SWOT analysis as soon as you can. Work out who your competitors are and what there strengths and weaknesses are. Doing a SWOT analysis early on will help you see where you can make the most of your business and your target market.

Focus on public relations, advertising and marketing from day one. From word of mouth to your business website, work out how you will let your target market know you are in business and you are the one they should buy from.

Set targets and goals, both short and long term. Setting these from the outset will help you keep on top of where your business was and where it is going, and of course how it will get there.

Get out there and network. Meet other business owners, meet competitors and meet potential customers. Getting out there will help you get a grip on your new business.

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