Wominnovations 15 Tips for Succeeding with Your Own Business

#1 Develop your business idea

Your business idea should clearly state what you are selling to whom and how you are accomplishing that. Your business idea should be short and to the point, no more than three lines. This will help you to be clear in your communication with customers, suppliers and competitors.

#2 Write a business plan

Sit down and write your business plan. It’s a lot cheaper to “fail” working at your desk than to start up a business without thinking it through. Your business plan should include the need for financing as well as budgeting.

#3 Start your business with a partner

Companies started by more than one entrepreneur grow faster and survive longer. Starting together means you can share the burden of financing and complements your business with your partners strengths and competence.

#4 Find financing

Starting a business requires financing. Investing in your own business is a given. For further financing you could talk to family and friends as potential investors. Talk to your local bank about a start up loan. Ask yourself; who might be interested in owning stocks in your company? Look into what kind of grants you can apply for; and make sure to apply on the basis of a well-written business plan.

#5 Have faith in yourself and your business idea

Everything takes three times longer and costs three times what you calculated. Don’t give up!

#6 Create a sales strategy

Think through how you want to sell and how you want to portray your products and services in a sales situation. Your business plan should reflect your sales strategy.

#7 Create a marketing strategy

How will you market your products and services? How will social media be a part of this strategy? Your business plan should include a marketing plan as well as an activities plan of what you will do when. You can’t rely on online visibility alone; remember to talk to your customers as well.

#8 Build a network

Starting a business is lonely, so use every opportunity to build a network and create relations to other entrepreneurs, potential mentors and people with relevant skills for you and your business.

#9 Seek help with accounting and controlling

You don’t have to be an expert in all fields to succeed as an entrepreneur. Make sure that you have a good accountant to help you with the paperwork, taxes and VAT, someone you can trust and ask all the silly questions.

#10 Stay in control

Stay in control and follow your business plan. Running a start up is an act of balancing that requires you to both pay attention to detail and yet stay aware of trends, new customers and new deals.

#11 Find a mentor

A mentor is someone who has experience in the field that you are in, and can help coach and guide you through some of your challenges. A mentor will be able to help you see a challenge from different perspectives.

#12 Do it now

Don’t wait for someone to help you – start right away, and do it in addition to your day job in the beginning.

#13 Live for your customers

Remember that you are there for your customers, not to realize your own creativity.

#14 Learn

Take advantage of programs and courses available to you. Check with your local WomInnovation partner to see what they can offer you.

#15 Give it your all

Be the best you can be and focus 120 percent on building your business.