10 Golden Rules for Starting a New Business
1. Make sure you are passionate about the industry you want to get into and
happy to do the type of work it requires. If you are not passionate about
the job it will feel like hard work and you will not enjoy the process and
not stay committed to its success
2. Research exactly who your potential customers are and how you intend to
reach out to them. Do not think for a second that you can simply set up a
company and customers will immediately be knocking on your door
3. Look at which companies are already leaders in that field: what can you
offer that they don’t? Or is there something that you intend to do better
than your competition? Even if there is competition in your chosen field, it
does not mean that there is no space for you too
4. Do not start a business which requires a huge initial investment if it is only
going to be a side hustle. Research what the start-up costs will be and
how much you can build for free
5. As boring as it sounds you must set yourself small objectives such as sales
targets for the short, medium and long term, customer numbers or X
amount of products sold. This keeps you working towards a goal and not
just aimlessly working while hoping to earn extra income
6. Ideally, set up the new company with a partner who you trust and who
brings different skills to the team. Two minds are always better than one
and two different skill sets really complement one another
7. Do not be frightened! It always amazes me how many people are
frightened of starting a new business and are convinced it will go horribly
wrong. I have started many businesses, and not all of them have been
successful, but the process of making mistakes and learning from them is
what makes every successful person successful in the first place! As long
as you have your coaching business sustaining your income, then a side
business is no great risk, especially if you have not borrowed tens of
thousands to launch it
8. Never give up trying to make the business successful unless it is costing
you too much money. All businesses take time to build, and they require
determination and patience. Do not be deflated or de-motivated if your
business does not succeed at once. Keep working on it, improving it and
developing marketing channels via which you can find new customers
9. Finding a business which complements your own business or industry can
really give you an advantage because you already have happy, trusting
reliable customers to which you can sell your new products and services to
10. Once you have decided upon your products or services and how much you are going to charge
for them, send the idea to 5 of your more trusted friends or family members and ask for their honest feedback.
The more you learn about the cons of your ideas, the better prepared you’ll be when you start