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Enterprise Hub: Going it aloneā€¦5 pieces of advice for a future entrepreneur

As part of Enterprise Hub’s Business Start Up Festival, Kate Eugeni, Director of Enterprise & Education at Wirral Chamber of Commerce and Enterpirse Hub partner, offers her five top tips to think about when thinking about starting a business.

 

  1. Understand the numbers….

I still do not understand why the finance area of a new business is not the first thing that entrepreneurs do. So you have a fabulous idea and you run headlong into branding, website design and samples without a consideration as to whether it is a viable business. Sit down and write out every outgoing connected to the business. Don’t pluck numbers out of the air do your research. It is best now to find out that the cost of the service/product will never be able to be covered on the sale price when all of the costs have been taken out.

  1. Be honest

Ok so it is your fabulous idea and it may be one of many however it does not necessarily mean that everyone else is going to love it. Do your research and by that don’t go and ask just the family and friends. Of course they will love it, they love you and only want the best. Ask your future customers. Go and ask complete strangers what they think of it. Be creative, do the research online as well as face to face.

  1. Do we need it?

There is no point in inventing something to clean tape recorders when they went out in the nineties. Do you need another beauty salon on a street with three other salons? Maybe however at least check that there is an appetite for it.

  1. Sell it…..

Richard Branson didn’t turn Virgin into a global brand by staying out of the limelight. You may hate being a salesperson but that is exactly what you are now going to have to be. You are your brand and only you are going to shout about it. Learn about the tools you need to succeed, social media, public speaking, blogging and networking are a few ways of promoting your brand.

  1. Be brave….

Starting a business is one of the scariest things you will ever do but be brave. It will also be the most exciting and exhilarating time of your life. Taking the plunge is the main reason why so many of our businesses do not get off the ground. If finances are holding you back see whether you could start your business slowly whilst you are working. Ask for a mentor to support and guide you and who will become a sounding board for you whilst the business is in its infancy. Take as much advice and support on offer and attend every workshop you can attend.

 

Enterprise Hub is funded by the European Regional Development Fund. For more information about the support available email us on enterprisehub@wirralchamber.co.uk or ring us on 0151 650 6940