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Tuesday, 26 August 2014

5 ingredients on running a new start-up

The recent economic downturn has left many people out of a job and looking for work. Although, this is not all bad as many people have now turned to starting their own business as a way to make money. Many students and graduates have used StudentGems as a stepping stone to test the self employment market. Running your own business can be difficult but there are five steps, which if followed, can help you to start your own company with a bit more ease.

The idea
The idea is important as it is the initial basis for your business, but it isn’t necessarily the only thing that is important. The idea is only the beginning of a company and it often is something that changes halfway through the process; be sure to be open to new ideas and changing your original thoughts if you have to.

The people
People are the main profit creators of any company and they help to create the culture and heart of a business. This is why it is so important to hire the right people. People provide information, knowledge, techniques, contacts and skills when they join a company, so make sure to hire those that will be able to benefit your business and work as efficiently as they possibly can.

Market Research
Make sure to gather the correct information that you need with regard to the right market, and niche that you require. This is important as there would be no point trying to sell your idea to those that have no interest in buying it.

Getting the message out there
There are many ways to spread your message, and advertising yourself through print as well as online is a good option to choose. You can do this through business cards, posters and flyers. Creative business cards can be extremely important to the growth of your business. The online print company Instant Print say: “Prospective clients will hold on to colour business cards 10x longer than a standard one!

Generating Revenue
Cash flow needs to be managed effectively as most start-ups fail due to a lack of cash flow. There should however, be a minimum amount of time spent planning and more time spend doing. Whilst revenue is very important, coming up with plans, ideas and administration should be something that doesn’t take up too much time.

Start-ups are tricky and need to be managed effectively. As the company grows and changes, different approaches will be also need to be altered in order to work effectively.