4 tips for starting a small business - Penny Freedom

4 tips for starting a small business

When it comes to starting a business, there’s no straight answer. It’s an exciting prospect, but also a daunting one. It’s important to have patience and persevere, as succeeding in your own business always takes time. Here we offer some of our best tips when it comes to starting up a small business:

1. Keep it simple

In most cases, the best and most successful ideas are the simplest. If you’re looking to start a small business, there’s no point manufacturing an expensive, over-complicated product that is only going to result in you losing money. Think about what customers want and remove any unnecessary features that a consumer won’t need. These are things you can add as your business becomes more successful, but shouldn’t be a priority for the time being.

2. Have a good idea of costs

As mentioned above, there’s nothing more disappointing than trying to start a business which you end up losing money from. We recommend that before you even start, you attempt to work out the costs. You’ll need to factor in every aspect of your expenses, including supplies, marketing, and location costs. Once you’ve got a figure, multiply it by three. While this sounds illogical, it’s important to take into account the multitude of costs that you’ll have forgotten about, as well as leaving room for things to go wrong.

3. Earn while you plan your startup

It’s easy to get slightly overexcited about the concept of starting a new business. Don’t take a leap too quick, and continue with your day job for the time being. Launching a business is a longer process than you would imagine, so if you can, keep your current job for as long as possible.

4. Make your business known

There’s no room to be shy when you’re starting a business, you need to speak up and make sure people know what’s coming. Be confident, and make sure people know to expect big things.

At Penny, we provide instant invoice funding to small businesses. For more information, don’t hesitate to contact us.