It is amazing what is possible to achieve with persistence, a computer in a bedroom and the support of friends and family. Nick D’Aloisio a 17-year-old programming whiz hit the jackpot this week, ‘Yahoo Buys a Mobile News Start-up for $30 Million’. However for those of us who are not programmers, I think the article by James W offers excellent advice on starting a business with low start-up costs http://bit.ly/10vlFyn – 6 tips to start your business on a shoestring:
1. Have a strong concept
2. Test the market
3. Sell Wholesale
4. Get online
5. Be Mobile
6. Set up Shop
When starting a business it is best to consider your options of whether a part-time or a full-time business would best suit your business, your time, your family and your financial commitments. Whether part-time or full-time, if your business is to succeed, you will need to commit to working evenings, weekends and over lunch and on your holidays. Whichever options you take, the secret to success is an honest assessment of your resources, your commitment level and your support system.
I would certainly advise start-ups not to quit the day job while developing and testing the concept and if possible, to work part-time initially and only giving up the day job when your earnings are in excess of 25% of your full-time income.
During the planning stage while still in full-time employment, work on reducing your personal expenses and practice living on 75-50% of your full-time income by restructuring your finances. Expect that you will not earn anything in the first year, so you will need to build up a reserve to get through the initial year.
Many start-ups make the mistake of spending too much money build a bells and whistles online presence thinking that this will bring them customers. Unless you can get visitors to become aware that you have great content (products, service or experience) and then to try it out; all you have is a well dressed virtual shop front that no-one knows about. You do not have to be the best dressed to be the most interesting in the virtual world, but you have to be seen.
Spend more time understanding your target audience and find cleaver ways to get noticed by your target audience. Remember it takes consistency to build value and a recognisable brand, with personality and time, a loyal following will grow.
The opportunities for starting a business online are becoming easier as technology and the Internet reducing the barriers to entry. So what stopping YOU?
“One of the UK’s leading business advisor and mentor” and the few business development specialists to have her own Business Show on a TV channel. Janice B Gordon, The Problem Solver; Business Advisor, Mentor, Broadcaster and Speaker is called on regularly to deliver inspiring, energetic and thought-provoking talks to Women’s and Business networks, Entrepreneur and Leadership themed events.
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Janice B Gordon: The Problem Solver Business Growth Consultant, Mentor, Speaker and Author. Business Evolution – Creating Growth in a Rapidly Changing World will give you the guidance you need to evolve you and your business and exceed your customers wants and needs.