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If you’ve thought about opening your own business, you might have begun to look for advice. There are so many tips for starting a new business out there but there is no perfect formula for starting a small business. But these tips can give you a good headstart

Know your niche

Be very clear about why you do what you do, and why your service is different from other businesses. Be inspired by your vision, as this is what will connect customers to your passion for the service or product you offer. Rather than starting your idea with what to sell, think about what it will solve. Your business should fill a hole in a certain market or niche.

Recognise you are connected to a community

No entrepreneur achieves success alone. Each business is supported by a thriving eco-system of suppliers, partners, customers and clients. When you recognise that you collectively are contributing to a bigger cause, you will feel much more supported in your journey to being a successful business.

Keep it simple

If you’re like many entrepreneurs, you have a business idea and you’re ready to run with it. Be careful not to let your concept snowball into something overcomplicated. You could end up with an expensive, elaborate end-product that nobody wants to buy.

Know your ideal customers and clients

Have a really strong sense about who your ideal customers and clients are. At the start, while you might be willing to take business from anyone, it is a good idea to understand how your pricing, offer and service to these customers will (or will not) grow your customer base. Is the potential customer aligned to your business ethos? Can the initial sale grow into more of a partnership?

Speak up about your business

One challenge many business owners face is that they don’t know how to sell. It can be intimidating to share your business with the world, especially when you’re new. If you can’t convince consumers to buy from you and support your company, it’s difficult to make money.

Earn while you build

If you are employed and want to start a small business, don’t quit your day job yet. Launching a successful startup is a process. Build your business in stages and gradually transition from employee to entrepreneur.

Know the legal requirements for starting a small business

Starting a business is exciting. Laws are not. But, you need to understand the rules that come with opening a business. If you fail to follow government regulations, you could face steep penalties.

Be visible as a business to your network

Even if you are yet to land your first client or make your first sale, it is very important to be visible as a business to your network. Whether its on social media or having a website. Keep sharing your offer and value to people. This can take time before you start to see people instantly recognising you.

Dare to Aspire, Dare to Achieve with DADA By Stanbic Bank.

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