11 Tips for Start Up Business

Mark Harley of Boss Lawyers was invited to present at the 2018  Young Credit Community Event held by the Australian Institute of Credit Management (AICM) on 23 February2018.

Here are 11 tips for start up businesses shared with the attendees during the presentation for young credit professionals (YCP).

1. Address personal excuses – if you keep making excuses, ask yourself why, and address those issues with considered thoughts. People often say to me it’s not a good time to start because…. My response typically is… when is a good time?  Now or never.
2. Absorb information – listen to what people have to say – but be careful who you listen to – the best people to listen to are people that have done or are doing what you currently are or want to do
3. Be comfortable being uncomfortable – you must learn to be comfortable being uncomfortable. You are chartering uncharted territory – embrace it
4. Determine and articulate your point of difference – you don’t have to reinvent the wheel, you can simply identify deficiencies in the market and improve on it. If you do that, don’t be afraid to tell your customers what is your USP
5. Build a network of mentors and people in business – A Team players – remember business is built largely on forging solid relationships and don’t be afraid to ask for assistance from someone qualified to give it.
6. Manage your finances and your health – one of the key challenges for any business, not just start up businesses is managing your finances. Be frugal and sensible with your money and have realistic projections about work and cashflow – Also, try to look after yourself and make time for you.  Try to keep up regular fitness, healthy body healthy mind.
7. Never Giver Up – change the way you think about stuff when things don’t go your way. It’s not failure if you learn something from it.  Starting a business or being creative about how you operate in your field is one of the best learning experiences you embark on and will make you a better credit manager, lawyer, accountant or whatever it is that you do for work.  When times are tough, and you will have many, remind yourself why you decided to do what you are doing, or want to do, this will help you stay balanced during the ups and downs
8. Keep it simple – do not allow your concept to snowball into something overly complicated or bigger than you can handle.
9. Don’t be afraid to be a shameless self promoter – but be careful not to annoy people with annoying sales pitches or unwanted marketing
10. Know your legal requirements for starting – starting a business is exciting, breaching the law is not exciting and can be costly. You need to know government regulations, issues surrounding IP (trade marks / branding etc) and also get good legal structure advice and accounting advice.
11. Finally, be a solution not a problem – the reason you are in business ultimately is to make a profit right? That is why you go into business. So at the end of the day, you need to provide others a solution, whether it is a product or service, that makes their lives easier and more profitable.