Fail to Plan, Plan to Fail

Running your own business is hard work. I know this from first hand experience so I have a few top tips that have helped me along the way.

If you have already started your own business, you are in your second year trading, and have an annual turnover of £70,000.00 then perhaps a Merchant Cash Advance could be an option for you to propel your business to the next level. Merchant Cash Advance is a fast and flexible alternative to the traditional bank loans.

Here are some of my top tips when starting your own business.

Have a plan: I have heard the saying “Fail to plan, plan to fail” most of my working life. The preparation required before I could even get started in business took a lot of time and effort. I spent three years planning and preparing to launch my business. It’s been hard graft but it has meant that I was more in control of costs, I also could make changes without any impact to my customers and I had the head space to think straight. Set yourself realistic budgets and timeframes. The last thing you need is to put added pressure on yourself with impossible deadlines and cashflow issues.

Understand the market: It’s so important to do your market research and keep an eye on trends and your target customers. I have an online travel accessories business which combines my love of fashion and travel however, fashion changes as fast as the weather and people’s spending habits fluctuate depending on circumstances. In order to keep up with those market movements you must continually gather data and anaylise it. I spend a lot of time researching my target market. This is the fun part for me, fully understanding what they like and what they don’t. I find this interesting.

Self Motivate: If you are setting up a business on your own, it can be a lonely place. You sometimes doubt and question your ability and ideas that you once thought were brilliant, they might all of a sudden become terrible ideas. It could be that you may have lost confidence or you could be having a bad day? I kept going. I was persistent. I said to myself, ‘today it may seem like a rubbish idea, but tomorrow I might think differently’. Eat the right foods, drink plenty of water, have plenty of sleep it all adds to your mental wellbeing. Write things down too, this really helps me. Stay positive and focus!

Ask for advice: I am considered by all that know me as a very independent person, I want to do things on my own with no help whatsoever, in anything I do in life. I always have been like that. I wish though that in those 3 years starting up I spent more time listening to those that have tried and tested methods. Who better to give you support and guidance than those professionals that live and breathe business, I could have got things boxed off far quicker than I did, it would have saved me some sleepless nights. So if you need advice please ask for it, there is no harm in asking for advice. I do it all the time now.

Why wait? Is it funds holding you back? Are you worried about the risk? Do you feel you don’t know where to start? Anyone can do anything if they put their mind to it. I promise you, if I can do it, you can too. I currently work in a full time job, manage my blog and started up my travel accessories business in my spare time. I am a workaholic, I wouldn’t want it any other way though. I would suggest starting something small on the side to get a feel for the market and see how you get on. The question I asked myself when I first came up with the idea of starting my own business was, ‘Can I do it?’ I answered, YES!

You can do it.

With Love Mel x

This post is sponsored but all views and opinions are my own.

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