Home – New Forums Get productive Precautions!

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  • #967802
    Sarah G
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    Hi :-)

    I am hoping to start my own business in the next year. I have a product in mind that i am excited about. It’s like a reinvention of a product that has existed for a very long time. I wish to design and market it to appeal to a particular niche.

    Well, i have never manufactured a product on my own, never marketed, never done book keeping, and i have little knowledge on what it takes to run a business.

    I have done a “start a small business” crash course, read a book, sniffed around here at FS and have started doing some research on my product.

    Basically, i want to know how to avoid being a statistic. There are heaps of small businesses that go under during the first year and so i want to be really careful and learn as much as i can.

    Do you have any tips? Have you made mistakes that i can learn from? When is excitement a bad thing? How can i avoid failing? Please advise!

    Sarah

    #1028878
    FletcherTax
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    • Total posts: 347
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    Hi Sarah

    Welcome to the Forums.

    Nothing wrong with being precautious – in fact it’s best to be so, to avoid some of the hurdles along the way.

    I need to run now but some of the things people fail in during first year include:
    – Setting up wrong business structures for their business
    – Not having correct or adequate insurance
    – Before starting, not having a cash flow or business plan in mind
    – Having a spend, spend, spend attitude where spending does not always equal the same amount in return
    – Not spending on the right services (marketing/accounting/legal)

    Best wishes for your venture and look forward to hearing updates,

    Janna

    #1028879
    Burgo
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    I found talking ideas through with your friendly accountant is always a good start. They love playing Devil’s advocate, but in so doing there will be during the discussion that you suddenly realise the’re on your side.

    I have had the same accountant for over 30 years and I doubt if I would have survived with out his friendship and constructive criticism.

    Honestly being precausious is healthy, talking to your accountant is like having a health policy

    #1028880
    logobird
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    Hi Sarah,
    I would recommend that you try and micro-test your product before taking it to the market.

    If the product tests well you can proceed with full scale production, if not, you can scrap it and you live to fight another day.

    I recommend you pick up a copy of “The 4 Hour Work Week” by Tim Ferriss. It is a must read for anyone who is looking to go into business and covers the topic of micro-testing.

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