Being an entrepreneur may sound easy in the first place, when starting up your business:
- You need to have a good, executable idea in your segment or niche.
- You need to have a good network or at least one partner that supports you.
- Branding is more and more important
- And a social media presence including homepage can be set-up easily with little costs involved.
So why don’t more people try to start their own business?
…because it is risky and hard work.
Often you start your business because you want to be independent and follow your own ideas. But later you are going to realise that you have also a lot of obligations as entrepreneur – however on a different level. Here are some tips and hints that may help you in your first years:
- Branding importance comes with success. In the first place, people buy your products, because they have some kind of value to them – it is nearly irrelevant how you name them.
- Taxes: are a burden – when you start your business you often have tax reliefs in the first years. Be aware that the most new Start-Up’s get bankrupt in the third year.
- Funding: Crowdfunding gets more and more important and Venture Capital provided by investors may be a good alternative to classical bank loans. However be aware that an investor buys a stake of your company.
- Starting your business is about you and your ideas – do not make too many compromises, as this would dilute your profile.
- Also be aware that often it takes longer than you might thank until your business gets successful.
- Avoid unnecessary costs. You do not need a large office, you do not need the most expensive tools in the first place. However all customer contact interfaces must be as professional as possible.
- Planning is important, but more important is your network. Your contact to businesses and people is the most important asset for your business.
- When expanding your business you need to find people who trust you and support your business idea. Collaborations with other businesses only make sense, if you get additional business via the collaboration.
Follow your ideas, always think about the digital experience and alternative financing options.
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