Advice from 5 Entrepreneurs When Setting Up a New Business

We all know that the survival rate of a startup is very low. In order to beat the stat, the best way you can do as a budding entrepreneur is to take advice from mentors and fellow entrepreneurs who have done the trial-and-errors for you. These are five of many advice from successful UK entrepreneurs for your inspiration.

keep calm and carry on

Sean Mallon – Intelligent Business Transfer

Have a Plan, but be flexible with it – tweet this quote

Of course it is important to have a plan and a vision for your business, but it is also important to know when to make changes and pivot. External factors outside of your control may change the market presenting new opportunities that could help the business grow. Additionally, some ideas that you have may not take off but your learning’s along the way may lead to new ideas outside of the original plan.

Sophie Mason – DH Licence Check

Focus on a problem that you have yourself – tweet this quote

Instead of trying to come up with an idea from nowhere, focus on a problem that you have yourself. Is there something missing from your day to day activities, or could something be improved upon with a new product or service? This is a great place to start. Come up with the right solution and make sure you don’t stray too far from your original problem and you could watch your business grow from strength to strength.

Sam Baldwin – Approach

Know your target customer – tweet this quote

If you know exactly who your target client is then it is a lot easier to channel your marketing efforts to hit the right people. As your business grows, make sure that you regularly take some time to take a step back and look at the business to make sure you are still targeting the right people and not missing any new opportunities that may come about by changes in the business or service environment.

Tom McLoughlin – SEO Travel

Get a good accountant – tweet this quote

It is crucial to have a good accountant when you are starting a new business. You will need to have one that is savvy and on the ball who can recommend the best way to do things at the start as well as be alert to any changes that could be made down the line that may improve the profitability of the business.

Rachel Watkyn – Tiny Box Company

Get your pricing right – tweet this quote

Pricing needs to both cover costs and make a profit for your business. This can be difficult when you are starting out and trying to get customers without a big portfolio of previous work but it is important to not make the rookie mistake of undervaluing your talent and time. Before you launch your business do some number crunching so that you can be confident that you have come up with the right price.