5 Sources of Great Advice for New Business Owners

For many people setting up their first business is an overwhelming experience. There is so much to learn, do, and think about.

It is hardly surprising that many new entrepreneurs fail. When it comes to business, you cannot simply fake your way through. To be successful you have to know what you are doing.

Fortunately, acquiring the knowledge you need to succeed is not difficult. Here we look at free ways to get good advice that you can use to grow your company quickly.

Women entrepreneurs event meetup
photo credit: Tatyana Kanzaveli / Flickr

1. Entrepreneur groups

In many parts of the country, there are entrepreneur groups that you can join. These are a great resource.

Usually the members of these groups work across different sectors. Therefore, everybody brings something different to the group.

Often more experienced company owners are involved in running them. They provide advice to new to business. Usually experienced entrepreneurs regularly make presentations at meetings. They are a great place to network and learn.

2. Chambers of Commerce

Your local Round Table and Chamber of Commerce organisations provide great networking opportunities. The membership of these organisations is wide and varied. It is easy to find more experienced business owners here who will give you the advice you need.

3. Trade bodies

For those who work in specialist industries it can make good sense to join their trade bodies. Doing so gives them easy access to specialist advice that is tailored to the needs of their business.

Trade bodies stay abreast of regulation updates. They explain what these changes mean to your business and how to comply. Often they will also give you access to some of the tools you need to implement these changes.

Trade body event
photo credit: Steve Jurvetson / Flickr

4. Scholarships

If you want to return to university to study business, but are unable to finance doing so, it is well worth applying for scholarships. There are plenty available, with more being added all the time.

Successful entrepreneurs like to give back and to encourage others, and to try starting a business. Many are prepared to help in a practical way, and one way of doing this is providing cash to help businesspeople to acquire the skills and knowledge they need to succeed.

A great example of someone like this is Reuben Singh, an entrepreneur and community leader. This British Sikh business leader set up his first multi million-pound company at just 19. He sold that firm and went on to establish several other businesses including alldayPA.

Mr Singh has worked hard to help others to succeed too. He knows that, for many, access to education is a barrier, so he has set up a fund to help young business owners to get past this problem. You can find out more about Reuben Singh’s scholarship here.

5. On-line resources

If you cannot spare the time to take part in entrepreneurial groups or return to school you can still acquire the knowledge you need to succeed. There are some great training resources available online, including this website.

We provide you with articles that cover all of the issues that affect business owners. They are all written by people who have gone through the process of setting up and running their own companies, so you know that the quality and relevancy of the advice is always good.