Five Tips To Help When Looking To Start A New Business - The Directory Group

Five tips to help when looking to start a new business

Published on 1st May 18

Establishing your own business can be daunting.

Success is ultimately at the top of your list of priorities. But how can you be confident your start-up will have promising results? Business Buddies highlight some tips to have a successful company…

  1. Identify there is a desire for your product or service – Research is key!

Doing research on the product or service your business intends to offer is vital. If people do not need what you offer, your company will struggle to succeed. If you fail to prepare, then prepare to fail…

  1. Study your pricing

Coming up with the right price can be a challenging task. The first step in determining how much you will charge for your services is by researching. How much are your competitors offering? What profit will you gain from the price tag of a service? Can you sustain your business on the prices you offer?

From there, you can produce a pricing model which is the right price for your product or service

  1. Invest in technology

We live in a media-driven culture, so it is important businesses invest in reliable technology. From efficient computers to effective software, investing within this area will be worthwhile.

Regardless of the size of your business – having technology to maximise your productivity can be achieved simply. Read reviews and compare what others within your sector are using.

  1. Customer service: Focus on the entire customer journey

Your revenue is from your clientele. Without customers there will be no pay packet. As an independent business, you must concentrate much of your efforts on the journey your customer is experiencing. By aiming for excellence in your customer service, it is likely you will build your custom in no time!

  1. Set yourself realistic targets and goals

Having clear aims and objectives is important with any field of work. Set yourself realistic targets and allow time to review your progress as you work towards the destination you desire to reach. Most importantly, monitor and measure your business so you can make positive changes where required.

­­­By following these five tips Business Buddies is confident your decision to start a new business will be a success. 

The Directory Group covers the following areas within Hampshire and West Sussex: Petersfield, Clanfield, Hayling Island, Cowplain, Waterlooville, Denmead, Purbrook, Widley, Farlington, Cosham, Drayton, Havant, Rowlands Castle, Emsworth, Southbourne, Westbourne, Bosham, Portsmouth, Alton, Alresford, Bentley, Four Marks and Meon Valley