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Fancy starting your own business? First, read these three tips

Founder and editor of The Lifestyle Edit, Naomi Mdudu, is a entrepreneurial woman who knows more than a thing to two about kick-starting a business. Having made the swap from a much-coveted role in fashion journalism to begin her online toolkit for creative, working women, Naomi learnt about the determination, knowledge and guts required to go out on your own. Here’s her top three tips for starting your own business.

  1. Do the research
    It’s so important to do your research. Ask yourself why you’re starting your business. Is there a real need for it? What gap in the market are you trying to plug, and what kind of resources will you need to get it off the ground? It sounds obvious, but it’s one of the things people don’t do enough when it comes to starting something of their own. Working through these sorts of questions in your mind before taking the plunge will show you whether your idea is worth taking the risk for and will also help focus your thinking, if it is.
  2. Count those pennies
    It’s also so important to get financially prepared too. As a rule, I’d say aim to have at least six months’ worth of savings put to one side before leaving your job. That amount should be enough to cover your bills and living costs and will take the pressure off in those initial months when you’re still finding your feet.
  3. Put your back into it
    Be prepared to roll your sleeves up and put the hard work in. For at least the first year of any business, you should be prepared to work long hours, on weekends and more often than not, without paying yourself. In the beginning, it will be challenging. But, if you really invest, you’re bound to see the rewards. Stay positive, work hard consistently and it will happen.

Visit Naomi’s website for comprehensive guides to getting it right (with tips and opinion pieces from those who’ve learned the hard way!).

Have you started your own business? What advice would you give to those hoping to do the same? Tell us in the comments below.

 

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Sonya Gellert

Sonya Gellert is a contributing writer and associate editor for Khoollect. She lives in Sydney....

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