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5 Tips you need to know about starting your business

1) What is the purpose of your business?
You need to make sure that you like what you’re doing before you do it, this way you will be motivated and keen to put effort
into it. You will need to be very productive and not give up on it when you are low, it will make it a lot easier if you have
a real purpose.

2) Two simple questions
The most important things to remember when starting a business are;

  • Do people want what you’re providing?
  • Are you going to make money out of it?

By finding this out you are researching your market. Test your business idea with potential customers to check if there’s real
demand for what you are planning to sell.

3) Do what the competition doesn’t:
Most entrepreneurs are not good at marketing their own business. You should take time and effort to come up with a unique selling
point (USP). This is a product or service which is different and better than that of the competition.

4). Find a co-founder
Starting a business is 100 times harder to do on your own. Having someone to bounce ideas off is crucial. You can produce brainstorms,
which if done with the right person you can break barriers and progress your thinking. When picking a cofounder you need to make sure
that they fit your business and vision.

5) Manage your finances
It is important that as a business you manage your finances well and get the advice you need, so an accountant would be ideal. Most of
your concerns will be financial- adequate working capital, good stock control, invoicing and so on – so therefore again an experienced
accountant’s advice will be invaluable in such matters.

JacRox is a modern and forward-thinking online proposition designed to make managing your business accounts easy and straightforward. To find out more speak to a member of our Manchester Xero accounting team call 0800 020 9542 or email hello@JacRox.co.

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