
Starting your own business can be a very exciting time in your life, but it’s also a very stressful time and an incredibly daunting task. There are so many factors that you have to consider, from finding the right niche to securing enough start-up capital. It can be richly rewarding, but before you get started, it’s probably a good idea to speak to someone who has been there and done that.
I know that it was pretty exciting when I started my freelance writing business, but it took some time before I picked up traction and it’s not like I was without growing pains either. Thankfully, there are very few expenses involved in starting a business like freelance writing or freelance web design. What if you want to open a brick-and-mortar store? What if you want to open an online store that sells physical goods? There’s so much to learn and it can be terribly overwhelming.
RBC recently issued a survey out to existing entrepreneurs, asking them what are the most valuable pieces of advice that they can give to people just starting out. Here are the top ten results. The top three pieces of advice were recommended by over 49% of those surveyed.
1. Know your competition
2. Develop a business plan
3. Research the market
4. Network, develop alliances
5. Take time for marketing
6. Seek out mentors
7. Spend time defining the needs your business will meet
8. Survey potential customers
9. Do homework about where to locate your business
10. Join clubs/associations
Speaking for myself, I found that #4 has been the most influential. In a sense, it was through my affiliation with John Chow that I ended up blogging here, for example.
Any experienced entrepreneurs want to chime in with their own advice? Is this top ten list reasonably accurate?