Sarah, Director of Wealth Enhancers, spoke to us on the night and gave us some tips on starting and building a successful business.
- Stay on top of finances and cash flow management from day 1. Have a plan (cash position or part-time job), and keep your books up to date always so you know where you’re at financially. Remember – you only need to run out of money once and you’re out of business.
- Competition is good! You don’t have to have a brand new idea, you just have to do it better than your competitors or identify a different niche, competition provides you with case studies and great market research opportunities.
- Play to your strengths. Although as business owners you want to stay in control, it’s important to identify what you’re good at and hire people / surround yourself with people who are good at things that you’re not as skilled in, will allow you to progress faster and further.