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Why Associating with Other New Business Owners is Beneficial

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This topic contains 6 replies, has 4 voices, and was last updated by  Matthew 1 month, 3 weeks ago.

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  • #5157

    Susan
    Participant
    Points: 221

    When you’re starting a new business, it can oftentimes seem a bit overwhelming. There are so many things to get done – such as creating a business plan, estimating your financial projections, marketing and advertising, and depending on the type of business that you have, you could also spend a considerable amount of time securing a location and / or obtaining inventory. Because of this, it may be that you have very little time to spend with friends and family, and for participating in outside activities.

    But even with all that you have on your plate, it can be essential to communicate with other new business owners. Why?

    One of the biggest reasons is so that you can get advice, see what has and has not worked for others, and even spend some necessary time just talking about any issues, problems, and / or successes that you’ve had. So often, new business owners can feel like they’re the only one who is in the process of such overwhelm – and that can be quite lonely. This is especially the case if family and friends work in more traditional 9-5 jobs and don’t truly understand the vast amount of time and effort that getting a new business off the ground can take.

    The good news is that there are venues where you can easily find and chat with other new business owners – such as the Startup Forums. Here you will find others who have moved forward with business ideas, made mistakes, gone through the learning curve, and who are willing and able to share with others helpful ideas and advice.

    If you’re in the process of starting a new business, what are some of your frustrations and successes so far?

  • #5213

    Matthew
    Keymaster
    Points: 465

    I absolutely agree with this. New business owners can collaborate together, let each other know what is working and what isn’t. Even seasoned business owners can remember the time they started and are normally willing to shed a little insight on the matter. Another reason is that you may find a partner in the mix that is trying to do something similar and wouldn’t mind having a helping head. Finding a partner that is willing to help with the build-up and is just as passionate as you are, can be invaluable.

    Let’s also not discount the idea of creating a referring network for each new business owner you meet.

    Something that I believe is frustrating when starting is learning about all the different marketing techniques, automation, and etc. Here’s how you build a website, here is how you don’t, etc. When researching there are so many different ways to do everything and get yourself online. It is hard to know which one to start with first. The other part of that is most of those things cost money. If you didn’t have a huge budget to start it’s best to be as cost effective as you can be. This means using growth marketing techniques, getting the bare minimum up for a website and etc. Get the money rolling in then worry about adding in the fancy features of automation. Tackle everything one project or task at a time. Having small successes can lead to accomplish large goals.

    Even in my current businesses I am still working on automating work that is everyday work but can be done with automation. I have done just a bit of mailchimp automation as it stands and built my initial websites in the beginning. Here it is three years later and it’s time to re-do the websites and spend more time automating to save time.

     

  • #5226

    Susan
    Participant
    Points: 221

    Great point, Matthew. Having a referring network with other new business owners can actually be the key to getting more business (and in some cases, a lot more business). It can be somewhat difficult to find other new business owners, especially if you work online from home. So, it is important to branch out and try to find those who would be good to network with. Some ways to do this is by seeking out certain groups on Facebook or LinkedIn. And, don’t be afraid to join in – or to start – a conversation once you are a member of these groups. That way, people are much more apt to remember you.

  • #5236

    Matthew
    Keymaster
    Points: 465

    Yes! Don’t be shy! Introducing yourself can be difficult, but people like to learn about others, what they do, what they are accomplishing, who they work for, and etc. Networking is a great thing and can be fruitful later on in your business venture. Relationships you established years ago can come around to help you. I also wanted to mention a new platform called Alignable that is working out pretty well too for joining in conversations and just joining the discussion and learning. But, hey, this is also a place you can do that!

  • #5314

    meshack
    Participant
    Points: 41

    Estimating costs and income is key for any new business, whether you’re a fast-moving start-up or still weighing the pros and cons of chucking in the day job.
    These numbers will help you decide if your business is viable or not, and show you a quicker path to breaking even and long-term profitability.
    The amount of money it takes to start — and to stay in business — will vary greatly from business to business. This page sets out common steps to work it out.
    Overstate rather than understate your estimates.
    It’s a good idea to add 20-30% for costs you haven’t thought of — unforeseen bills or price rises can quickly add up.
    To help predict your income, use data on your industry type and your competitors.
    Another good way to get an idea of profits and costs is to talk to businesses similar to your own. You’ll be surprised how open certain competitors might be to sharing their experiences.
    Stats NZ and Inland Revenue have a range of tools to dig into financial data for your market and your competitors.
    DISCLAIMER
    PRIVACY POLICY
    COPYRIGHT
    © 2017 BUSINESS.GOVT.NZ How much money do you need to start a business?
    When starting a new business, think hard about the likely costs before you pass go. This will help you avoid expensive surprises.
    Can you afford it?
    Assessing whether you can afford to start a business takes careful consideration. The first thing you should do is analyse your own expenses.
    Go through your personal spending with a fine-tooth comb. Add up your mortgage or rent, bills, food, school fees and discretionary spending.
    Look for things you can cut. Add up the items you can’t to work out the least amount of money you need to sustain your lifestyle.
    Running a business can be incredibly fulfilling, but the early days in particular can be a financial squeeze. Being realistic and honest with yourself from the get go will help you avoid financial disaster.
    Questions to ask yourself before you start
    Is your business idea viable?
    Find out how much money you’ll need to get started and to keep the business running.
    Not everyone can afford to start a business immediately. But if you know your idea is viable, then you can start to build your business case straight away.
    Just keep in mind that starting a business generally costs

  • #5330

    Reshmika Christopher
    Participant
    Points: 61

    Before starting any sort of business it is very important to have three things in mind.

    It is very important to make a thorough research about the business you are planning to start.

    Secondly,it is very important to have a bus8ness plan or blueprint that will guide you from the start-up phase and eventually help you to establish yourself.

    Thirdly,once you have set up your business and your business is running successfully,then you have to start working on your marketing plan,attract clients and work towards expanding your business towards a large scale

    • #5341

      Matthew
      Keymaster
      Points: 465

      Most definitely, I also feel that most plans and goals should be reviewed on an annual time-frame to see which ones adjusted or have become more refined through doing your business.

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