Having a start-up company can be tough. It throws up unthinkable challenges and situations which can be quite overwhelming at any stage of the process.

Often, you find snippets of information you wished you knew at the start of your journey. So, for those who might need a helping hand with their start-up, here are 5 expert tips for start-up businesses from Emma Jones CBE, founder of small business support platform, Enterprise Nation.

1. Do your research

The first thing to do is make sure you do your research properly. If it’s a food product, test on family and friends and then take it to a wider, less biased audience. It’s always worth relentlessly researching competitors too. How do they do things, and how can you do things better or more efficiently? In some cases, it might be worth considering investing in market research. Is there a demand for your product or service, what would people be prepared pay for it? Then work out if that allows you to make enough profit to get through to the next level.

2. Create a business plan

If you haven’t already, you need to invest time in building a business plan. a good way to look at this is I’M OFF: idea, market, operations, financials, and friends – which includes advisers and those who can help you along the way. You can make a business action plan on Enterprise Nation’s free Strive app with Mastercard. It will take you through everything from finances to marketing strategy. It helps you remain on track and accountable and hitting the goals can also be very motivating.

3. Start selling

Reaching a wider audience straight away without having to invest in a huge marketing budget can be done via powerful global marketplaces like Amazon, Etsy and eBay will give you easy access to customers and you can parcel-up and send via your local Post Office. You must factor in costs, but it’s a fast way to get going without having to initially invest in your own digital ecommerce software. Or look for service-based businesses, consider platforms like Fiverr or People per Hour.

4. Get paid

It sounds ridiculous, but having processes in place to make sure you can be paid on time is vital. Having cash in the bank means you are less likely to have to take on board unnecessary and expensive finance. If you’re using marketplaces, the cash comes through automatically, but if not, get used to regularly invoicing, and chasing. Getting paid is vital and prompt payment is vital for small firms.

5. Upskill and network

Once you’ve got orders or work coming in, start networking to widen your contacts and build skills. We know businesses that take advice or find a mentor, do better than those that don’t. Joining local groups and attending events now that we can again, is a great way to learn and explore in the business community. Enterprise Nation runs friendly local meet-ups called Local Leaders. It’s free to join – but you do have to buy your own coffee from independent coffee shops, where we hold the meet-ups.
Other questions that start-up owners often want to know include:

What should an SME have achieved by the end of their first year?

By the end of the first year, most businesses would say that having a clear view on the viability of the business for the following year is a good position to be in. Many people start by bringing in support via contracts, but by the end of the year business owners should have a clear view on when they can afford to bring in PAYE employees, what level of funding they will need to get to the next stage, how they are going to launch in new markets. Once you have more mouths to feed, it’s time to take on funding and invest in marketing.

What should businesses be prioritising?

Cashflow balance is underestimated and a major stumbling block. Running out of money at a critical time can be a crippling blow.