10 Tips For Starting a Business

Each week, we ask the coworkers at Cambridge Business Lounge, as well as other members of our growing business community, for their thoughts and ideas to help other start-ups and  small businesses.

This week, we asked the question “What advice would you give to a new start-up?

As ever, we weren’t short of responses (thank you to every one who contributed) and the responses were…

  1. Don’t take all of the revenue out of the business – re-invest!!

  2. Make every friend possible and help them.. It pays back.

  3. Be flexible and provide what the market wants, not what you want them to have

  4. Get your product sold to paying customers asap. i.e. validate that people will pay

  5. Sometimes things that are really low cost are great, but sometimes a false economy. Learning which is which can be painful – best consult people who’ve done something similar and vet your vendors carefully

  6. – Consult people lots

  7. Being self employed, doesn’t need to mean ‘being by yourself-employed’

  8. Fail often and learn

  9. A start up is like having a baby. Think twice before doing both at once.

  10. Do at least two years of financial projections before you go ahead

What about you? What advice would you give to a new start-up business. Email info@cambridgebusinesslounge.com or tweet @CamBizLounge and we will post a selection of responses below.