Starting a business is no easy task! It takes a lot of hard work, dedication, and time, which is why it’s important to arm yourself with as much knowledge as possible before starting. To help you skip first-time entrepreneurial mistakes, we look at five tips every startup business owner should know. Read on to learn what it takes to be successful in the world of small business!  

Have a business plan  

Having a genius business idea is very different to having an actionable plan. A thorough plan should include the company’s goals and objectives, a detailed description of the product or service, a market and target audience analysis, the company’s competitive advantages, an outline of the marketing and sales strategy and a financial forecast and budget.  

Line up customers in advance  

Begin networking and selling your product or service as early as possible during the process. Once you’re officially up and running, you can rest a little easier knowing your business has a client list ready that you can respond to without delay.  

Get legalities correct the first time  

No entrepreneur wants to face the wrath of the taxman. To avoid backtracking through company records, tax and legal documents, get everything right the first time. Do your research and work with a reputable professional to ensure you meet every legal requirement and tick every box.   

Create a social brand  

Many new businesses run entirely off of social media. From establishing your brand to posting videos and content, put your business out there! Social media allows you to connect with potential customers and investors and establish yourself as an expert in your field. Give your business an online presence worth remembering!  

Keep your day job… for now 

New businesses take some time to build on their profit margins. Keeping your day job can guarantee extra capital to grow your business, particularly through the early months. Don’t leave your current employment until your new business turnover can cover a liveable salary.  


Whether you’re moving into a new office space or interested in a low-cost base of operations, Pink Hippo has business storage solutions for your needs and budget. Get in touch with our team today to discuss how we can help you keep office valuables safe while you grow your business. Contact our Reading team on 0118 957 1573 to learn more!