Five important tips for entrepreneurs

1. Test your business idea

Before you get started, you should ask yourself some important questions. Think carefully about what problems you need to solve. Is there a market for your idea? Are there any customers who are willing to pay for the product or service? What market needs will you cover? Let the idea go through some tests before the work starts and don’t be afraid of critical and challenging questions. See the market and check if you have competitors. Present the idea to a good friend, co-founder or expert and try out different testing methods. These could include questionnaires, test customers, pop-up shops or campaigns.

2. Find the right people

Many people find it’s both enjoyable and less risky to get started together with one or more partners. On average, companies that start up with more than one person have longer lifespans and grow quicker than those that start up with a single founder. If you plan to employ people or partner up with someone, find people who are better and have more experience than you. Build a team of people with different skills. More heads usually think better than one.

3. Make a budget

Every business needs to have a budget to know how much money is needed. Create a realistic overview of what you need to get started, with everything from equipment and office premises, to Insurance and internet. Also remember to include a good savings buffer for various and unforeseen costs. With a good budget you can start the process of raising capital. It might be a good idea to ask for help in setting up the budget. Our experience shows that many people who go into business for themselves find budgeting difficult and maybe not much fun? Contact our start-up advisers if you want guidance and help on how to set up a budget.

4. Bring in capital

You will need start-up capital to realise your idea. The capital requirement will vary depending on which type of business you’re starting. The first big question is how you will finance the initial phase. For many people, this involves using diligently saved funds, taking out loans, or getting investors on board who believe in the project. There are also other ways of bringing in capital, and we recommend that you check municipal business funds and county grants. Other options include Legathåndboken (the Norwegian Grants Handbook), Innovation Norway, crowdfunding, loans for startups or government grants.

5. Seek out advice and assistance

Be curious and seek advice and support in the surroundings. Get around start-up environments and experts and build a good network. There’s a lot to learn from other people’s mistakes and success stories. Investigate options for getting assistance in the process. There is plenty of help and support available along the way, both from Norwegian authorities and services such as the Start-up advisory team here in DNB. Stay ahead and get in touch with people early in the process.