The idea of starting your own business can really be etched in your mind. It could be that it is something you always planned on doing at some point. Maybe you love the idea of working for yourself, creating your own destiny and striking that work and home life just right. But often it isn't just about taking that leap of faith and starting a business, you at first need the idea of what you want to do. For many it might be that the idea just comes to them. Something completely different, a gap in the market that you have spotted or simply something you feel passionate about. Or it could be that you utilize the skills and qualifications you already have and go it alone instead of working for someone. It is an exciting prospect, and one many people embrace, but it can also be extremely difficult and with the pressure of many start up businesses failing in those crucial first few years, you may be wondering if you are cut out for it. I wanted to share with you a check list of all the things to think about or consider when starting up. I hope it gives you the foundation you need to create the business you want and make it a success.
Start By Researching Your Idea
One of the first things you should do is research the idea that you have. It might be that you take the time to speak to people, asking opinions or advice. It could be that you create a survey or put together a focus group to ascertain whether there really is a gap in the market. Or it could be that you research not just the idea but the ways you may bring it to market. There is a lot to think about in those early days, but nurturing your idea and looking at all of your options should only make it more certain that this is the right direction to take. Market research is the key step that many businesses skip and it can make or break a company.
Come Up With A Business Name And An Idea Around Your Brand
I would say one of the fun aspects of starting your own business happens to creating the business name and the idea around it when it comes to the brand. You may already know what you want to call your business, or it could be something you really take your time over. The business name and the brand message is something that will be the forefront of your business, it is the first impression you get to make. This is when taking time over it, and creating the right brand and company logo is important.
Create A Business Plan
It is extremely important for you to create some sort of business plan for your business. This helps you to gain investment, it will help as a guide for your business and it will be something to refer back to in years to come. You can hire people to create your business plan for you but you can also create one yourself. There are plenty of templates online that can help you create yours.
Think About Investment Options
Having the business name, your knowledge and the plan together means that you can now start to make tracks to creating your growing business and one of the things you might need to think about is investment. There are many funding options for startup businesses. You could receive local grants from the government, you might want to try a business loan or speaking with an investor to see what they could do for you.
What Is The End Goal?
You need and end goal, and often people don’t really think about it too early on but it can help you shape your business and going the right direction earlier. Your end goal might be to open up shops and business locations all over the country, perhaps supply abroad and globally. It might be that you want to create a business big enough to sell on, or to franchise perhaps. The options are endless but knowing your personal goal earlier enough will help you reach it.
Make Contacts With Suppliers Or Manufacturers
You do need to have contacts with suppliers or manufacturers, whether that is to help you create the products you want to make, or simply to supply you with the things you need to provide the service you are selling. Getting in cahoots with the right businesses is essential to ensure you pay the best rates and keep the overheads down.
Do You Need A Business Premises Or Will You Work From Home?
One of the biggest decisions a new business owner can face is whether or not they will need a business premises to work from or whether they will work from home. Many startups begin their journey at home. This can really reduce the costs of the overheads and allows you to work on the business idea every given opportunity you have. However, a business premises gives you that chance to separate the two lives and also helps stock and things not take over your home and allows you a place to work from. It is normally a work from home option that develops into a business location option as time goes on.
Having People Work For You And What You Need To Consider
If you are going to have people work for you, then you do need to consider the basic principles of people managements and what you need to ensure there working environment is a safe one. Being responsible for others is a huge deal, which is why considering the location, the environment and safety by taking on first aid essentials like a CPR certification will give you the confidence to have people working for you. Even trivial things like temperature and having a place to make a drink is an important part of having people working for you.
Could Outsourcing Be A Good Option?
It might be be that you decide to outsource instead of hiring people, and this can work out really well. It enables you to get the work that you need without the overheads of a salary or even a business location as you could still be working from home with this option. You may want to look into your options carefully, but this could free up your time to focus on the areas where you can make the most difference to the business.
The All Important Website And Social Media Strategy
In this day and age, without a website or a decent social media strategy your business isn’t going to do as well as you had hoped. You only have to look at your own personal habits to see how the internet forms a big part of your life. Be that for shopping, socializing or finding out information. You need a decent website that is responsive and informative, and a social media strategy that will attract potential buyers and clients to the online store. A digital agency can help you come up with this, but again there is a lot of information online, including blog posts I have written discussing this in much more detail.
Delivery, Labeling & Packaging, And The General Customer Experience
The next thing to think about would be the delivery side of thing, the labeling and perhaps even the packaging. This all forms part of the overall impression your business is going to make and you don’t want to fail at the final hurdle. It works nicely towards ensuring that your customer gets the best customer experience. From the lead up to purchase to actually receiving the products or the services they have required. The best thing you can get is good reviews and testimonials from customers, which acts as another source of advertising as these can be displayed on your website. You want to ensure that people are going to want to talk about your business and what you are all about in a positive way.
Business Stationery
The business stationery can often be an oversight, but you want to utilize as many ways as possible to advertise your business. It may be something that you include in the packaging. Such as a compliments slip or a business card. It might be that you use it when speaking with people, and handing over your business card and information is a great way to ensure that people know exactly who you are and what your business is all about.
Believe In Yourself To Make It All Happen
Finally, it is all about having the self belief that you can do it. This is the final element of starting your business and the one thing people just cannot guarantee. It is because it comes from inside of you. It is the passion, the motivation, it is what drives you and it is your reason why. Why are you doing this? Having the belief you can make it happen can be the difference to making something a success or allowing it to fail.
It's not easy starting up a new company on a bootstrap budget, but with the right strategy and organization you have a greater chance of being successful. I hope that these tips help you when it comes to starting up your own profitable and long-lasting business.
I hope you enjoyed this article about the major things you need get done when starting a business.
Interested in more articles about starting a business?
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