Converting your musings in the shower into a profitable business idea can seem like a pretty daunting prospect. The number of things that need doing can seem a bit overwhelming and as soon as you start you’re bound to run into obstacles but if you cover the basics then you should be well placed to overcome these challenges and start making money. So, without further ado, here’s our list of essentials for starting your own business.
Have a Clear Vision and Research your Market
The first and most important thing is to be absolutely crystal clear on what your business is for. This means more than just knowing your product. It means knowing which market you’re aiming for, your approach to branding and much more. It also means researching the market you’re interested in. You may have a crystal clear strategy but if that strategy is to try and sell something to a demographic who aren’t interested in your product then you’re going to struggle.
Have a Plan for Growth
Just getting your business off the ground might seem like challenge enough but, from day one, you need to be clear on what your vision for expansion is and which areas of your business you need to be working on and improving in order to make sure that you’re moving towards that vision. It’s also important to think about finance. Are you going to plough your profits back into future development or are you going to try debt or equity financing?). Whatever strategy you choose, make sure that you keep working at it. If you’re not moving forwards then you may find yourself heading backwards.
Choose the Right Business Structure
This includes a whole range of issues that need thinking about. In particular, you need to think about what form your business should take. For most, a sole tradership is probably the best place to start but you should still consider other options such as setting up as a limited company or a partnership. Furthermore, you should be thinking about staff (how many employees do you need and what roles will they have?).
This is one of the most important aspects of your new business. You might have the best product ever designed but if no one knows you’re selling it then you aren’t going to get very far. In particular, you should think about advertising and make sure that you have a dedicated budget. You also need to be very clear about what information you’re trying to get out there. This should be very concise and should focus on your product and your contact details. Finally and most importantly (although we may be a bit biased), you need to think about your online presence and how your website presents your business. A streamlined and elegant website can go a long way towards giving you credibility in the eyes of potential clients.
We hope that this has been a useful exploration of some of the things you should be thinking about when starting a business. If you’d like to learn more about how we can help you achieve a strong online presence then please get in touch and we’d be happy to talk things through with you.