Starting a business is an exciting prospect for any budding entrepreneur. It’s the chance to do something that you are completely passionate about. While it’s a daunting prospect, many ambitious individuals jump right in with both feet first.
This is admirable, but it can also mean that you start to witness hiccups along the way, some of which could have been resolved without causing you too many problems had you taken the time to really slowly build your business from nothing into something.
There are certain things you should spend some time considering when starting up. It’s not all about big meetings and riding in limos though. Starting a business is hard work with a lot of strategizing and executing. So I thought I would share with you some of them.
Have a strong business plan
A business plan is an essential tool for any new or existing business. It’s the chance to outline your plans, your ideas and put a plan of action in place. It also allows you to consider your budget. This is where things can go wrong if you haven’t made considerations.
For many start up businesses, the budget is low or even non-existent. A business plan will ensure you cover all bases. This is also something you can go back to do over the years and develop further.
Using social media to get your business out there
Social media is a great tool to get your business heard. Websites like Facebook and Twitter are free to sign up to. You can consider paying for advertising as well through these platforms which will increase your reach and audience.
However, social media is your direct line to your potential customers. So make sure you take full advantage of this. It might be worth considering speaking to someone who is an expert in marketing. Or you could outsource your PR and marketing needs to professionals to ensure you get the most out of this powerful tool.
Consider where you might work from
Sometimes it’s not possible to work from home with a start up business. Especially if you have products to store. You can find that you become less productive with other distractions around you.
So try and consider finding yourself a work base that you can either use for your products or work from. You will find you achieve much more in a place you will associate with work.
Alternatively, if this isn’t possible try and have a place at home you dedicate to work. Where you can’t be disturbed. A home office would be a great thing, or use one of your rooms that won’t be needed through the day.
What about registering your business?
Soe people start off as a sole trader or freelance, working for themselves and being registered as self-employed. But often with any business visions, this can change, and you could then decide that you want to register your business.
However, many businesses start from home and we have already discussed how this can be an amazing cost saving exercise. But do you really want your home address as your registered business address while you are starting out?
The chances are you don’t. So this is when you may want to consider a registered office address used by Companies. This gives you the added security of having a professional looking business, and also the scope to move your business forward and potentially relocate into your own business premises and location.
How will you take payment for products or services?
Once you have all the fundamentals in place and are ready to start trading, there is one last thing to consider. How will you take payment for the products and services?
If you have set up a website, then payment methods like Paypal can be easy to use. However, you don’t want to alienate face to face traffic or people that prefer to deal directly with someone.
This is when a credit card reader could be beneficial for your new business. It also gives you more options to give your customers which makes the whole sales transaction and process much simpler.
Finally, it’s easy to get disheartened when starting a new business. You feel so passionately about something that you sometimes don’t understand why others may not feel the same. Businesses take some time to develop; nothing will happen overnight. So keep motivated and believing in yourself. If you have the belief it will be a success, then it will.
Build your business
So there you have it, the steps I think you should be taking if you are serious about starting your own business. I hope it gives you the confidence you need to create your own success story.