Starting a business is a risk that takes a lot of dedication from the owner’s, and while a lot of people might have a great idea for a business, that doesn’t automatically mean that they have the business know-how to make it happen.
So, we’ve pulled together our beginner’s guide to starting a small business, so that even the less business savvy amongst you will have the know-how to get started on making your business dreams a reality.
Research, Research and More Research
Once you have that killer idea for your business, the first thing you’ll want to do is to start doing your research. Research is going to help you build a solid foundation for your business going forward so you can be confident in the business decisions you make, as well as foreseeing any major problems for your business idea before its too late.
In 2019, nothing is 100% original, so you’ll be needing to look at your business idea from a critical point of view. Start off by looking at the market. Is this product something that people want and/or need? Is there likely to be enough people interested in the product for it to get to market and be a success?
Look at your competitors, what makes you different from them? Does your product/service have a unique selling point (USP) that you can market? It would also be a good idea to look at the consumers in that market, so you can get a clearer idea of what they are looking for when it comes to products like yours.
You should also conduct some primary research. Try testing your idea out on friends and family to see what they think, do some simple surveys or perhaps even a small focus group or two. It will be a lot of work, but it will be highly beneficial later down the line.
Write A Flawless Business Plan
Your business plan serves a lot of purposes when it comes your business, the main one being very simple: it is a guide for your business that outlines goals and details how you plan to achieve them.
Writing a business plan can sometimes seem like a daunting task, but there are many guides online that will tell you how to write a business plan. These documents don’t need to be lengthy, technical documents that are complicated to follow and boring to read.
In fact, they should be short and to the point. The main things you’ll want to cover are your business idea, your goals and methods for achieving them as well as your company and management summary, a financial plan and any appendices that back up your plan.
This document will come in useful when you are looking for things like a bank loan or investors, so take the time to do it right.
Organise Your Finances
There are a lot of things that you need to consider when it comes to finances and legalities. For one, you will need to find ways to fund your small business. There lots of options when it comes to funding your business depending on how you want to go about it. One option is to fund the project yourself or try to get your friends and/or family to help out. However, this may not be the wisest idea for many people. There are also small business grants and government help that is available. Crowdfunding is an option, as is a bank loan and investors. Make sure you take the time to look into each option.
When you are organising your finances, make sure you take on board all considerations. For example, it would be wise to invest in things like business insurance that will protect your business and the people and equipment associated with it any possible damages. Then there are things like employee wages, rent and utilities for properties and the cost of advertising.
As a small business, it is understandable that you might not have hundreds or thousands of pounds to spend on a marketing or advertising campaign right away, but, marketing is still crucial to your business.
Thankfully, there are some low-budget marketing options for small businesses that can get you off to a decent start with your marketing. Many of these tips involve simple but effective strategies like producing great content, creating promotional and/or instructional videos and using low-cost social media strategies.
Being active an engaging on platforms lick Facebook, Instagram, Twitter and LinkedIn as a few examples is a great way to get your name out there for free as well as starting to engage with your consumers from an early point, which will also help you to build a good reputation.
These steps are just a starting point for starting your new small business. However, they provide a solid structure that you can build on to suit your needs.