Any great business that is successful today started out as an idea, which was later transformed into an action. When you’re starting any business, you must make lots of plans which might be operational, financial, tactical, strategic or contingency. That’s where many people who have business startup dreams start feeling overwhelmed. Though it’s a common thing to freeze up at the deluge of stuff due to the processes that must be followed to get the business started, starting off might actually be easier than you expect. However before everything else you must ask yourself, why do you want to run your own business?
So why start a business
Many people have lots of good reasons why they want to become successful entrepreneurs. You get to be the supervisor, control everything, set your own hours, benefit a cause, feel satisfied, accomplish personal fulfillment, to name a few. But these reasons have a problem since their motive is self-serving and self-centered as well. As an entrepreneur who wishes to be successful, your motive should always be directed to giving the customer some value with the product or service you’re offering. Some of the best reasons that should drive you to start a business in addition to customer value are
- a) You have a solution to a problem that affects the society
- b) You’re passionate about whatever business you want to start
- c) An opportunity has surfaced and can change your life
- d) You have a mega experience on how to do business
- e) You are desperate hence you’re motivated
These easy steps will guide you in the process of starting your own business.
Market research is a critical step that cannot be ignored when you’re evaluating the best business to start. Conducting an effective market research will be an opportunity for any entrepreneur to gain invaluable information about economic shifts, competitors, the success of previous products or services, demographics, needs of your target market, the current market trend and the spending traits of the people today and before. With such kind of information, you can be able to assess the viability of your business idea and make informed decisions based on the data obtained.
Write a business plan
Who builds a house without a blueprint? An entrepreneur who has the vision to establish a small business must have a business plan right from day one. A well written and thought out business plan serves as a guide especially to startups in giving clear directions and contingencies in the case of provision for the unforeseen event but also its essential in securing funding from potential investors. The best business plan for small business should be simple with an overview of what your business needs and entails. However, if you’re seeking financial funding from potential investors, your business plan need to be totally comprehensive. Below it’s an overview of a simple business plan which might get started
- Elucidate your vision. What do you want to be the outcome of your business?
- Elucidate your mission. What’s the business aims and values?
- Clarify your objectives. Explain your business goals, and what the business would like to achieve
- Outline your strategies. What action will you take to attain the goals and objectives simply what’s your game plan?
- Design an action plan. These are the actions that must be taken on daily basis to support the goals of the business
Think about branding your business
Some of the parameters that define a business success or failure are the business name, logo and business cards.
The first impression determines the foundation of a long lasting relationship. A powerful impression has a very positive impact on the branding success of your small business. A business name has various branding, the web, and marketing implications hence you need to give it a careful consideration when making that decision. Make sure your business name transmits the right message and not only can it wow the customers, but it’s also memorable
Logos not only are they the first thing prospective customers view but also they are a critical aspect of every business when it comes to marketing. They usually influence impression within the target market since they are the business graphical representation.
Get your website.
In today’s world regardless of the nature of your business, you need a website for your small business. If you don’t have one, then you might miss numerous opportunities brought about by owning a business site. Unfortunately, many small business owners have the perception that a website is an expensive luxury meant for large enterprises yet this is the most important fundamental tool in marketing they can’t live without. Some of the advantages of having a website are; they act as an anchor in all your marketing efforts, they are the digital business brochure, they establish the credibility of your business and help you connect with new customers.
See also: Best UK Banks For Small Businesses
Decide on a budget and how to raise finances
This is the area that your financial administration skills are required most. Budgets are essential in the success of every small business and they can transform a small business in terms of growth. Writing down your revenue and expenses down serves as a roadmap for building your small business, limit expenditures and as the blueprint for planning for future growth. Most entrepreneurs who have budgets are able to keep their eyes focused on their business goals.
When you’re starting a business the financial resources available might not be enough to fund all the expenses in order for the business to run smoothly. This should not be a limitation in the realization of your dreams. Fortunately, you can seek funds from potential grants, get a loan from a microfinance institution or banks, look for startup loan schemes from the government, crowdfund, or approach an angel investor.
Determine the legal structure of your business
As part of setting up a business, you need to decide what form of ownership best suits your needs. There various forms of common ownership of a business such as partnership, sole proprietorship, limited liability company (LLC), cooperative, nonprofit or corporations. For a small business idea, the best place to start is the sole proprietorship or a partnership since it involves less paperwork and it’s easy to set up and dissolve.
Internet connection is an essential need
Today to run every business you need to establish your online presence to tap into the huge number of potential customers online who might be searching for your product or services; hence good internet connection is paramount. You also require a customized business premium email accounts that are different from personal email accounts. The best internet providers you can get in the UK and offer the best services are Sky Broadband, Virgin Media, PlusNet, Bt, EE, Talk Talk, Zen Internet, IDENT, Eclipse, and others. Check Best UK Business Internet Providers
Regulations and practical issues that you might need to know
Depending on the nature of your business if it falls under the protection of intellectual property law you should register it so that no one can claim ownership of your own invention or idea.
You also need to be familiar with the country tax law in order not to break it and not to be exploited as well. Your business regardless of how small you view it’s still eligible for insurance. Ensuring your business can come in handy some day since no one knows when a disaster might strike. Lastly remember to comply with all the laws that govern the land such as health and safety, business permits, minimum wage and others.