Thinking about starting a new business venture? Whether it is your first startup or you are an experienced entrepreneur, this will always be an exciting yet daunting time as there are many obstacles to overcome and you will want to hit the ground running. As every entrepreneur is aware, it takes a lot more than a good business idea in order to succeed and many startups fall down at the first obstacle. With this in mind, here are a few tips to follow when first starting out which should help you to hit the ground running and build a foundation so that you can go on to find great success.
Market Research
The very first step to take is to carry out market research to determine whether or not it is a viable business venture. This market research will help you to determine if there is demand for your product/service, who your competitors are, what their strengths and weaknesses are, if there are any gaps in the market and it will help you to define your target customer base.
Business Plan
This information will allow you to create a detailed business plan and projections for the next few years. In addition to helping you to refine your vision and establish a clear path for you to follow in the short and long-term, a detailed business plan can also be used to help you secure funding (more on this to come) so that you can get up and running.
Licenses & Permits
In addition to registering your business, you may also need various licenses and permits to arrange before commencing so always make sure that you have researched this and that have these arranged early on. You are also likely to require some form of business insurance, so factor this into your startup costs too.
Funding
In most cases, you will need to secure some kind of funding to get the operation up and running. There are a few different ways that you can do this, but if you want to retain control of the entire operation, then you may want to look into taking out a loan from somewhere like Borrowell. This will allow you to get the funds that you need to cover the various costs involved in setting up the business and you can repay this as the business starts to bring in money.
Branding
In order to stand out from the crowd and stick in the mind of the consumer, you will need a strong brand identity. You will need to construct this with a company name, a logo, slogan, color scheme, and general personality. This brand identity needs to be consistent and used at every opportunity in order to be memorable.
Online Presence
No matter what industry you are setting up in, it is essential that you have a strong online presence and you are easy to find. This will involve having a high-quality professional website and being active on various social media platforms. Additionally, it is worth investing in internet marketing in order to increase your visibility as this will allow you to compete with the biggest names in your industry and increase both brand reputation and awareness.
Technology
Every business relies on technology in order to help them with their operation whether this is the latest software or industry-specific machinery. Although an expense, it is worth investing in the latest and best technology in order to streamline your operation and provide the best product/service possible to your customers.
Outsourcing
When first starting out it is unlikely that you will be able to hire staff and provide a salary, but equally, you may want support with various aspects of the operation. One excellent solution to this dilemma is to outsource this work – this allows you to avoid having the expenses attached to having an employee, you can work with specialists and work on a pay-per-project rate. Once the operation is finding success, you may want to think about adding staff to help with the operation, but this can be a major expense when first starting out.
Keep It Basic
Following on from this, you should keep the operation as basic as possible in the early stages. This will involve having a basic and small office (you could even work remotely) in order to keep the costs down so that you can maximize profit. When the money starts coming in you can think about upgrading and making the operation more advanced.
Raising Awareness
As mentioned, internet marketing is an excellent way to raise awareness about your new startup, but you should also be focusing on offline strategies for making people aware of your company. You can do this through attending events, hosting your own events, running various promotions, sponsorship and traditional advertising methods like advertising in the local paper and/or radio.
Customer Service
One of the most overlooked aspects of business is looking after the customer. You could have the best products/services on the market, but if you do not provide a good shopping experience for your customers then they will not return, and you will struggle to develop a positive reputation. As a small operation, you have the benefit of being able to put more focus on customer service to make sure that you are looking after your customers and showing that they are valued. Additionally, it is important to seek customer feedback so that you can make any necessary changes to your operation early on.
These are just a few tips for setting up a new business. This is an exciting period, and hopefully, it will prove to be a lucrative business venture, but it is also important that you are well prepared as there are numerous challenges to getting a new company up and running and many entrepreneurs fail before they are not prepared. These tips will help you to get set up and to hit the ground running so that you have as a solid foundation to build the business on.