Starting a business is fun and exciting. Stepping out into the world by yourself and playing by your own rules is something many people dream of. If you have decided you want to start a business then you have taken an important step on the road to self-employment. Starting up a business can be exciting, fulfilling and exhilarating. But it can also be terrifying too.
There is so much to consider when going into business for yourself. Things that had never occurred to you before. It can be a bit overwhelming when you start out as there is so much more responsibility than you may be used to.
If you are thinking of starting your own business then here are some of the first things you’ll need to consider. These are things that you’ll want to take into account before you even think about launching the business. Stick these all in a business proposal so you have a blueprint for your business.
Brand
One of the first things you will need to sort out when you start your business is the brand. This will include the brand name, but also your business ethics and how you’re viewed publicly. Brand is step one in the process and for this reason it may be the most important step. Every other area of your business will be dictated by your brand.
It’s vital that you get the branding right as this could make or break your business. Research successful global brand. Especially those in a similar sector to you. Figure out what it is about their brand that has made them so successful.
When you decide on your brand, you need something memorable. You need people to be able to recognize you and your business philosophies. If you get your brand right and you make sure it’s something unique and appealing then there’s no limit to what you may be able to achieve.
Products & Services
The next step in the process will be to think about what products and services your business might offer. You may specialise in one and not the other. Or you may offer both. You need to take into account gaps in the market and what consumer demand is. Find out what people want and give it to them. This is the best way to get customers and to keep them coming back for more.
Bear in mind that you will need facilities to hold or produce a large number of stock or services at the beginning. To get the business off the ground, you may need to bulk buy, so you have a stockpile of goods to then offer to clients.
Marketing
The key element to the running of any successful business is marketing. This is the lifeblood of your business. It cannot exist or thrive without marketing. So many people underestimate the importance of solid marketing and, as a result, their businesses fail. You need to have a marketing strategy so you can plan out how and where to plug your brand.
You might want to think about hiring professionals to help with this area. This is such an important part that it seems worthwhile spending some money to make sure it gets done right. There are many digital marketing companies whose job it is to design a marketing campaign for businesses. They have knowledge of what works well and will be able to come up with a strategy that is unique to your business model.
As well as this you might consider some marketing tactics of your own. If you don’t have a website then you need one right away. It will not take long to set up your own website. In fact, you can do it through template sites for a small cost. A website is professional, modern and gives your business a sense of grandeur.
You might also want to think about getting business cards done from somewhere like brunelone.com. You can carry these around with you and put contact details on them. You could put a link to the website too. Business cards again add to the professional nature of your business. They also make you more memorable. A business card is easier to remember than a phone number or email address. And the best thing about business cards is that they are like portable contact details. You can carry them everywhere with you and hand them out at parties or events.
Tax
Now we’re getting into the financial side of running a business. Now that you’re working for yourself you will be responsible for sorting out your tax. This is a legal requirement, and it’s important that you do it to avoid being prosecuted for tax evasion. The problem is, when you’re in employment this is all sorted out for you and deducted from your paycheck. But now you’re self-employed you no longer have this luxury, so it’s difficult to know where to begin.
There is a wealth of information online, and you should also be able to find government sites that will walk you through the process. But if you are busy and don’t have time, or if you’re stuck then the best bet would be to hire an accountant. By doing so, you will be placing your business in professional hands. You won’t need to worry about the monetary side of things as your accountant will take care of this leaving you free to focus on the business.
Staff
You’ll also want to consider what your body of staff will be like for the business. Will you be employing staff? If so how many? What will you need the staff to do within the business? Will you have full time or part time workers?
You may not need staff in the beginning. You may be able to get by on your own, or with one other person. It will depend on the nature of the business. But as your business grows and develops it’s a good bet that you will need to add more staff at some point.