When starting your business there are a few things that you will need to consider. From financial planning to having a solid business plan, here are a few tips on how to start your business from scratch!
Develop your idea
It all starts with one idea, but the most important question you need to ask is if the idea is unique enough. Identify your niche to avoid competing with well established competition in the market. To identify said niche, try finding gaps in the market or problems that desperately needs solving.
Next, validate these ideas by doing extensive research on the market, the competition and the target audience. Understanding these will help you execute your idea better and indirectly ensuring a much smoother operation for the business when it takes off.
Create a Business Plan
Once the idea has been expanded upon its time for the next stage, creating a business plan. Firstly would be establishing the business primary function which will generate profit. Focusing on one specific one first is the ideal scenario here. This will be followed by outlying strategies for reaching and attracting customers.
This can range from choosing the right platform to spend ads on, competitor analysis, understanding industry trends and many more. Make it a point to also draw up some basic financial planning which are estimating startup costs, funding requirements amongst other things.
Deciding on what type of business
To start you would need to know if the business would be operating as a sole trader or as a company, while there are many differences between them which you can learn all about in this article, operating as a sole trader VS setting up a company. It primarily deals with how much liability are you willing to shoulder.
Once you have decided on a name for your business it’s time to register your business with the appropriate government authorities. This includes getting licenses, permits and registering your business to the tax authorities for tax purposes. To lessen the burden when starting out your business consider getting an accountant to help you out.
This could come in the form of venture capital or angel investors. Of course there is also the option of taking out a business loan just be sure to seek professional help before you take on any high financial commitments.
Build the brand
When the foundation has been laid its time to establish the brand! This would include the development of branding materials such as a logo, business cards, signage and other marketing materials. In this day and age it is best to establish an online presence by having a professional website and social media platforms to gain more optics for the business.
On the operational side of things, when needed, secure a location for the business whether at an office or home to set up the necessary equipment and supplies. This also includes hiring additional employees to help with the operations if and when required.
From there its time to launch the business with tons of marketing to attract potential clients and create interest around the business! Starting a business may involve a lot of planning and effort, but breaking it down into these simple steps can make the process more manageable. If you need more insight regarding this you may also refer to our very own experience during our first year of business!