If you’re thinking about starting a business, then you will need to have a variety of structures in place in order to get the best start possible. Many people catch the entrepreneurial bug at some point in their career, and while many fail in their attempts, many others succeed and are able to generate a solid income while also expanding into different areas.
The more you know about starting a business, the better equipped you’ll be to handle the many different aspects that a new project consists of. Here’s a list of top ten tips that will help you get your business off to a good start.
1. Who You Are and What You Do?
Make sure you know what type of business you want to be, what product you’re going to sell, and whether you can make any money from it. If you don’t create some core values and rules to abide by, as well as not knowing what you stand for, your brand idea will be on the floor before it’s even left the table.
2. Fund Your Business
You don’t want to end up putting all your hard-earned savings into your business straight away, so look around for good business loans, whether it’s through the banks or peer-to-peer investments.
3. Legal Structure
Decide what type of insurance you’ll need, as well as legal protection. If you’re going to be employing other people to work for you, there are a number of legal requirements you’ll have to fulfil. Get researching!
4. Create a business plan
Decide what you want to get out of your business, and analyse how it’s going to be kept ticking over financially. This means calculating your income, expenditure, profit margin, projected loss and a forecast showing what you’re expecting to be up against.
5. Size up the competition
Whether you’re a contractor accountant a freelance journalist, make sure you know the market you’re selling in and who the big dogs are. Research and analyse their products – the more you know about your competitors, the better chance you’ll have of outselling them.
6. Create a marketing plan
You may have the product sorted, but if you can’t market it to the masses then you’re going to struggle to sell it. Decide who your target audience is, identify the niche and get promoting!
7. Choosing the right name
This is very important, and one of the key indicators to whether your business will fly or die. The name must be catchy, simple to read and spell, and can’t already be held by another business.
8. Designing the right logo
Every brand has a logo, and consumers always attribute a business to an image. Make sure it’s simple and eye-catching, and recognisable.
9. Essential kit
Only buy what the business needs! If it’s only you in the office, then you won’t need multiple computers, ipads and drink dispensers. Keep it simple – less distractions means more productivity.
10. Get into a routine
If you’re going to be working from home, make sure you manage your time efficiently. You don’t want to be twiddling your fingers while there’s money to be made!
Rob is an finance journalist and blogger who writes for Moneyfox Business.