Choosing the right business idea is not just about identifying a market opportunity. It’s about discovering an opportunity that you can leverage throughout your entire organization. You need to find something that you can build into your unique corner of the market and something that aligns with your goals, values, and strengths. Make sure you do your homework and make sure you choose a solid business concept. Take the time to validate your idea by using Google Trends, doing research, or building a blog or social page to test the market. Then come up with a business model and set up your business plan.
To start making your idea or passion of business into a reality you need to take some courses and get some training if you want to open a business. If you’re selling food, for instance, you’ll need a food handling permit. If you’re playing music, you’ll need to register with the city and the local performance rights organization (PRO). Depending on your business, you might need specific training or want to complete a general business qualification, however, courses and training cost money. Meanwhile, professional educators and classroom establishments make a lot of money from their students which can impact the going rate of their classes. City & Guilds or Udemy offer a range of vocational courses, which could make it easier to find an instructor, but whether they’re worth their high price tag depends on the student’s needs and interests. And speaking of specialized equipment, make sure to budget for any tools and/or machinery that will help your company run smoothly.
Starting a business is one of the most exciting things you can do. To help guide you on your journey, we’ve put together the following eight steps for starting your business:
Business Name & Research
When people brand their business, they can take time to come up with a name that’s smart and memorable. Names should be unique and not infringe on the trademarks of established companies. If you have a great idea for a name but aren’t sure if it’s available, there are several online tools for checking.
At the same time, your business must have an identity that’s easy to understand. It should reflect the type of business it is, to have a few suggestions or if you ran out of ideas hit Business Name Generator to get you started.
2: Write a Business Plan:
A business plan is an important document for a business of any size. It helps you to get an idea of your strategic goals, financials, market research, and potential obstacles. It is a formal, written document that describes the nature of your business and how you intend to run it, how you are going to implement it, and what you expect from it, it is a document that describes the objectives, strategies and policies of an organization. No matter how big or small your business is, you’ll need a business plan. This helps you to get an idea of your strategic goals and potential obstacles ahead. Budgeting is very important in any business strategy with all that not to forget business plan should be realistic, and it is important to bear in mind that using a template or trying to follow a business plan structure religiously won’t necessarily lead to success, any template can act as a guide but not as a guarantee.
3: Business Structure:
There are several business structures you can choose from when setting up your new business. As we know, starting a new business is no simple task. Establishing a business is the easy part, but making it grow and thrive is another issue altogether. It’s important to understand that businesses come in a variety of legal forms. Each type offers its advantages and disadvantages. You can choose from a sole trader, a partnership or a limited company. If you are not sure which legal structure to use for your new business? Learn the pros and cons of a sole trader, partnership, limited company status.
4: Managing your Funds
Starting your new business can be exciting. But it can also feel like you’re running on the spot with multiple balls in the air. It’s important to consider how much money you need to get started. It’ll vary depending on your product or service, the costs to start a business depends on the industry, but it’s important to think about these upfronts. But this should be mentioned in the business plan, you’ll need to think about this question before getting your new venture started. If you are starting a business in the UK there are a few options to consider like government grants to new start-ups. There are several government-backed schemes for new businesses. It’s worth checking for small business grants rather than loans, as you don’t have to pay the money back. The Government-backed schemes are designed to help new businesses get off the ground. Also bearing in mind as a business owner, you must have enough information about insurance coverage to protect your business from losses and risks. There are two important elements to consider when it comes to insurance, first is the nature of your business and second is the amount of money you are willing to invest in purchasing an insurance policy. When you are starting your business, you must first determine the type of insurance that your business needs. There are four basic types of insurance which include general liability, commercial auto, workers compensation and property coverage. Multiple websites can help you determine the cost and coverage of business insurance.
5: Marketing and Advertising Your Business:
Marketing is a set of activities that a business uses to create, promote, and sell its products and services. Marketing includes advertising as well as other forms of communication such as public relations and direct marketing. There are different agencies present in the market primarily focusing on small to medium-sized businesses like Omni Tribe where you get the full solution of your business plan, now that you have finance in place it’s time to let customers know about your presence and make some noise, by focusing on marketing and advertising. Consider the below important areas to move ahead.
- Research about your competitors
- Get a Logo that can become your business recognition
- Build the social media presence
- Build a website with SEO
- Make use of email marketing via newsletters
- Use flyers and business cards
- Network to stay connected with new trends and business opportunities.
One has to create a balance between offline and online marketing and advertisement. Your marketing should be legal, truthful, honest and socially responsible.
6: Taking care of Legal Aspects:
If you are a registered business, and you have employees, the law requires that you have insurance. This is because you’re obliged to look after them and make sure they’re safe while they work for you. Employer’s liability insurance is a legal requirement for all businesses. It protects the business against the cost of any compensation if an employee becomes injured or ill in the workplace unless you have no employee or you have a family member working along. Commercial Motor Insurance is a commercial vehicle insurance policy designed for business owners. With Commercial Motor Insurance you can drive your business further by protecting it from risks associated with having a company car or drivers on staff. Professional indemnity insurance is a legal requirement for businesses such as solicitors, architects and some healthcare professionals. Some insurance coverages are optional like cyber insurance. Having an in-depth study of the legal aspect of operating a business has more advantages.
7: Managing Business Records:
Having a record-keeping framework is significant so you can meet your assessment commitments at various focuses all through the duty year. If you don’t have one, you’ll burn through a great deal of time arranging administrative work at different focuses. There is a variety of software available to keep your business record and you will have a broader perspective of your business performance at the end of the year. Fresh books, Quick Books and Zip Books have gained popularity in new start-ups.
8: Be Creative & Consistent:
Continuously be searching for ways of working on your business and making it stand apart from the opposition. Perceive that you don’t know it all and be available to novel thoughts and various ways to deal with your business. Consistency is a critical part of bringing in cash in the business. You need to continue to do what is important to be fruitful all day, every day. This will make positive propensities that will assist you with bringing in cash over the long haul.
Written By
Moniza Shafi