Starting a business can be brilliant, but there are some things you need before you go ahead and bite the bullet. The list could go on forever, so I thought I’d narrow it down to 13 of the most important things you need before starting a business. If you have the following 13 things, you’re more than likely all set to start your business:
A Business Plan
Some business owners will tell you that they never wrote a business plan, and that’s fine. However, it can help to have one in place in case you need to get things like funding. Not only that, many people use their business plan to work out how they can move forward when the time is right. You should lay out everything relevant in your business plan, to make it as useful as possible. Include what you plan on spending your financing on and even include things you expect to do later on down the line. You may hire employees with the help of Peninsula Group services, for example. As a start-up, it’s important you do everything properly.
Legal Structure
The legal structure of your business is important because it determines how you get paid. Perhaps your business would benefit from selling stock, or maybe you want to determine the best way to be taxed. Deciding on the appropriate legal structure can help with this. You’ll also want to outline how many owners there are.
Funding
Business funding is usually necessary, as most entrepreneurs just haven’t got the cash to start up all on their own. There are multiple places you can get business funding from, so do your research to make sure you get the best kind for you and what you want to achieve. A good cashflow system will help you to keep track of your incomings and outgoings. To make the most of your funding, you should pay yourself as little as possible. Downsize in any way you can. You need to take care of other essentials before taking care of yourself. Many entrepreneurs acknowledge that it took them a good few years to get paid properly.
An Exit Plan
An exit plan will help you should you ever need to get out of the business. Hopefully it won’t come to this, but you can’t be sure what’s around the corner. Create one of these just in case.
Market Research
Market research always needs to be conducted to ensure that you have a viable business plan. Don’t ignore your market research; use what you’ve found to make your business better. If you do this before anything else, you can avoid making costly mistakes.
A Suitable Business Name
Your business name should be lots of things; short, memorable, and descriptive to name just a few things. You want your business name to describe what you do while enticing customers to work with you. The right name can really be the difference between failing and succeeding! You’ll need to make sure that there’s no other name out there like yours, which is one of the most difficult parts of the process.
A Logo
Your logo should be simple yet attractive. It might help you to outsource the job of designing a logo to somebody else. You don’t need to spend much – people offer this service on Fiverr for, you guessed it, $5! Some even offer revisions if it isn’t quite right.
A Website
A website is a must in this day and age. Allow your customers to learn more about you the easy way by designing an attractive site full of relevant information. Even if you can’t be open 24/7, your site can be.
Social Media Accounts
The quicker you get social media accounts up and running for your business, the better. It’s so easy to find your target market here, providing you pick the right platforms. You can then engage with your audience, share relevant information, and promote yourselves occasionally. I say occasionally because social media is supposed to be social, not promotional! If you become too promotional you’ll quickly lose followers. Hosting competitions is a great way to increase your exposure and following.
A Marketing Plan
Your marketing plan should be designed in mind with your budget. You must have a budget for this kind of thing, or you have no real chance of getting your products or services out there. You can use both online and offline methods to generate interest. You can use PPC advertising and pay for physical billboards, for instance. You’ll need a handful of techniques to begin with to see how you get on. Don’t be afraid to try new things. Always monitor the things you try to see how they are working for you! You can’t guess when it comes to your marketing plan.
Patience
Nobody got rich overnight. Well, hardly anybody anyway. You need to be in this for the long haul; patience is a virtue! You’ll need to work really hard, and long hours every day to get your business off the ground. Weekend work to begin with is inevitable. If you don’t have the stamina to work hard, then don’t bother at all. You definitely won’t make a profit straight away, so get that idea out of your head. You’ll more than likely make some mistakes as you start up, and you won’t be able to please everyone. As long as you’re patient, you might just make it.
Passion
Passion for the business you start is crucial. If you have a real, unwavering passion for this business, you’re way more likely to succeed. People who don’t have a passion but start businesses anyway almost always fail. You can’t do it for the money, you need to do it because you love it!
A Good Accountant
A good accountant will help to keep track of your numbers, which is essential if you want to do things properly. It’s unlikely you’ll have the time or knowledge to do this yourself. An accountant will give you more time and peace of mind.
Got these things? Then you’re more than likely ready to start your business!
