Starting a business can be exciting and scary in equal measure. There is so much to think about and so much to do. It can all seem overwhelming and it’s easy to lose track. However, starting a business doesn’t have to be difficult or complicated especially if you follow a logical process. You need to stay focused and organised, putting the fundamentals in place before you attempt to start trading. I like to think about things in bite size chunks, so here are 10 things you need to do before starting a business.
10 Simple Steps to Starting a Business
- Market Research. You need to research the market to see if people want to by what you have to sell.
- Competitor Research. You need to understand who your competitors are, how they market and sell, what services they offer and what makes them different.
- Business Name. Decide what you want to call your business. Research to see no-one else has the name. Register your company name as a domain name.
- USP (Unique Selling Point). Decide what makes you different. Having a niche or finding a gap in the market will make you stand out in a crowded market place. There is little point in starting a business that already exists unless you can do it differently, more efficiently or better.
- Market Positioning. Decide where you are going to position your business, will it be high-end, mid market or budget? Remember your market positioning will influence how you are perceived and therefore the price you can charge for your products or services.
- Products & Services. Decide what products and services will you sell and why?
- Pricing. How will you price your products and services?
- Customers. Who will buy your products and services. Where will you find these people and how will you attract their attention?
- Financial Forecasting. Before you start your business you must do a financial forecast. You need to understand the numbers behind your business: your costs, forecasted sales and cash flow.
- Marketing Strategy & Plan. Decide what your marketing strategy will be and develop a plan to deliver it.
If you do all of these things then you can consolidate your findings into a business plan. When starting a business then a business plan is an imperative. it will tell you whether your vision and dream is viable form a business and finance perspective. If you need to borrow money to start your business then you will definitely kneed a business plan. There are several organisations and banks who will lend you money but they will want to see that your business idea has been well thought through. Also that your business will provide a return on their investment.
This web site is designed to help business start-ups and growing businesses providing information, help and guidance. Over time I will be adding more and more resources. If you have a question about starting a business or growing your business that is not yet covered, then why don’t you give me a call and ask? If I know the answer I’d be happy to help. There is no conviction to buy any of my business and marketing services. Just call 01442 244654 and ask for Ursuline.