Do you have what it takes to start your own business?
If you’re looking to start your own business but don’t know where to begin then you have come to the right place. We know that starting a business is no easy task but with the right knowledge and attitude, anyone can do it. That’s why we have compiled our top six tricks to starting your very own business.
Follow the steps below and you’ll be on your way to becoming a business owner!
#1 Generate Your Idea
With the right idea, dedication, determination and willpower, starting a business can be a challenge you can easily overcome. That’s why it’s vital that you are passionate about your business. Without this passion, the process will more than likely become more challenging. And if it's a challenge you aren’t passionate about overcoming then where does that leave you and your business? It’s no good starting a business for the sake of it - you have to be all in.
A business is a commitment and you should only sign on the dotted line if you love what you do.
So take a step back and think ‘do I love my business idea?’ - if you do then go for it!
It’s important to look for gaps in the current market too, that way you can create a unique business or service that will stand out from your competition. Of course, this doesn’t need to be a completely new idea to everything that exists, but rather, a variation. That way your business becomes not only unique to your potential customers, but to you too.
You also need to make sure that you are prepared for the process and know what you’re doing. With knowledge comes a smooth development process where difficult tasks can be overcome with ease. Doing it alone can be a difficult task, so it’s worth considering having a business partner or members of staff to help you out.
#2 Create Your Business Plan
A business plan is used to set the scene. Primarily, it’s used to identify objectives, forecast finance, develop marketing and determine a strategy. By doing all of that, it will make the following steps a lot easier.
#3 Secure Finance
As with any business, it’s important that you evaluate your financial position and make a one year plan so that you can forecast spending in the future. By doing that, you will provide security for yourself, knowing what you can and cannot spend.
#4 Develop a Marketing Presence
For every business to succeed, an online and offline presence needs to be established to target potential customers. You can do this by developing a marketing plan, which looks to evaluate your target market, your position and your mission. For this, you can undertake a SWOT analysis, which highlights the businesses strengths, weaknesses, opportunities and threats. That way, future direction can be vested to meet business goals.
Once you have created your marketing plan, you can start to develop an online presence, which can be done through multiple media outputs. These are; websites, social media and email. You can also use more traditional media outputs such as; press releases, posters, leaflets, magazines and advertisements in areas like bus and train stations. With around 90% of people in the UK owning a mobile phone, social media and online resources are really useful to increase your reach and drive traffic.
#5 Build a Consumer Base
Developing a marketing plan is great, but you also have to make sure you go about targeting your desired market in the right way. For example, if you’re a start up business that provides online training courses to those who can’t use the internet, you’re not going to target them via social media.
#6 Additional things to consider/ keep organised
Getting things down on paper is essential in the planning process for business success. However, there are other things that need to be considered, such as the location of your business and storage for stock. Of course, location is dependant on what is available but it’s vital that you choose a prime location that will drive traffic. If you’re selling student supplies then consider a location that is near a university. Finding a spot can be a difficult task, and you could consider utilising ‘outside of the box’ resources for your very own workshop or business.
What’s more, space for storage can often be lacking in business stores, so it’s worth looking at other options, such as storage facilities. There is ample options when it comes to Leeds storage, and storage goes beyond Leeds too.
Now that you know our top 6 tips and tricks what’s stopping you from starting your very own business? We can answer that...nothing! We hope this has been useful and we wish you the very best of luck for your business venture!