Are you a budding entrepreneur but you just don’t have a clue as to where or how to begin? Maybe you are stuck in a 9-5 job, desperately looking at ways to get out and do your own thing. Whatever your current situation, starting a business can be very daunting if it’s the first time you’ve ever tried to do something like it. Luckily for you, there is quite a few of us who have done the groundwork, so you don’t have to! In this post, we look at the basic steps you should take when starting your first business.
1. Do your Homework
Whether you’ll be delivering a service or selling a product, you’ll need to do some research first. Get to know the market and if there is a need for your product. Include things like geographic and demographics when researching prospects, this will give you an idea of how far your product should go and what type of client you should approach.
2. Draw up a Business Plan
Now that you have a better idea of whether you will be able to generate an income, it is time to draw up an extensive business plan. There are plenty of resources available on the net that will give you a clear idea of what should be included in this document. Remember, if you need to take out a loan, you will have to present your business plan to the bank.
3. Make your Calculations
Finances and accounting is a very big part of running a business. Next, you’ll have to get your finances in order and design a budget for all the overheads you will need to cover in setting up and running your business.
4. Choose a Name
If you are doing it alone or with a partner and you don’t have funds to get professional ad specialists to craft a name, you’ll have to do it yourself. Pick a name that is memorable and will relate to the product and the client. Once you have something worthwhile, register it and you are good to go!
5. Market Yourself
A lot of the work will go into marketing yourself at first. You’ll need to bring yourself and your company to the attention of prospective clients. Relying on word of mouth solely will be a sure way to fail quickly – rather invest in a solid marketing strategy and spend some cash on putting your company on the map.
We hope these tips have guided you through the simple steps you need to take to kick off your first business. Remember, the first two years are crucial, if you have made it beyond that, you should be able to relax and breathe a bit easier.