Whatever the impetus for starting your own business, the key to success can be found in various areas. While we may think that our business dreams will be overnight success stories, it doesn’t always pan out that way. In fact, according to some research completed in 2007, out of 3000 business-minded volunteers, only 12% had achieved success at the end of a year. While these figures might be on the gloomy side, it’s a well known fact that it’s tough for start up to make it into year two.
As a budding entrepreneur, you need to give yourself the best chance possible of a lucrative business by following the advice of others. Leave no stone unturned and be passionate about what you do. Making your business dreams a reality can be completely life-changing if done correctly, and these ten steps will help you to lay solid foundations:
- Make it happen
Perhaps it’s been a pipedream for a while or it was more of an overnight Eureka moment, but it won’t turn into a business without a push. Talk about it and make it a reality.
- Learn about your Market
Market research is essential if you want to understand the niche you’re in and eye up the competition. Is there enough demand for your idea? Are there other examples of start-ups that have succeeded? What is your USP to make you stand out against the rest?
- Think of a Name
Probably one of the most important things you will do. Your business name is everything – it needs to be clear, concise and legible while also eye-catching too.
- Create a Business Plan
It doesn’t have to be long-winded or even official in the first instance. It could just be for your eyes only unless you’re applying for financial help. Either way, a business plan outlining the essential aspects of your business is crucial.
Whether it’s indemnity insurance from Hiscox that you need, or you’re looking into quotes for public liability, business insurance in whatever form is essential for most start-ups. You need to protect yourself for any eventuality and make sure that you, your business and your assets are well taken care of. Is professional indemnity insurance right for your business? Remember that some customers won’t do business with you unless you have it and some insurances, such as employers’ liability cover, are mandatory.
- Find an Accountant
Even if it’s just to help you with your tax return each year, an accountant can be an extremely handy commodity to have, especially when it means not having to do your bookkeeping yourself.
- Find a Lawyer
From drafting T&C’s to building contracts for employees, a lawyer from the get go can help you to ensure you’re not cutting corners and everything’s legit.
- Build a Website
Whether you’re able to do this yourself or you need to bring someone in to do it for you, a website is essential to help to grow your business. Ecommerce is a big deal nowadays and a great way to make your services known beyond your local area.
Target the right people, set up marketing ploys and use social media to the max to spread the word.
Head to industry events, get to know your customers and build a good rapport. Your business will soon be the talk of the town, for all the right reasons.
Follow the initial steps in setting up a business and you have every chance of a fruitful future.