Nibletz Staff
You may have the greatest business idea in the world, but the path to making it work can be overwhelming. Whether you are thinking about setting up online, the local high street, or both, there are some important things to consider before getting there. With careful planning, the stress of starting a business can be alleviated. Consider the following advice.
Be realistic
Quite simply, take a look at your life as it stands right now. Considering your family, financial and employment situation, is now the right time to set up your business? If the answer is no, then maybe wait a while. There is no harm in planning ahead for when the time is right.
Research
You need to find out how viable your business idea is. For example, how many other people are doing what you would like to do? If the market is oversaturated with your idea, then it may be time to have a rethink. Also, you need to be visible for people to find you. If considering a high street store, check the geography of your town to find the best place to set yourself up. If online, create a website with a web building tool and use SEO to boost your website’s popularity on search engine listings.
Have a business plan
Without a plan in place, you are almost guaranteed to fail. Ask yourself the following questions, and consider the answers.
Who is my target demographic?
How much money do I need to begin trading?
How will I market myself?
Where do I want to be five years from now?
Having a plan in place is like having a roadmap to help you navigate the tricky world of business. When applying for a bank loan, or in looking for people to invest in your company, a business plan is evidence that you are taking this venture seriously. So consider the short and the long term, and take the time you need to put things in place to help you.
Be passionate
If you have a business idea but don’t have any passion for it, then you are not going to go far. For example, if you are thinking about setting up a dressmaking business, but have no interest in fashion, your customers will see that. Choose something that excites you and makes you get out of bed every day. There will be pitfalls ahead, but having a love for what you are trying to accomplish will spur you on.
Have an online presence
Considering the millions of people using the Internet, the potential for attracting new customers is high. By setting up your own website and connecting it to your social media accounts, the chances of your business succeeding are considerably higher than if you don’t.
It is important to keep your website and social media updated with new and relevant information about your business. By offering promotions and listening to customer feedback, you will be able to keep people coming back for more. Respect your customers, and consider these customer service quotes.
Be wise with money
It is likely you will need some capital before your business can begin. The best way is having saved money beforehand. If you haven’t all is not lost. You could borrow from family and friends, but don’t take advantage of them. Many people take out a business loan from a bank. If you are going down this route, shop around for the best interest rates. You will also need your business plan handy as they won’t normally lend to somebody without one. Whatever else you do, make sure you borrow from somebody reputable and have a plan in place for giving the money back.
When your business is up and running, there are financial implications you need to consider. For example, you will need to register as a business so you may choose to hire an accountant to help you with your taxes, and in helping you work out your income and expenditure. Failing that, there are many accounting apps on smartphones and tablets that can help you work out your finances, though an actual living person may give you better peace of mind.
Sell yourself
You have set up your business, your website is online, and you are ready to go. Great, well done! Don’t rest on your laurels yet, though. You need to shout about it from the rooftops (not literally) and let people know where you are. So advertise your company online through social media, relevant forums and buy ad space. When offline, send out business cards and flyers, get mentions on local radio, and advertise in newspapers and relevant periodicals.
Don’t give up the day job
You will be excited about the possibility of beginning a new venture, but you need to ensure you are financially secure as well. If you are already employed, don’t give up until your business is ready to get off the ground. It is still worth having employment on a part-time basis until your business begins to make a profit and earn you some real money.
Remember, you also need to pay your regular bills, eat food and support your family, so don’t give up on any income until it is wise to do so.
Find support
Don’t be a lone ranger. Enlist the support of family and friends, talk through ideas with them, and share with them your successes and disappointments. Moral support will help you get through the hard times.
Also, consider other people who can help, such as a business coach to take you through the steps you need in making your venture work. Other business owners may be able to give you advice, so talk to people online and off.
Make mistakes
We all make mistakes, so don’t be scared to do so. In the first few months of trading, you can expect to make a loss at first and encounter pitfalls. Recover, learn from them and move on. Nobody can expect to succeed on a first attempt, so persevere and don’t give up!
