If you are in the process of setting up your own business then you might be worried about getting something wrong. This is a totally natural feeling and will happen to all business owners at some point or another. The key is to get through all the hurdles that the business world throws at you and come out the other side with a thriving business.
You may have heard that a high percentage of new businesses fail before they have even begun. If you don’t want this to be you then check out the article below for some helpful tips and tricks.
Market Research
One thing that is vitally important when starting your own business is market research. Without this you won’t have an understanding of whether your business is actually needed. Dipping your toes in the water before you launch will tell you if you will get a high number of customers through your doors. Market research will also give you some insight into how your competitors are doing in this field. It can tell you how much they earn and how much profit they make annually. Don’t be afraid to get in touch with them, you never know there may be time and space for a collaboration in the future.
In order to carry out market research you could send out polls to various people, this will need to be a big group to get an accurate answer. You could also speak to individuals in the local community, find out where they mainly do their shopping and how much on average they spend each time.
The Right Budget
You will need to figure out your budget at some point. You may have heard that you can start a business with little to no money at all. While this is somewhat true, it tends to be businesses mainly based online or ones that have been established and handed down. So, work out how much money you will need for your new business and which tools and tech you need to get started.
Write down everything needed, including prices. Once you have the final figure, give yourself some wiggle room. This will cover you for anything that may have been missed off the list or for any emergencies that crop up. If you don’t have this money to hand then you may need to apply for a business loan. In order for this to be successful you will need to have a solid and stable credit score. Failure to make the repayments each month could also result in you losing your business, so you need to be 100% on this before you sign on the dotted line.
Fantastic Location
Find a location that works for you, your business, and of course, your employees. If you have a physical store that you need customers to visit then you don’t want to be located in the back of beyond. This needs to be somewhere close to public transport links, ideally with a car park so your customers have somewhere safe to load their shopping. To keep costs down, you might want to look into industrial estates or shopping areas. Find the best one cost wise and go from there.
If you also need an office space attached to your store then a bigger plot will be needed, perhaps with offices above it or behind it. Speak with a commercial realtor who will be able to find you the ideal location. When you are all moved in and ready to accept employees and customers, you should find yourself a cleaning company. You don’t want your employees to be coming into dirty offices each day, check out janitorial services and be sure to read reviews before signing up.
Strong Website
Another important factor you need to consider when setting up your very own business is building yourself a strong website. Without a website, your customers will struggle to find you and any products or services you are offering. Building a strong website won’t be easy but once you do, it will bring in an abundance of customers and clients.
If you have never designed a website before then the good news is, there is help out there. Speak with a web designer/developer to find out more on how they can help you build your website. So your customers and clients are forever scrolling, try adding a search bar so they can easily find what they are looking for.
SMART Goals
Set goals in your business so you know where it is heading. Everyone must be aware of these goals, including employees and those higher up. Setting SMART goals is a way to stay on track and not set yourself or your business unreasonable achievements. SMART stands for Specific, Measurable, Achievable, Realistic, and Timely. That means you are less likely to set yourself the goal of making a million in a short space of time, as this simply isn’t realistic or achievable.
If you need help setting SMART goals then sit down with the rest of your team. More than one head might be needed if you are struggling to think of any.
Knowing Your Brand
Finally, think about your branding when it comes to your business. If you don’t know your brand then how do you expect your customers and clients to know about it? Branding is far more than a simple logo and name, it is a whole experience for your customer. While a logo and a name is vital, this is just the start of the journey. Branding is always an ongoing process, and things may need to change in the future.
A strong brand will have a great reputation amongst customers and clients, they will be the first port of call when they need something. You need to build trust with your clients, while also offering competitive pricing that doesn’t mean them spending a small fortune.
Hopefully this article helped you gain some knowledge on how to go about setting up your own business. Get out there and show the business world how it’s done.
