Starting up a business can be tricky, but you only need passion and a bit of organisation to realise that dream. Here are some tips to get you started
1. Ideas, ideas, ideas
Everything starts with an idea. If you get stuck in the details gather everyone you know with a working imagination and sit down for a cool brainstorming session. Of course, not all the ideas will be brilliant. Just make sure to consider the plausibility of the ideas on the table.
To determine the feasibility of every idea thrown around, you have to define your goals. And while you’re at it, try to define the team that will carry out the project.
2. Refine your business plan
By now you should have an executive summary of your business that will give potential investors and other involved parties the look and feel of what you’ll be creating.
You’ll need a marketing strategy for your business, and a competitive analysis that will tell you how your competition is making it fly
You should also have operational and financial plans for the business that will reflect the costs, projected income and return of investment (ROI) of your business. For offices or retail enterprises you should be browsing online property portals like Commercial Property Guide to help you scout where to locate your business.
3. Make it legal
This process can be painstaking but it is a necessary evil for your business to exist. You need to know the type of entity your business will be, and the range of options is vaster than corporation, partnership or sole proprietorship. This is where a legal advisor will come in handy to make sure that you’re not getting yourself into any unnecessary trouble now or in the future.
4. Manage your finances
Get yourself acquainted with a really good accountant who will handle your books – having someone else do it for you will take a huge load off your shoulders. Crucially, you need to find a way to get paid. If you’re comfortable with online payments check out setting up a Paypal account. If you’re more traditional, talk to your bank about the available payment options.
5. Launching your business
Here comes the fun part! This is where you take the time to invest in the things that will launch your new venture. You’ll need to practice your marketing skills to let the world know that your business is up and running. Invest in a professional designer for your website to make sure that it looks credible enough to attract your target market.
You will also need to spend more time building a social media presence as it is a pool of potential clients. Once you’re all set up, organise a launch event. It doesn’t have to be anything fancy, just let the world know that your company is ready for business.