Every individual has their own different reasons for starting a business venture. Some of them want to try their luck, others are tired of working from 9 to 5. While some just think their idea is good enough to try giving it a go. Likewise, each individual also has their own individual requirements and strategies to implement their idea. However some of the basic steps when starting your business, always stay the same. This article will serve as a checklist for those starting-up who want to be successful.
Have a viable business idea
Just having a business idea isn’t enough to start a venture. You need to come up with proper planning and analysis while considering all the various risk factors. Ask yourself questions such as will the proposal attract others? Is there a market for it? Will I be able to make a profit? Does it suit my personality? Who will be my competition? This is something you are entering for the long term, so you need to make sure you are confident and positive about it.
Identify your target audience
Envision the people you want to sell your product to. These are your market. Will they be genuinely interested in what you are pitching them? If not, who should the audience be that you direct your attention towards? If yes, what is their paying capacity and how will you engage them further? The best way to identify your target market is to look at other similar businesses, analyse your product, and make sure you know the demography of surrounding areas.
Make a business plan
While coming up with an idea is easy, the actual work starts when you have to plan everything. A formal business plan gives others an idea of how you will go about the whole process. You should know things such as how will you manage to obtain start up finance? Who will your target clients be? Where is it best to location yourself? What are your expectations and projections for the future? And what will your start-up costs be?
Decide your budget
There is no business without money. Everything from start to beginning is only possible if you have cash in hand. Starting from the location you want to buy or rent, the hiring of the staff, buying furniture, payments for the raw materials, taxes and many other things. If you think it will be difficult to manage the finances then you had better look for alternatives. Start up finance can come from several different sources. Look for a family member or a friend who wants to help. Find a partner who shares your vision and wants to invest or apply for a small scale loan. Or approach a professional lender or investor.
Brand your Business
A clever or catchy name and branding always gains the attention of potential customers. Come up with a name that defines your brand appropriately and also is innovative. Create a Logo Maker and tagline that relates to your niche and represents what you do and how you do it. Because, at the end of the day, these are the things that stay in the mind of potential and returning customers.
Create a website
In modern times, nothing gives your business more projection than an online presence. It’s essential. Create a website that contains all the information about your business from what you are selling to what makes you unique. Providing an email address and phone number for people to contact you for more information is also very important.
Have social media presence
Social media accounts such as Facebook, Twitter, Instagram and Snapchat have become free sources of campaigning for any brand. From constantly engaging with your followers to getting instant feedback on your product, they have many advantages, so make sure you use them.
Find a suitable location
Location matters massively. Finding a place which people can visit easily can do wonders for your business. Make sure it’s a place people want to visit. But do not go over budget initially and make sure you abide by all the local and governmental laws.
The best seller for your product is you, yourself. Start engaging with people and sharing with them what you are about. Talk about your brand. Invite people to talk to you and to visit. Similarly, ask your friends and family members to promote your business because word of mouth is the best free advertising. Using social media and local news sources are also great, low cost, marketing strategies.
Comprehensive hiring process
Don’t just hire people by looking at their resume, invite them over and have a discussion. Ask them what skills they possess, how they can contribute to creating a name for your brand. Get an idea if they are really passionate about what they want to do and if their goals align with yours.
Choose your suppliers wisely
Sometimes the success of your business comes down to the people you are dealing with. The selection of a vendor or service provider is as important as any other. The best thing to do in this case is to search the internet, find the ones who have prior experience. Also, take advice from someone you trust or someone who has knowledge and experience of dealing with those you are sourcing from.
Define everyone’s role
Once you have people on board, the next step is to identify the roles of everyone. Employees should know exactly what is expected of them and where to divert their energies. This helps with the smooth running of the business and also helps in avoiding any future potential conflicts.
Get your business insured
Depending on the nature of your business, insurance is critical. Once you have people working with you and you are dealing with customers and contractors, it is a sensible idea to consult an insurance agent. Factors such as workplace accidents, liabilities and health insurances should not be ignored.
Useful Information : time tracking projects
While you cannot predict the outcome of any project, one thing is for certain. If you have a clear plan in your mind and you go about it in a professional manner, chances of success increase massively. Once you have completed this checklist you will have most of the points covered and are good to go. Remember, you have laid the foundation, one step at a time and that’s the right way to go.