Set Up A Business In 10 Simple Steps
Starting a business has to be one of the most challenging things you will ever do. Coming up with a great idea, building that idea into something workable, and then successfully selling the idea is something which is incredibly challenging and can take up all of your time and energy. That’s why today we want to go through some of the simple steps you need to take to start up your own business to make sure that the stress doesn’t cause you to forget something important.
1: Do Your Research
Before you dive in and start setting up a limited company for yourself you need to take some time to research what it means to own a business. There are so many things you have to think about when starting a business and this is why it is good to spend a few days reading articles and resources online to get your started. Make sure that you are ready to start your business and that you know it is the right thing for you at this stage in your life right now, otherwise it might be wise to hold off for a while.
2: Plan It Out
The second stage to starting a business is to sit down with a pen and paper and plan it out. Planning your business is something which can take a bit of time but it will be an invaluable reference for you to look back on later in the game. When planning out your business you need to think about things such as platform, audience, product, budget and more. Having this plan in place will make sure that you don’t slip behind when working on your project.
3: Plan Your Finances
The most crucial step to starting a business is getting the money you need to get it off the ground. Depending on the type of business you set up you might need a substantial investment when starting off and of course this may be difficult for you to get hold of. There are a lot of ways to fund a project such as using your savings account, taking on a loan from the bank, and even crowdsourcing your money through a site such as KickStarter.
4: Come Up With A Business Structure
Once you have funded your business and you are ready to get going, it is time to think about the physical structure of the business. There are a lot of departments involved in a business supply chain from start to finish and whether you hire in house or outsource, you need to know where a product goes from start to finish and how you will get it there. Make sure you know exactly how you want your business to flow and create a full process to follow every time you get an order.
5: Pick A Name
The name of your business is one of the most important things you will decide upon during the first few months as a business owner. Your brand name will be forever associated with you and this is why it is crucial that your name is a good one. Make sure that you take the time to think of a name which is memorable, unique and interesting. This is the key to great branding and it will ensure that whenever someone thinks of your brand, they know who you are.
6: Get Licenses and Permits
It is important for you as a business owner before you begin practices to gain any licenses you may need to perform your business legally. This could include a license to run a commercial business from home, a license to sell certain products and much more.
7: Choose Helpful Tools
Running an empire it really difficult and it is incredibly crucial for you to utilise the tools you can to make it easier this year. For example online these days there are tonnes of tools to help you as a business and many of these are free:
- Buffer – to manage and schedule social media posts
- Canva – to create flyers and marketing materials
- Slack – to manage a project team
- Google Drive – to store and edit documents
- Quickbooks – to manage finances
8: Find A Location
Once you know what you plan to do for your business you will need somewhere to set up camp. A lot of the time new businesses will work from home as they get on their feet and this can be a handy way for you to save money and build up some revenue in your first few months. However after this you may need to scale up and hire team members and this means an office is the best port of call. Choosing an office will depend on you, however it is best to choose a place with good transport links to make life easier for the people who will be travelling to you every day for work.
9: Gather Your Team
Speaking of people coming to work for you, now you need to gather a team. The first few months of a business will likely consist either of you alone or with a partner managing the whole process of your business. However it is also important for you to hire new blood once the workload gets high and they will be able to help you grow and develop further. Make sure to choose the best and also the most enthusiastic people for your team and they will make a whole world of difference to your business.
10: Promote Your Small Business
Once you have started running your empire once and for all it is time to promote it and get the word out there. This will include creating a website and social media accounts for your brand, sharing content with your followers and engaging in conversation. You may also want to invest in a Google Ad during the first few months to help you gain some traction.