The First Steps to Take when Starting your Own Business

Many of us dream of starting our own business and being our own boss. But of course there is a lot to consider, and for some it really is not doable in their current situation. However, for those who have committed to taking the plunge and start up on their own, these are some of the essential things you must do.

Take your time to brainstorm : 

Coming up with an idea for a business can certainly take time. Not only does it need to have a bit more to it than a general idea, it is also important to ensure it is an idea that you want to commit to. Starting and maintaining a business takes a lot of energy, so let your passions and creativity lead you to ideas that you are keen on backing and researching more into. Is this something you can see yourself still feeling passionate about in ten years time? If you think your interest is likely to wane quickly, come up with something else. The success of your business relies on your passion and drive to succeed.

business planning

Research, research, research :

It is vital to do your research – this could mean market research, checking out potential competitors, or seeking out advice on working from home or finding employees. There are many blogs out there written by business owners and experts, it can be a great way to network with other business owners and like minded entrepreneurs. On top of that there are also many more professional sites such as the Jobrapido blog, which offers advice not only for jobseekers but also those hoping to start their own business or work from home. Understanding the current trends in job seeking may also come in handy a few months or years down the line when you might well have to consider taking on your own employees.

Create a business plan :

Your business plan will be a living document that will transition with you throughout each and every stage of your business. It has to include a marketing and sales strategy as well as financial plans. This is a vital document for anyone hoping to succeed when starting their own business. Even if you have everything clear in your head- you have to get it down in an organized way, so if necessary you can go back to refer to your original plans in a later stage. If you’re unsure where to start there are resources out there offering guidance and help in creating a business plan.

Choose a name for your business :

The name of your business is a crucial decision. Be sure to choose a memorable name that reflects the type of business you wish to have. Again, this may also require some market research and checking out which manes similar businesses have chosen. Try not to choose anything that is specifically related to a current trend that may well lose all meaning as the years go by and people forget.

small business growth

Design a logo :

A logo is often what attracts prospective customers to your business within the first two seconds of seeing it advertised. It may seem a small thing, but any way that you can attract new customers, particularly when you are starting out mustn’t be ignored. If you don’t have the artistic skills yourself, find someone who does and think carefully about the image you want to present of your business.

Put accounting at the forefront of your mind :

When starting your own business, it is extremely important to ensure you implement appropriate accounting measures from day one. It is best to get into the habit of keeping the books in order from day one. You could choose to keep your own simple system or even appoint an accountant if you aren’t sure what you are doing.

Choose the legal structure for your business :

Starting your own business and choosing the legal structure of it mainly leads to deciding between a sole trader and a limited company. No small details should be ignored, the buck stops with you, and you will be held accountable should anything happen. Of course saving money when starting out is a priority but do not skimp on costs if it means cutting corners that you may regret at a later date.

Set business goals :

Setting business goals helps you to always keep moving forward. Having a vision is important, and having the goals written down will help you keep you on track. Each time you reach a target, acknowledge it and allow yourself a little time to appreciate how far you’ve come, then set yourself a new one and repeat the process.

Choose your workspace :

Choosing a workspace for your business can be a daunting, but equally as rewarding task. Your Local Authority / Council is a great resource to help you gather information about rates and business premises in your desired location. Working from home is also a wonderful option, which requires its own research. You could include a percentage of household bills as business costs or need to look into planning permission if you expect business visitors at your home.

home office

Overall, when it comes to starting your own business, preparation is everything. It is important to remember that it can take time for a business to get off the ground. It takes patience, determination and a true belief in the service you are providing or the business model you have come up with. Have fun and enjoy the process!




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