There is a vast variety of different elements to consider when starting a new business that it can be easy to forget a few important factors. Making a quick check-list will ensure that you have everything covered. This list takes a look at seven things you need to think about before hitting go on your new business venture.
Table of Contents
1. Do Your Research on the Market
One of the most important things that you need to do is to research your market. You need to know who your customers are going to be and what it is that they want to buy. You will need a clear USP or customers won’t be able to tell the difference between you and another business selling similar products.
2. Have a Solid Plan in Place
Once you know what your USP is, then you can start to build a business plan. You plan should have some financial figures that tell you how much you will spend and make in your first year. Cash flow is really important for starting a new business, so make sure you invest enough capital in the first place.
3. Get a Professional Website Built
Having a website will enable customers to find you when they are searching online. This is often a great way to get businesses to come to you using inbound marketing. Putting a website up and using good SEO techniques is a great cost-effective marketing strategy.
4. Print Some Branded Business Cards
There is nothing worse than meeting a new client or someone that may be able to help and not having a business card with your details. It looks unprofessional and can be the difference between winning and losing a deal in the first instance. Having a strong business card is another good way to reinforce your branding.
5. Head to Local Networking Events
Getting out there and meeting new people in the local networking scene will provide you with new opportunities and potentially new business partnership opportunities. It may be good to find free events to begin with before finding paid events where some of the bigger decision-makers will be attending.
6. Get the Right Business Insurance
You don’t want to be breaking the law of left out of pocket by not having the correct insurance for your business. There are some types of business, like the motor trade, where you will need to find a specialist motor trade insurer. For other business types, there may be general insurance like public liability that you will need in place.
7. Set Up a Professional Office or Workspace
If you plan on working from home, then you will need to set up your own workspace so you can work effectively from home. Ideally, you will have a room in your house that you can dedicate as a home office. If your venture will be on a bigger scale and you will be employing people, then you will need to search for an office or industrial unit to house your employees.