Daunted by the idea of starting a new business? We don’t blame you! It’s a huge step to take and the amount of information at your disposal online can be overwhelming, to say the least.
It can be tough to figure out what to really focus on in the first phases of your planning and decision making.
While there are almost countless things to consider, we prefer to focus on the nitty gritty practical steps first. The rest can be figured out later. Here’s what we think you should look at in the initial steps of starting a business.
Research and Planning
Naturally, the first thing you need to do is lots and lots (and lots) of research. Starting any business without a solid understanding of the industry, the market, and the simple ins and outs of running a company would be… silly.
Make sure you know what you’re getting into, and start doing market research for your business plan. This will include figuring out needs in the market, who your target audience would be, what your competition might look like, etc. This can be a really tedious process, but it’s essential if you want your start-up to become a success.
Design and Layout
Once you know exactly what it is you’re doing and the approach you’re going to take, you need to start thinking about design. This includes your brand identity, website design, and the physical design and layout of your store or office if you plan to run a brick-and-mortar business.
When it comes to a physical space, there’s a lot more to consider, such as buying versus renting, the layout of the space, and even small details like lighting. You’ll want to make sure you’re working with experienced builders and hiring professional commercial electrical contractors to handle your electrical work.
If you’re sticking to an online space, make sure to really prioritize your e-commerce site and commit to making it a user-friendly and inviting design.
Financial Management
Every new business owner knows that budgeting is a crucial step, and they aren’t likely to forget or skip it. However, simply creating a budget is not enough – you need to control it.
Of course, create your budget for starting your company (as well as an ongoing monthly one) but make sure that you’re taking the steps on a regular basis to monitor and control that budget to ensure you’re staying on track and not overspending. If you are – figure out why and what needs to change.
Marketing Strategies
Finally, know that marketing is your greatest weapon, especially in the early days of starting your new business. Putting your name out there is essential, and you won’t be able to get things off the ground until you start telling the world that you exist.
In the beginning, your budget for marketing will probably be small, so you’ll need to ramp up your knowledge of digital marketing strategies and leverage social media as best you can. Fortunately, the internet has made affordable and even free advertising a lot more accessible than it used to be!