Starting a Business? What the Internet Will Tell You to Do First
You’ve got a business idea but what are the next steps?
There are tons of blog articles and guides to help you put the foundations in place for your business success.
You’ll come across statements like “Starting a business is like climbing a mountain; it may look daunting from the bottom, but focus on taking it one step at a time and you will soon reach your goal.” which seem great and will focus you for the day….read it again tomorrow and it may not have the same effect. Look for another great quote, or inspirational video, It’s a good habit to get into at 5:30am. It’ll spur you on for the day. I call this my R&D time and it’s before the kids wake up and my head wants to know how to feel about the day.
I’ve just read a recent blog on what to do when you first startup and fair enough i agree with their 7 points (with a few of my comments thrown in) :
1. Market research: Make sure your business idea is actually viable, and refine it if necessary. This article on researching your market is a good starting point – ask yourself the tough questions before you begin to avoid pitfalls later on.
2. Examine the different business structures. Read up on the different legal business structures you can adopt and decide on the best option for your start-up. Not many new businesses will start life as a limited company; you will most likely want to register as a sole trader, or find yourself a business partner. If this immediately flummoxes you, find a business coach and ask for an initial chat. It’ll probably be free and the best advice you can get at start-out. Record the conversation and keep it. Make sure you have a pad and pen to jot down notes and have questions ready written down to ask.
3. Create a business plan: You wouldn’t build a house without a blueprint, so don’t start a business without a plan. A professional, well-thought out business plan will not only provide your start-up with a clear direction and contingencies in the case of unexpected events, but it can also be vital in securing investment. It doesn’t have to be well written, just brain dump on paper to start with. There are plenty of templates you can down load with headings to help you.
4. Choose a name for your business. Do you know the importance of how to choose a business name. An effective, memorable business name can be the difference between failure and success and should reflect the type of business you wish to be. Bit of a dramatic statement I know! and I’ve also seen business names change as business go through growth and rebrand exercises. Don’t worry too much. One of the mistakes to avoid at all costs is creating confusion with competitors, which can lead to lost sales and legal action. Avoid common branding mistakes by learning from some cautionary tales, and learn what to do if your chosen name is unavailable. Have a good search online to see who has a business with a similar, or the same name as yours, but in a different area, or country. Again, seek free advice from someone such as a business startup coach at a growth agency. Our local agency is Business Wales, but there will be a similar one in your area.
5. Design a logo: A logo is often the first thing prospective customers see, and is therefore crucial in making the right impression. You can create one yourself online, or find a designer to help you. Fiverr is a pretty good site for that. Don’t procrastinate, keep it simple. Even large corporations are moving to simplified images of their original idea. BP, or Apple are good examples of this.
6. Register a domain name and build a website. After you start out in business, customers will want to investigate more about you on the web, so make sure you get in early and register a domain name. Everyone has a mobile phone and as soon as they hear about you, the first place they will look is online. Build your website with using a well-recognised website designer, and learn some vital tips by asking them which newsletters and sources you should regularly read up on to learn about sales and marketing.
7. Get your finances in order. Get an accounting and cashflow system set up before you begin so you don’t find yourself buried in invoices and receipts a month in. If you plan to grow your business beyond the VAT threshold (currently £72,000) then it’s worth planning for it from day one. Especially for novices, taking on an accountant can pay off in the long run – learn some basic rules to ensure you keep costs as low as possible. As well as using an accountant to manage finances from the top down, it may also be worth looking at comparing merchant account services, small business POS systems, or small business CRM services to maximise profits and processes.
8. Networking is vital. Many of the blogs I have just read either dedicate a whole article to this, or miss it off all together and only write the above points, probably not wanting to swamp the reader. I think after mentioning the above, you’ll give me license to squeeze this last point in. It’s really important. Find your local, or industry specific thought leaders, networkers, influencers and link with them on social media. Linkedin is free and a great place to start. Speak to them on the phone, introduce and ask their advice. Put everyone you meet, speak to and all your jobs, thoughts and todo’s in your crm, via the app you can download to your phone. It’ll help you keep track of your work as the pace increases and minimise your stress.
9. Make a point of doing something for you that you enjoy once a month. I’ve just been sailing with the kids in North Wales and it was great. Check out Horizon Sailing if you fancy it too.
Good Luck.
“I’ve also learned that the biggest lessons came from my biggest mistakes.”
– Gurbaksh Chahal, RadiumOne
I cannot recommend Jessica and her team at the Idea Büro highly enough! Jessica has an absolute wealth of skills and knowledge. She has assisted me in website design, coaching and a sound marketing plan for my business moving forward. Jessica is the ‘go-to’ person in any of these areas. She is very solution focussed and her strategy and implementation is second to none. I am now looking at my business in a completely different way and I have a sound plan which has allowed me to take my business to a completely different level.
If you would like to speak to me about the services the Idea Büro offers, and the difference it has already made to my business, please feel free to contact my via LinkedIn.
Don’t hesitate, contact Jessica today!
Thanks once again Jessica.Janine Mitchell. Helping Occupational Health & HR Managers reduce stress & absenteeism. Ex-stressed employee|Stress Management Specialist. May 4, 2017, Janine was a client of Jessica’s
