Here’s 5 Tips to Help You Start Your Entrepreneurial Journey
Are you an industry expert who wants to move away from corporate work and begin your own independent company? Or are you a young entrepreneur who has just thought of an amazing business idea? If you’re either of these people, then this article is the one for you. We understand that starting up an independent business can fill people with trepidation, so we’re here to help you overcome these feelings and create something successful. After all, the best things in life are usually the most terrifying to begin with. To make the process less intimidating, let’s start by breaking down your entrepreneurial journey into 5 basic steps. Here’s what they are:
2.) Finding Funding
You need money to start a business. Unless you’re incredibly wealthy already, this means you’ll have to gather additional funding. Fortunately, there are plenty of options available to budding entrepreneurs. For example, you could try applying for government grants. By presenting a solid business plan and selling your product or service effectively, you can secure a sum of money for kickstarting your company. There’s also the option of taking out a small business loan, but this will accrue interest over time.
If you are going to be relying on your savings to get started, you’ll want to find the right savings account to keep them in. Many new entrepreneurs find it tricky to manage their cash savings and there is such a large market for these kinds of accounts. If this is the case, you should consider something like smart savings from Willis Owen to manage your deposits in one place. This way, you can ensure your finances are in check.
1.) Creating a Business Plan
Having a business plan is incredibly important. This is used to establish your business goals and how you aim to achieve them. Without one, your company will be directionless and struggle to find success. There are many elements involved in a business plan. For one, you need to identify the unique selling point, which is what sets your product or service apart from others. This nicely leads us onto the next stage; analysing the market and audience your business will be appealing to. You should conduct this research to assess whether your product is original and fills a gap in the market which no one else has. If it doesn’t, unfortunately your idea probably won’t be strong enough against the competition. If it does, then start strategizing and take the next step in your entrepreneurial journey.
Administration is probably the least interesting part of starting your entrepreneurial journey, but it’s an absolute necessity. Think of it like the cogs of the business machine, keeping everything going smoothly when installed correctly. Let’s break down some of the aspects involved in business administration. Firstly, you’ll need an employer identifier number for paying taxes. It’s also important to ensure you have all the business licences and permits necessary for running your company. Don’t forget to include insurance in this bracket. You also need to set up a bank account for your business; this will be the heart of your finances. Finally, we think it’s important to mention overheads regarding administration. These require careful management to make sure everything is going accordingly i.e. you can’t run a gift shop without co-ordinating suppliers.
4.) The People
When setting up your business, you need to consider who your colleagues and customers will be. Hiring good employees is essential (unless you’re planning on being completely independent) because they define the company as much as you do. Invest a good amount of time into finding the right people. We recommend looking for industry experts or graduates who are pursuing a career in your field, alongside those who have a strong work ethic and positive demeanour about them. Meanwhile, you should start homing in on your target audience and chasing potential leads. Building contacts before you’ve officially started the business will really help to kickstart things.
Now your business is close to opening, you’ll want to begin your marketing campaign. Start by generating a buzz and getting people excited because this will attract the business you need to kickstart everything. To do this, people will often begin countdowns for their opening date and employ emotive language to intrigue potential customers. You should build a company website in advance, as this gives you somewhere to direct people if they want to find out more about your brand and upcoming services. It’s important to set up social media accounts for your business, too. These are great platforms to increase the outreach of your company, plus they’re completely free of charge. Creating content for your social media is an excellent form of marketing. This includes things like promotional videos, behind-the-scenes pictures and blog posts. Focus on making everything look as intriguing and aesthetically pleasing as possible because this will increase engagement and attract more customers to your new business.
We hope our breakdown of starting a business has helped on your entrepreneurial journey. Take everything one step at a time and don’t rush over the details; this will prevent you from becoming overwhelmed and help your business really flourish.