Being your own boss is a dream many individuals carry in their hearts. Starting a business is one way to achieve this, and it is easier than ever before due to the internet and a variety of services aimed at helping aspiring entrepreneurs get started.
Statistics show that the United Kingdom boasted 5.9 million small businesses in 2020, with 91% finding success after the first year. If you go about it smartly, you have an excellent chance of following in their footsteps.
1. Consider the Options
You may already have ideas for your startup, but it doesn’t hurt to think about all the choices before settling on one. While following your passion may seem to be the best idea, where your skills actually lie is an important consideration. Assess whether or not your idea is viable in the area you live in and the market you wish to enter by performing a market analysis.
Look at the businesses around you. What services and products do they offer? Are they thriving or barely scraping by? If they are doing a lot of business, how long have they been there?
Are they popular because of novelty or because there is a legitimate long-term market for what they provide? Is there a demand for your offerings? Is the market oversaturated with competitors?
Research your competitors and talk to them as well as experts in the industry you are interested in and potential customers to gauge the local market.
Reach out to them in person if possible and through social media if not. Attend professional business association and industry events, virtually as well as physically, and network. Conduct beta tests to validate your idea.
2. Acquire Funding
The cost of getting an enterprise up and running varies depending on what kind it is. There are many sources of capital you can tap into to fund your startup, including government aid, small grants and programs, private loans, investors, and bank loans. To obtain a loan, you need a decent credit history. You need to take steps to improve your score if yours is poor. Take into account interest rates when looking at loan options.
3. Develop a Plan
Once you decide on the kind of business you wish to start and acquire funding, write a business plan. Specify your long-term vision, the products and services you hope to provide, and the values your company will stand for. Create a marketing plan and a budget. Set goal posts and estimated deadlines.
4. Locate Reliable Professionals
Hire specialists to handle aspects you don’t have the skills or time to deal with yourself, such as logo design and advertising. These professionals may include social media managers, developers, accountants, artists, and content creators.
For example, a polished and functional website is essential for businesses in the modern world. Your website needs to be engaging, visually appealing, and effective to create awareness and help you build your customer base.
To ensure your site has all of these traits, it is best to employ a capable web designer. Search online job platforms to compare fees and project return times, and be sure to scrutinize the reviews from previous clients. “How much do web designers make?” you might ask.
While charges can run anywhere from $15 to $30 per hour, a web designer’s talent, proficiency, and portfolio will ultimately determine his or her price.
Your revolutionary product or service could have the potential to change the world. The best way to ensure that you can deliver it to your market is with an organized approach and a solid plan to structure your business and cover all your operational bases.
Learn more about how you can start and scale your small business by working directly with Seb Brantigan and his team.
