No one ever said it was easy being an entrepreneur. Whether you're in the early stages of your statrup, just secured funding for your startup or you are ready for product launch, there will always be those three components when you ask yourself if this whole entrepreneur thing is worth it. Instead of giving up and throwing-in the proverbial white towel, this forum will help in giving you all the motivation you need to achieve your result.
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FIRST THINGS FIRST when it comes to Setting up a Business
You may have thought up a business idea that you are sure is going to make you a great deal of money. However, there are a few aspects you need to consider before you can make your dream a reality. Starting a business may seem an incredibly daunting prospect upon first starting out, but you need to break the process down into smaller steps to make sure your business idea gets off the ground successfully.
With that in mind, below is a step-by-step guide to follow to set up your small business with guaranteed success.
1. Market research
Before you truly know whether there is any longevity to your business plan, you need to conduct some market research to make sure the money spent in setting up your business isn’t wasted. You need to establish whether there is a market for your business as many of the best ideas fail in the first few stages due to the research aspect being completely overlooked.
You also need to comprehend whether there is a current demand for your product or service, as well as understanding which forms of marketing will work and the correct pricing strategies for your target market.
There are many research strategies you can consider. These include:
Primary: To be carried out yourself
Secondary: Has already been carried out by other people
Quantitative: Based on numbers and statistics
Qualitative: Based on opinions
The more research you collect, the better position you will find yourself in regardingthe overall success of your business.
2. Create a business plan
Once your market research has successfully been carried out, you will need to come up with a business plan to dictate how you will spend your finances and the direction you intend your business to go in. The business plan is a vital requirement for any new entrepreneur to work out the difficulties that may be faced and how these can be amended before any money is invested.
Your business plan should include the likes of (but not limited to):
An overview of your idea
Information on the product or service
How you plan on managing your finances
Many people choose to fund their business through crowdfunding schemes, for example, which should be noted down in your plan.
3. Choose a business name
Your business name is what essentially makes you stand out from the tough crowd, so coming up with something completely unique should allow you to become a real competitor in your field to new customers. One of the mistakes to avoid is opting for a name that is extremely similar to a competitor. Your businesses may get confused, and should they have a bad reputation, it could rub off on your company.
4. Design a logo
The logo is often the very first aspect customers see of your brand, so it needs to catch the eye and look appealing. Before you can come up with a logo, you will need to consider your overall branding and what your company represents. If people can connect with your brand, they are far more likely to browse through what the company has to offer and then, of course, make a purchase.
5. Purchase the necessary equipment
No matter what business you intend to own, there are always a few essential tools you are going to need to ensure the day-to-day running of your company is a smooth as possible.
Certain types of machinery may be the difference between stress-free working life and total chaos. As an example, every single business should own a diesel generator to kick into action in the event of a loss of electricity. Would your company be able to manage without power? The chances are very slim. You may have to close down the office for the day and send employees home with no work to do.
Although purchasing a generator may not be at the top of your agenda right now, it is certainly an investment that should be made if you are hoping to hire a team of employees in the near future. Diesel generators are far more fuel-efficient than petrol-fueled machines, which should save you a great deal of cash in the long term. Generators run for a vast number of hours before needing to be refueled. Luckily, there are many expert companies, such as Able Sales, who can help you choose the right generator for your office.
Additionally, every business should also have the likes of a computer or laptop, external hardware so your files are backed up accordingly and a wireless router with high-speed activity for all devices.
There are many aspects you need to consider when choosing a suitable location for your business. Of course, this will all depend on the nature of your business; whether it be in industry, office work or retail.
If your business relies on frequent deliveries, you will need to be accessible to motorways, local transport links, and main roads. In more commercialized areas, you will find that rent prices will be higher, so consider whether a city location is a necessity. You will also need to bear in mind that employees need to get to work with ease, or you may find that you won’t be able to source the best local talent if you choose an extremely remote location.
Your location will also determine how secure your business is, which could have significant impacts on your insurance as well as extra costs to keep your property safe.
If you are nearby other businesses, you may find that you are battling against fierce competition. Find out how many competitors are in your local area and where they trade. It could have a direct correlation as to how much custom you receive. However, there are exceptions as to why being near to competitors could be beneficial to you; one if which is, that if you have the lowest prices, customers are almost guaranteed to shop with you.
You need to establish whether there is the potential for growth within the location you are hoping to settle on for your business space and decide whether it is a short-term option or a long-term base.
Twenty percent of small businesses fail within their first year. Entrepreneurship is no walk in the park. In fact, the amount of new businesses that fail exceed the number that succeed. That’s why it’s more important than ever to create a unique product or service that helps you stand out from the rest.
However, don’t be discouraged. If you believe in your business, passion will prevail. On average, 75 percent of small-business owners are confident in their company. And why shouldn’t they be? They’ve turned their passion into profit. Yet, keep in mind it’s important not to be overly confident. Instead, take things one step at a time. Typically, 20 percent of small businesses fail in their first year, 50 percent in their fifth year and 70 percent after a decade of being in business.
A number of factors play into a business’s closing, such as location, the current market, cash flow and more. The number of reason most small businesses fail is due to cash flow, and California cities such …
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