Contents
Starting a new business can be quite a chaotic experience, especially if you’re a newcomer in the industry. It’s a whole new world you’ll need to explore, study, and hopefully make something out of it. Naturally, without having some basic qualities like a sense of responsibility, good work ethics and a bit of talent for entrepreneurship, you won’t get far. However, that’s obviously not enough. Here’s a quick overview of several important things to keep in mind at the very beginning.
1-Research
First of all, you’ll need decent initial knowledge about the business you’re going to plunge into. Do research on the newest trends on the market, your competitors and their typical customers. Think about how you could reach them. Your product, your marketing strategy as well as your whole business plan can’t be properly developed if you’re not familiar enough with what’s hot and what’s not in your branch.
2-Name and logo
When coming up with the name and the logo, the key is to think long-term and to use those that represent the main ideas and values of your up-and-coming brand. They should be easy to recognize and memorize, yet not too much in-your-face. Try to be subtle and obvious at the same time, however paradoxical that might sound. Getting some help from professional designers and marketing experts is not a bad idea at all.
3-Finances
One of the key issues every new business has to deal with is initial financing. Finding someone to invest in your idea, however innovative it might be, can sometimes be very difficult. Your main options include venture capital, angel investors and crowdfunding, but very few people are lucky enough to get seed money for their projects in one of these ways. Another way to go is taking loans, especially if you’re absolutely convinced that your concept is going to work. Even if you have a bad credit rating, there are companies that are willing to give out bad credit business loans to help your ideas come true.
4-Hire an accountant
While we’re still on the subject of financing-when it comes to tracking money flowing in and out of the company, leave nothing to chance. Hiring an expert to deal with this is very useful, no matter if your business is new or not. You might not be happy to add another item to your list of expenses, but with the amount of paperwork you’ll have to deal with, it’s a small price to pay.
5-Business plan
A certain gift for entrepreneurship is necessary if you’re starting a new business, but it’s definitely not enough. After you’ve done your research and have gotten familiar with your market and your customers, devising a detailed business plan is a must. Matters like design and development plan, operations and management plan as well as all the financial details should be included in it. Don’t think that your talent and a few good business ideas you came up with allow you to rely on your instincts alone. You need to be systematic and plan ahead.
6-Marketing plan
The same goes for developing your marketing strategy. You need to try to be as detailed as you can but, at the same time, ready to adapt if the feedback you’re getting is far below from what you expected. However, keep in mind that it takes time for your marketing efforts to start paying off, so don’t be disappointed if you see no immediate results. Be patient.
7-Organise
Make sure everyone knows their job and their place in your organization. Having a clear hierarchy and good communication between different parts of your team is crucial. Avoid making decisions and giving out duties on the go as much as you can, as it might lead to confusion and misunderstandings.
8-Hire the right people
When hiring people, make sure they’re not just qualified but also have the right personality and enthusiasm for the project. You can have the best business idea in the world, but without the right team to implement it properly, this means nothing. Finding the people with the exact right skills and character might take time, but it’s definitely time well spent.
9-Insurance
Yes, at the initial stage of developing a business you should be looking to cut expenses, but investing in proper insurance programs is an absolute must. Things like product liability insurance, worker’s compensation insurance or property insurance can literally save your business in case something unpredicted happens. This is money well spent.
10-Learn
Remember, you’re at the very beginning of a new business endeavor. You’re not supposed to know everything right away and you’ll inevitably make mistakes. Learn about your industry and try to improve yourself on the daily basis. Also, being a business owner requires a specific attitude towards work and people and you’ll need some time to learn how to develop this attitude as well.
Of course, it’s not all about attitude in business, but it could be one of the keys to your success as an entrepreneur. Keep your eyes wide open, watch the trends, analyze your results and don’t rush things. Be patient, hard-working and focused because that’s the only way to stand a chance in the cruel world of business.
“The opinions expressed by BizWitty Contributors are their own, not those of BizCover and should not be relied upon in place of appropriate professional advice. Please read our full disclaimer."
