 | If you have a great idea for a business and you’re as keen as mustard to get going, that’s already a fantastic start (creativity and enthusiasm are vital). The next step is to begin planning your business from a strategic viewpoint. |
I can’t emphasise this one enough. Before you do anything else, research the market fully for your proposed product or service. Study the buying behaviour and needs of your target audience. Assess the competition. Be clear on how you’ll enter that market and how you’ll stand out from the crowd. Being sure of these things before you start is far better than getting some nasty surprises further down the line!
Don’t know where to begin? Well, there’s a wealth of free advice available to start-ups from business libraries, Internet resources and small business support organisations. You can research specific markets, products and services and get information on the logistics and legalities of setting yourself up in business.
Whether you’re entering a highly competitive market or not, never forget about the other players. What’s their approach? What do their customers think of them? What do they think of each other? You’ll pick up crucial information about them just by looking at how they operate. After all, if you’re going to be in that market yourself you’ll need to know what you’re up against.
Networking with other people who are already running small businesses – whether they’re in your intended field or not - can be extremely useful. They might well help you avoid some of the mistakes so often made in those early stages. And where to find these lovely folk? At business courses, seminars and networking events.
If all your extensive research shows there’s sufficient demand for your product or service, you’ll need to start formulating your business plan. Some people feel daunted by the idea, but trust me, it can be enjoyable! And the hard work will stand you in good stead because you’ll have a clear strategy to follow as you go along - a kind of road map for your business.
The days of companies having to rely solely on paid advertising and press coverage to promote themselves are gone. With the power of the Internet you can endlessly spread the word, from having your own website and/or blog to viral marketing and contributing to online business networks, social networking sites, discussion forums and specialist article websites. Go on – dive right in and have some fun exploring the many free or low-cost opportunities on offer!
If your marketing plan has paid off and people are now buying your products or services, you’ll no doubt find yourself very busy with the day-to-day running of the business. It’s essential, however, to allocate some set time (even a couple of hours) each week to check your progress against your plan. Remember: a business plan is an organic beastie that needs some regular prodding to keep it (and you) on your toes!
Keep an eye on your skill set. There are many free training courses to help you improve your own expertise. If there’s a particular task you feel would benefit from help from a third party, ask around your small business contacts for a recommendation (this is usually far preferable to picking someone out of a hat).
From the very start, make sure you maintain accurate, up-to-date records of your income and expenditure. Sounds simple, but you’d be amazed at how this can get overlooked - until it’s time for the tax return and you spend a stressful week rather than a day putting together all the necessary paperwork and figures.
Small business owners sometimes feel isolated. Get yourself out there on a regular basis and network with others like you. Attend a couple of business events a month to mingle, chat, share ideas and make new contacts. If you’re thinking of joining a fee-based business network, go along as a visitor first so see how they work and talk to their members. You’ll soon know if they’re the right fit for you.
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Start-ups,
Marketing,
Business Planning,
Market Research,
Networking