Tips for setting up a new business
Posted on 10th February 2023
Starting a business can initially seem very complicated and daunting. Between the phases of having a business idea and registering your business, there are some steps you must consider, including a way to plan, discover funding and more.
To help you out, we've covered the basics on how to start your business properly.
YOUR BUSINESS IDEA AND INSPIRATION
This will be the backbone of your business: having a great idea. Make it something you are passionate about and that you won't get bored of.
Choosing a niche field will make you stand out from others. Make sure it is something you are happy to put a lot of time, money, and energy into making it a success.
CHOOSING THE PERFECT BUSINESS NAME
The name you choose for your business will speak for itself as it will be the basis of your brand's personality. Choosing something unique will help you stand out from the crowd.
Keep it short and simple. Dare to be different and be original.
CHOOSE A LEGAL STRUCTURE
There are three options you can choose from:
Sole trader - the easiest business structure with no legal distinction between you and your business.
Partnership - this will be ideal for you if you are starting your business with a partner.
Limited company - the most complex as it will have more than two admins, which makes your business legally distinct from you as an individual.
YOUR BUSINESS STRATEGY
This step will help you think about your business methodically and is arguably one of the most important documents of any business. It assists you with finding out about your essential objectives, financials, market research, and likely obstacles.
Plan the business location, how much space you need and how much rent you'll be paying. While you go through the process of creating your business plan, you will come across questions you don't have the answers to, which you can use as a learning guide.
Don't be afraid of changing things, not everything you write down must be set down in stone.
A CLEAR OUTLINE OF YOUR FINANCES
You need to think about how much money you are willing to invest into the business. This can be through your savings or using loans from friends, family or a bank depending on the size of your business.
You might also be eligible for business grants, which would lift a weight off your shoulders, so it might be worth checking for government funding.
ADVERTISING STRATEGY
You can attract customers through marketing, branding and online and offline promotions. Build a social media presence, create a website with SEO tools, emails, newsletters, print marketing and networking events! Be everywhere.
LAUNCH YOUR BUSINESS
Now you should have a lot more knowledge about your business than you started with. Focus on your marketing plans during your launch and consider offering rewards as it will help you gain traction early on.
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