Owning and running your own business is a dream many people will have but not enough of these people will decide to take the leap of faith and pursue their goal. You, however, are different, because you want to make this happen for yourself and reap the rewards.
As you may have found out while doing your research on how to start a business, many guides will focus on the first few months after you have set up, but this isn’t helpful is you are starting from square one. There is no use telling you how to improve sales in your first quarter if you don’t have the first prototype of your product made yet. So, this is where this useful guide comes in.
From reading his article, you will find some useful information on how to start getting together the essential things you need for a new business, and practical information on how to support yourself during this new chapter of your life. By following the advice below, you will be able to get off on a strong footing in the business community and start enjoying being your own boss in no time.
Supporting yourself
The golden rule when you first want to start a business is this: don’t quit your job just yet. Before you give up the nine to five, you need to be certain that your business can support you and your family without any additional income. Instead of quitting, a better idea is to talk to your boss about reducing your hours so you can have one day extra off a week and let go of some of your current responsibilities.
When you have done this, you can use one day a week to do research and development for your business and the products you want to sell. This will help you to have a smooth transition between your current working life and the new. If you find that this requires you to seek some financial support elsewhere, then considering an installment loan is a great move. For more information, you can visit this helpful page and learn more about installment loans and how they can help to support you and your family while you make this transition. The main benefit of getting a small loan at this time in your business’s development is mainly about taking away your stress. If you are stressed out about money, you will not be thinking clearly enough to make smart business choices and will feel the effects of this down the line.
The spark of inspiration
Behind every good business needs to be a good business idea, as this will form the backbone of your company and ultimately decide if it is going to be a success or not in the future. Given that so much rests upon this spark of inspiration, you will need to do your research into what makes a good business idea. Some things to consider include:
- What problem will your product solve for the consumer that isn’t already on the market?
- If your product is attempting to improve on a competitor, then how you are going to make it so significantly better that consumers forgo brand loyalty?
- Will your product make people excited? If not, how can you make it exciting?
By going through and asking these questions and others like them of your product, you will be able to create something stronger and ready for the market.
Convincing the world (and yourself)
You know that your product is good, but half of the battle when setting up your business is to convince the world that it is good as well, especially investors. This needs to be evidenced in your business plan in the form of a mission statement.
Alongside very factual information about profit and growth projections, you also need to be creative and learn how to write a mission statement for your business plan. This is your chance to make the case of your product on a more emotional level, rather than a purely business one. What makes this product special?
The mission statement should be short and sweet, so you are going to need to do several drafts to make sure it is perfect. Once you have done this, you can later use the statement on your website and promotional material to help customers better understand the passion you feel for your product, and get them to develop a personal connection to your brand (which is something that has been proven to be increasingly important to modern consumers).
It’s not what you know, it’s who you know
Setting up for the first time means that you are going to need to make all your professional contacts from scratch. The best way to do this is to find relevant networking events to attend and get chatting to other professionals for help, advice, and potential partnerships.
In order to get this right, you need to brush up on the do’s and don’ts of professional networking.
The dos
- Take along your business cards with contact information on
- Wear something smart
- Ask questions of the people around you and be an active listener
- Always be polite
- Always follow up by getting back into contact with the people you meet
The don’ts
- Never interrupt someone when they are talking
- You should not just walk up to someone, hand over your business card, and begin a prepared speech as this will never go down well
- Never be late
Think about image
Last but not least, you need to consider why is branding important for your business. Branding is the identity your company has to the world and is how consumers will first begin to build a relationship with you.
If you want to get this right you will need to hire a graphic designer to do your logo and a website expert to make sure you have a strong and cohesive online presence.
