As a new year approaches, for some of us that means embarking upon new and exciting business ventures. You’re talented and you feel a little wasted doing admin at your office job. You have a passion, and you’d like to make it your profession. Often trying something a little different and getting out of one’s comfort zone is what we need to progress and therefore succeed.
Starting your own business can be an intimidating process requiring lots of hard work. It has been something you’ve been toying with day and night, a whole new world at the back of your mind. Perhaps you’ve always dreamed of opening your own shop or consulting firm, or maybe you need a drastic change in your life.
So you’ve got an idea in mind but you don’t really know where to begin with setting up your small business. Taking the plunge can be a little frightening; it means making the active choice to change up your comfortable normality, often meaning taking risks which can make us anxious. These are totally normal emotions, in fact, if you weren’t having concerns, that would be a worry. Businesses don’t always blossom into fast growing profit pits right away. It takes time, planning, practice and nurturing.
So, what can you do to ease the stress? Here are a few tips and tricks that we think will help you in the process of starting up a small business:
- Do your research. Compare yourself with brands or companies that produce similar products or provide a similar service. If you’re convinced that you have a unique selling point, research will ensure that you really do.
- Use your trusted friends and families to see what the think of you business idea; why not send out a survey to find out an anonymous survey to find out how many people would buy your product or use your service?
- Evaluate yourself and see if you have some the typical traits of an entrepreneur. Are you motivated, able to adapt and confident? Are you resilient?
- Use your talents. Whether you paint, draw, sew, knit or bake, utilize this creativity for your small business. Sometimes simple can be most effective.
- Don’t just start a business because something is cool right now and you think commercializing it will make money. Develop a business concept that you’re passionate about, something that is personal to you and won’t grow old. If it’s related to something that you have experience with, your passion won’t fade easily. From there, develop a product or service that you believe can enhance the people’s lives.
- Once you’ve settled on an idea, figure out how you can make it become a reality. Is the product or service something that people want or need? Can you make a profit selling it? Does the product work?
- Make a business plan. A solid business plan will guide you going forward, even if your plan is simple and straightforward. This will also be necessary for presenting your idea to potential investors.
- Register your business’ name and have it trademarked to secure a domain name.
- Make a budget. Once you determine how much money you’ll have to work with, figure out how much it will take to develop your product or service and create a marketing plan.
- No matter the size of your business, you must keep an accurate record of what materials are being delivered, what is being manufactured, and what products are being shipped to avoid becoming overwhelmed. This is often easier said than done, but small business inventory management allows this to happen in a timely fashion.
- Your company website should present the personality of yourself and your business clearly to draw in appropriate leads. The website may link to your company’s online shop, which should be easy to navigate.
- Nothing screams ‘professional’ like your very own business card. Your business card is a representation of yourself as well as your company. The design and cleanliness of your card explain the personality of yourself and your business indirectly. Therefore, it is very important to keep your business card creative, clean and clear to give people a good first impression.
- Use your support system. Whether your support are your family or your friends, use them for support as well as distraction during your new journey.
Businesses are communicating with consumers in more diverse ways than ever. In an increasingly digital world, now is the time to take that idea you’ve always quietly kept to yourself and take it to the next level. There are so many tools available to help you on your journey so no need to stress. Good luck!