Starting a new business can be a very daunting process, especially when you do not have much experience with it. There are hundreds of items to consider and finish before you can even open the door for business. Many first time entrepreneurs are turned off by the thought of taking care of these items in the checklist. However, with proper knowledge and careful planning it is possible to not only get started but also get a head start to building a long lasting business. Here are some tips to help you focus on the most important tasks in starting a business.
Market Research
One of the most important things to consider when starting your business is defining your target audience. You should be able to create a profile of what your customers look like based on key demographics i.e. age & gender. This will help you create the right type of branding and messaging to entice people to buy your products and services.
This can be done by analysing the users who are showing interest in your brand on your social profile. If you haven’t created a social media profile yet (if not, do it now), then you can always do a bit of old fashion market research.
Defining Your USP – Beat the Competition
This is one of the key ways to beat the competition. By defining your USP (Unique Selling Proposition) you can use this in your messaging to attract new customers and overtake your competitors sitting in the same or similar market as you. This can be anything from offering Free Next Day Delivery to Cheaper Rates. Try to think about what competitors are doing and how you can drive customers that currently use their products or service to your business.
Get Online
Having an online presence is one of the most important steps when starting your new business. Hubspot’s ‘12 Mind-Blowing Statistics Every Marketer Should Know’ post reveals that 788% on internet users conduct product research online. This makes it very imperative to have a website that details your offerings whether it’s a product or service. A massive majority of people are online now, so make sure when people are looking around, it’s you they find and not your competitor.
If you do decide to create a website (which you should), look into things like the importance of SEO to ensure you are at the top of Google or any search engine’s results page. Again, some of your competitors might not have considered this stuff, so this gives you the opportunity to become the authority in your online market.
Accounts – Bills, bills, bills
Hiring an accountant isn’t just about making sure your bills are paid on time, accountants can also help you identify your bestselling products/service. Using this information will allow you to create a strategy to increase your product growth and in turn, your ROI (Return On Investment). Don’t just pick any accountant. Do a bit of research to make sure you find an accountant that suits your business size and has experience in your industry.
Healthcare
This is one point which not a lot of new business owners think about. Whether you have a team behind you or you’re a sole trader, having healthcare cover will give you and your employees much needed support. You and your staff’s health is at the utmost importance, so make sure you are all covered.
These are just some of the many considerations when starting up a business, but these recommendations will help you tick some of the boxes off in your starter list. Knowledge is half the battle and there is a wealth helpful articles online to keep you right. Don’t let the stress get to you and don’t be afraid to ask questions on start-up forums to make sure everything you need for your business is in-line.
