Every business, no matter how large and successful, starts with an idea. But it takes more than just an idea to make it all a reality.
Business planning can be a long process requiring different skills, resources, and time to make it work.
If you’re in the early stages of planning out your business, then you’ll want to set things up the right way from the start.
Here are 5 essential steps to get your new business up and running.
Determine Your Unique Selling Point
Your unique selling point (USP) is what makes your business different from the rest. Look at your competitors and decide what you do differently or in a better way, which is why customers should choose you. If you don’t have a USP, then you may struggle to get sales.
Create Your Business Plan
A business plan focuses on what you’re aiming for and working towards, and it’s vital to getting finance if you need to approach an investor or a bank. Your plan should map out your vision for the business. While there are various different elements that you need to think about when putting together this plan – from company spending to customer retention, you should also make room for your marketing strategies. After all, without effective marketing, your business will struggle to stay afloat.
Thankfully, putting together an effective marketing plan that draws in customers has never been easier, thanks to social media. Carefully curated content, market analysis and online-design tools mean that just about anyone can put out social media content that will help get you noticed. However, while growing your social media presence is important, you shouldn’t discount online ads either – especially when they can be sent out on social media (where let’s face it, we spend more of our time). For example, if you’re aware of the fact that your target audience uses Facebook frequently, then you could work alongside a facebook advertising agency to send targeted ads directly to their feeds. This makes it easier for you to connect with potential customers and generate interest surrounding your company, brand, or products.
Calculate Costs and Profitability
You want your business to be profitable. Not all businesses have a turnover right away, especially if large or complex equipment is needed upfront, such as oil drilling tools or getting inventory to start. But you will be fine as long as you can calculate that your business will make money eventually.
Register Trademarks and Domains
Your website is your business’s home base and where your customers will first interact with your company. Get the domain name you want and a matching email address.
Remember to get any trademarks or licenses at this stage too.
Choose Your Business Structure
Do you want to work as a sole trader and register for taxes that way? Or will you have employees and register the company as a limited liability company? There are a number of options for your business structure, so consider talking with an accountant to review the different financial implications for each type of setup.
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