Starting and running a small business gives you the chance to fulfil a long-held ambition. It gives you the opportunity to be your own boss and reach customers with a worthwhile product or service.
To start a small business the right way, you need to take the right approach. Start by thinking about what you want your business to look like and think about what need you want to fulfil.
Create the Business Idea
You have a business idea that you want to run with, but you need to hone it to make it successful. When you do this, you can create an offering that’s both profitable and appealing to your target market. When you’re honing your business idea, it’s important to think about your customer at all times. Carefully consider how your business will fulfil a specific need. If your business isn’t offering anything different, then how is it going to succeed?
Choose a Name and Legal Structure
Once you have a clear vision of what you want to do in business, it’s then time to choose a name and legal structure. If you’re setting up a business by yourself, do you want to create a limited business? Or are you looking at another legal structure such as an LLC or an S corporation? Seeking legal advice from a trained professional will help you to establish which structure is right for you, and your new small business.
When you’re selecting a name for your business, try to think of one that has a clear purpose. A good name is going to signal to customers what the business offers, and what it’s about.
Top Tip: Make sure your business name is easy to read and easy to pronounce. Also, make sure that it’s not offensive. A poor business name can put customers off, so carefully consider what name you’ll use.
Understand Who Your Target Market Is and Start Marketing
All small businesses need to have a target market to survive. To establish who this is, you need to carry out market research. Once you’ve established who your target market is, you can then shift your focus onto marketing and reach.
For marketing to be effective you’ll benefit from reaching out to a digital marketing agency, especially if you’re starting a business in a competitive industry or sector. A marketing agency can help you formulate a marketing strategy. A strategy that will cover which channels and mediums to use (and why) is essential for all new startups.
Research Your Competitors
Your business will have both direct and indirect competitors. It’s important to research your competitors. Find out who they are and how long they have been in business. Also, find out what their USP (unique selling proposition) is. Understand your competitors and learn from them.
Top Tip: Start networking as soon as you can. Once you’ve decided to launch a new business, you need to start networking with other professionals and business owners. They have knowledge, awareness, and contacts that you can utilize. You’re never alone in business, even as a small start-up, so get out there and start making those connections.
