Are you ready to delve into entrepreneurship and start your own business? Starting your business from scratch is no easy feat, especially if you do not have previous experience starting a business nor formal education in business.
To help make the process as simple as possible, we’ve compiled five top tips to starting your own business!
Make sure your business idea is a viable one
Before starting your business, it is important that you research the viability of your business idea and whether or not your business will be able to compete with the other organisations already in the market. While your business idea may sound great to you, your main product or service may not be as marketable as others already existing in the industry, or you may simply find that there is no demand for it.
When starting a business, it is important that you conduct through market research so that you can meet your target audience’s expectations right from your business’ beginnings. Your market research should include both primary and secondary sources of information – meaning in addition to finding information online, you should also speak with individuals who you feel have a strong understanding of your business’ market or industry, and have advice to share with you.
Start with a business plan
Your business plan is often the core of your business, as it gives you a guideline of all of your business’ operations – from your initial goals and expectations, to your expansion plans a few years down the line.
Your business plan should contain a whole range of information, including:
- An executive summary (what your business is and why it will become successful)
- A company description (how your business will be run and structured)
- Market analysis (research regarding your business idea and the industry in general)
- Plans on your organisation and management (who you will work with at your business – both internally and externally)
- Information of your products or services (a more detailed description of all the services and products you hope your business can provide)
- Funding (who will be funding your business and any funding requests)
- Marketing and sales (your campaign plans for your business’ products and services)
- Financial projections (how your business will be making money and your profit forecasts)
Manage your finances and budget
Without accurate financial planning and budgeting, your business won’t even be able to start, let alone start making profits. Business owners often underestimate the cost of starting a business, as while it may sound simple on paper, there are many production costs to factor in. From taxes, to employee salaries, to material sourcing costs, starting a business is an expensive endeavour.
To make sure that you have the finances available to start your business, and operate it sustainably (at least for the first year), it may be helpful to work with a business accountant and sort out your budget. An accountant may also help you with bookkeeping and filing your taxes.
Keep our top three tips in mind and the grand task of starting your business will surely be an easy and smooth sailing one!