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What Are the First Steps when Starting Your Own Business?

What Are the First Steps when Starting Your Own Business?

The Coronavirus pandemic has been tough on us all, causing thousands of us to be rendered redundant by the economic ramifications that followed in its wake. If you’ve been deemed non-essential recently, or have just spent the time over lockdown reexamining your life and what matters to you, it might be time to start your own business.

Hundreds of people are starting up new businesses every day and we live in an age in which setting up shop and getting a foothold on a new industry has never been easier thanks to the internet and social media. However, just because starting a business might be something you’ve always wanted to do, you need to make sure you are properly prepared.

Make Sure You’ve Got Something Worth Selling

This should go without saying really, but a business is not a business if there’s no product or service at its backbone. Even the largest companies in the world set out of the gate with a product or service in mind and there is no point starting a business if it’s not for something that people will be willing to pay for.

Do Your Research

Doing market research should be one of your first steps in setting up your new business. You have an idea and something you think people will want to buy? Great! But what is the competition like in your sector? Do some thorough research into your market and how your company is going to fit into it. You don’t want to flat-out copy the competition, but you might be able to learn from their mistakes.

Choose Your Partners

You might be going solo as you start up your business, but if you have larger ambitions then you’ll probably want to partner with a fellow entrepreneur in your new venture. Good friends don’t always make good partners and the same goes with family members. Take some serious time to pick your partners and don’t pull that trigger until you are 100% sure they are as enthusiastic about the business as you are! Don’t be afraid to put yourself and your business first and make sure whoever you work with will be a good addition to the organization.

Sort Your Suppliers

Every business requires a supply line to function. Even a small hairdressing salon, for example, will require links with local and national salon suppliers to source their shampoos, styling equipment, and PPE. It is always a good idea to ensure you have this line in place before pressing forward with your venture. You might even consider shopping around to make sure you can find a good deal, and a backup supplier that will deliver quickly just in case you run out.

Planning

Your business plan should be your bible and your blueprint that guides your company through the initial stages. This will include financial planning. Will you need financial reports and to court investors? Of course, not all businesses require a lot of capital to get started but there’s always going to be at least some initial investment. Will you go for crowdfunding or angel investors? Or will you be applying for a small business loan? Thankfully, there is a wealth of options to consider. Being aware of your different options and any government grants that might be available to you ensure your well prepared is a must before you try to jump into starting your own business.


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by Lottie Pritchard // Lottie Pritchard is a contributor to Businessing Magazine.

Opinions expressed by contributors are their own.