Starting A Business? 7 Things You Must Do
So you’re starting a business, let’s get right into the 7 things you must do. First of all, it is important to not only look good but to actually be good in business. There are so many companies out there that look like they are crushing it, yet they’re crumbling on the insides. Everything from their finances to the way they organise and structure their business.
Like having a great looking plane, without the laws of physics, you won’t be able to get it off the ground. No matter how hard you try.
This applies to any business, without following these fundamental laws for starting a business it will be a struggle to grow. Which impacts heavily on blooming into a long-lasting, memorable and reputable company. Below I have listed the 9 most important laws for starting a business, ignore them at your own risk.
1. Do Your Research.
Know what you’re going into, make sure that your business idea is applicable and refine it if you need to. Thoroughly check out the market you’re going into, the industry, competition, location, you name it.
If you hit your business with tough questions now you will avoid it later and you’ll be glad you did. Simply by asking yourself some of the following questions whilst in research mode:
- Will I still want to do this long term?
- Am I doing this with the right people?
- What has made me want to start this?
- Am I able to afford the running costs before I profit?
Doing that now instead of spending all of your cash after 6 months in will save you a headache in the long run.
2. Choose Your Business Structure.
This is where you decide how you would like to structure your business legally. There are a few types of structures when starting a business, which may be different depending on where you’re from. There’s also pro’s and con’s to each structure, so make sure you read through them properly. This ensures that you make the correct decision when registering your business.
3. Create A Business Plan.
Forming a business plan is something that very few people actually do when starting a business. Even though it’s the most crucial thing for a company’s lifespan. Around 80% of businesses fail in their first 18 months. This shows that most people don’t know how what to do when it comes to starting a business. Even though they are in business.
That’s the main reason I wrote this blog. A handful of my clients ask me where to get started even though they are supposedly 6 to 12 months in, how does that work? I’ll tell you how: Neither of them had a plan before they went into business.
I have linked a YouTube video from a friend of mine who shows you how to write an effective one-page business plan, the creator of Valuetainment, Patrick Bet-David. How to Write a One Page Business Plan
4. Choose A Name For Your Business.
An effective, memorable business name can be the difference between success and failure which reflects the type of business that you wish to be. Now one thing you can keep in mind is that there are many huge companies that are named in-direct to what their business offers. For example, Apple – has nothing to do with selling apples, it was actually meaningful to Steve Jobs at that specific time of him launching because he had just come back from an apple farm, and thought the name sounded “fun, spirited and not intimidating.”
When it comes to choosing a name towards starting a business, start-ups need to have a careful approach to both marketing and legal purposes. Landing on an ideal business name will prove to be your most powerful vehicle for branding. However, naming your business requires a lot of consideration since you will be planning to have it for the long run so be sure to keep that in mind. It will be your business identity, make sure it sticks.
You will also need to check that there’s a domain name available matching your business name. For those who are unsure, a domain name is www.(Your Domain Name).com for example. I speak more on that further in the post.
5. Get A Professional Brand and Logo.
Creating an identity that resonates with people keeps the relationship that’s at the heart of a successful brand when starting a business. The reason why I said professional is because it will cost you a lot to get a cheap brand put together. When marketing decisions are made for a brand, it’s important to examine the factors associated and the messages given to your ideal target market.
Your brand is more than just a logo, it is the journey and future of your business. A successful brand lives and evolves in the hearts and minds of your clients and prospects. It’s a formed set of emotions and ideas that consumers associate with your business. Remember, your brand is not what you say it is, it’s what your customer says it is. It is all about what your business means to them.
If you require Professional Branding Package (which includes a logo and all of the other important goodies to get you going) for your business or start-up, head over to LUMA Group. I am the proud owner and founder of this company, we have a skilled team that has a huge passion for helping people represent their voice through their brand. We also specialise in website creation. I will be talking about the importance of having a website when starting a business below.
6. Get A Domain Name and Website.
After starting a business and becoming visible to the world, customers will want to investigate more about you over the internet. Be sure to purchase yourself a domain name (search for one here) and definitely launch a website for your business. As Bill Gates once said: “If your business is not on the internet, then your business will be out of business”.
By owning a website you are giving your business the opportunity to inform customers why they should trust you.
- Credibility: Most people search the internet for a product or service before buying, to check the credibility. When you provide good products or services, positive word-of-mouth about your business will likely spread. Which in turn, delivers new business and repeat customers. Without a website you cannot achieve this.
- Sales: Without sales, your business is finished. By having a presence online you allow your products and services to be sold around the clock to whoever and whenever. Giving your business an online fingerprint that it deserves is also crucial to your branding. Imagine somebody hearing great stuff about your product and searching for you online but nothing comes up. Woops.
- Marketing: Once you have a website set up for when you are starting a business, you can market right from the doorstep of it. This is proving to be much more effective since it’s the way the world is advancing, old traditional ways are dying out. So look out for moving trends. There are hundreds of ways to market your business online, here’s some useful training I personally use myself.
7. Structure Your Finances.
Very important and crucial for keeping a log of everything financial when starting a business, make it a habit of writing down everything you make, everything you spend and all else in between. I use as much software as possible to automate my accounting, saves me a lot of money and time doing it this way.
Some accounting software names I can recommend are:
- United Kingdom: Xero, Kashflow, Clearbooks, Wave.
- United States: Xero, QuickBooks, Wave.
Make sure to learn as many rules as possible to avoid being stung by huge tax bills. Find a good local accountant to advise you on what is best for you and your business. It would be good to have your business plan together to take with you.
I hope I could help with these laws on starting a business, remember these and stick to them whenever you go into a new business. I wish you the best of luck with your ventures.
Tags: Starting A Business, Help Starting A Business, Is It Easy Starting A Business, Starting A Business For Entrepreneurs, Steps To Starting A Business, How To Open A Small Business, Learning How To Start A Small Business, Small To Medium Business
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