1. Know what you do. Do what you know

Don’t just start a business because something is in vogue and you think commercialising it will make money. Develop a business concept that you’re passionate about related to something that you have experience with. Businesses built around your strengths and talents will have a greater chance of success. Always keep in mind that success won’t happen overnight. It’s going to take some time before you make a profit.

  1. Write a business plan

Writing a business plan allows you to think more clearly about what you’re doing and where you are going. Putting the plan in writing helps you focus and develop ideas. Your business plan should include a mission statement, a company summary, an executive summary, a service or product offerings, a description of a target market, financial projections and the cost of the operation.

  1. Establish a budget

Budgeting is simply balancing your expenses with your income. Do additional research and find out the standard cost factors within this industry. Once you determine how much money you’ll have to work with, figure out how much it will take to develop your product or service and create a marketing plan. Following a budget will also keep you out of debt.

4. Determine the legal structure

Of all the choices you make when starting a business, one of the most important is the type of legal structure you select for your company. Settle on which form of ownership is best for you: a sole trader, a partnership, a limited liability company, a non-profit or a cooperative and so on.

  1. Select a business name

Your name is your first step toward building a strong company identity. Decide on a name that best suits your business. Don’t pick a name that is long or confusing. Once your decision is made then check to see if the domain name is available online, as well as if it’s free to use in your county. To avoid selecting a name that is already in use check companies house to see if it’s been formed and also check the domain name. PL1 Web Design will be certainly happy to help to see if your desired domain name is available on 01752 296 666

  1. Deliver the product or service fast

Perhaps the most important issue that customers concern about is time. Your business is a work in progress and if you launch your product or service quickly, you will be able to build a community of customers who can provide valuable feedback that can help you improve the offerings and if you already have customers, be sure to hold on to them by providing new products or services. Once you land a new client, be sure to go above and beyond the call of duty for at least the first month.

  1. Find the right employees

Hire people with skills and personalities that are the opposite to yours. They’ll challenge you and will bring different skills and talents to the business that you don’t. Even though it’s your business, you need qualified people to complete the work. Delegate attainable tasks to employees. This is all about effective management.

  1. Choose a business location.

Select a location that best fits the needs of your business, Your location should be consistent with your particular style and image. Consider how accessible the facility will be for everyone who’ll be using it—customers, employees, and suppliers.

  1. Prepare for meetings

When preparing for a meeting with a client, read up on everything that’s available, steeping yourself in information about the industry, that firm’s employees and its competition. Decide where and when to hold the meeting and confirm availability of the space. The meeting space helps to set the tone.

  1. Network

Don’t be afraid to get out there and show your face to the public or network online, using platforms such as Twitter. There is a great Business Networking event every Tuesday called #Plymouthhour www.plymouthhour.com  Its free to use and a great way to meet other local businesses. Interacting with people is a big part of the job. Your business may gain new customers because you made them feel important. Potential customers want to know as much about your business as possible and they should be able to quickly access that kind of information on your website.

 

 

10 Top Tips When Starting a Business
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