Have you been thinking about starting your own business but don't know where to start? Are you ready to get started but worried about the things you don't know? Don't let your fears stop you from realizing your potential.
There is no better time than now to get started and get planning. Allay your fears by starting the planning process. You are not going to know everything. However, by planning and doing research, you will be able to assess, re-direct or push forward and make your dream a reality.
Let us help you with our starting a new business checklist.
Business Basics
First things first, set some time up to develop your business idea. It is important to sit down and really think about what you want it to be, how you envision the product or service and what you love about. Is the idea a good one and have you gotten feedback from others? Is someone already doing it and how are they doing? Can you do it and do it better?
Other things to consider are where will you set up business, will you be doing it on your own or with a partner and how do you want to legally set up your organization.
Really dive into what you want your new business to evolve into and it will help guide you to the next steps.
Research
Doing your due diligence when it comes to starting your new business is key. Find out everything you can about the market, the competitors and how you will fit into your niche. How is your product or service perceived in the industry? Also, find out how your competitors are perceived. What are they doing right or wrong?
Focus on your target market. Who needs your products and why? How does your product appeal to your market? What will make your product stand above the rest?
Consider as much as you can when planning the launch of your new business. The more you know will help keep you on track and focused on your goals.
Branding
Branding is a very important aspect of your product or service. It is going to help formulate how your potential customers see your business. Keep your product and target audience in mind when creating your branding. This includes the colors, tag lines and any icons used in your business logo.
First and foremost, you want your branding to be appealing to your target customer. Get feedback from friends and families and incorporate your favorite ideas. Really consider your packaging, if applicable, and how it will work with your color scheme and logo.
Finance
When it comes to finance, make sure you set up your organization correctly from the beginning. This will help you avoid headaches in the future. Consider how you will track your income and expenses and what bookkeeping platform you will use.
It is a good idea to do research on the different platform apps to process sales and if needed, a Point-of-Sale System to help you manage your income. It is important as a business owner to always know the state of your business' finance - every single day.
Marketing
Marketing is important to any business, including yours. A marketing plan will help get your business in front of your target market and bring customers to you.
Marketing can be overwhelming. There is social media marketing, grassroots efforts, SEO, and Website and so much more that can be part of your marketing plan. Make time to focus just on marketing. Consider what social media platforms you want to use. Decide how you want to get the word out about your new business. Always be open minded when it comes to marketing. Some things will work, and some won't, be willing to re-direct or switch gears and keep moving forward.
We can help you, check out our Services: Marketing
The Plans
Every business has "plans". There is a marketing plan as we previously mentioned but there is also a Business Plan and an Operating Plan. Both are must haves for your new business.
The business plan is a living document that details everything about your business. This includes what the business is, the mission, owners, etc. It also includes projected income and expenses and potential profits. When you are first starting out, it may be hard to do projections, but do some research on the current market and make reasonable assumptions. As your business grows, you can update future projections using real data and trending.
The Operating plan defines exactly how your business is run. It defines how each department or group contributes to the overall goals of the company. The operating plan also lists out detailed information on the tasks and assignments required by departments and groups. As you grow, each department may have their own operating plan that rolls up into the company's overall plan
As a side note, creating an operating budget will help to keep eyes on the income and expenses. The operating budget will let you see how much money is needed to break even and help with goal setting.
Get Started
Starting your own business is not going to be easy. Nothing great ever is. Just remember to stay focused on your goals and to plan. Doing your due diligence before jumping in will help you navigate each step in getting your business up and running
If you have any questions or want to learn more about Reliance Enterprises and how we can help you, feel free to comment below or email us at solutions@reliance-enterprises.com. We look forward to hearing from you.
Warm regards,
Natalie & Michelle