So you have decided to start your own business. Congratulations! This will be one of the biggest challenges in your working career to date. While it can be very exciting it can also be a risky thing to do. But without risk you can’t make great things happen, right? With that in mind, I thought I would share with you some insider tips on what you need to think about when starting up your new business venture.
Think about your budget
The big question for any small business and start up is the money situation. Do you have investment or anything to start you off? You often find that some startups have little or no budget at the beginning and go on to do great things. But this is because they spend wisely and will no doubt reinvest every penny to make the business grow and become successful. It’s worth spending some time working out what you plan to do with your budget.
Think about your business plan
One of the biggest mistakes a new business owner can make is not to spend time drafting up a decent business plan. This is your bread and butter, your plan and process to grow your business. It enables you to work out what direction you want to go in, your marketing strategies and how you plan to succeed. It can highlight when money will need to be spent. The best advice would be to spend some time working on your business plan to cover all angles. They can be referred to in the future and redrafted to help you grow even further.
Think about packaging and distribution
It is all well and good having the product but what about getting it from you to the customer? This is when you do need to think about how you might package things up and get the product to the customer. You might want to really think differently about this, perhaps with an eco approach or even trying to save on the amount of materials that you use. Things like printed stand up pouches or vacuum packed options could be the way forward. You also need to think about the costs, will this be passed on to the customer or built in to the retail price. Not thinking about this could end up costing you quite heavily once you start up.
Think about how you will be heard
You have your idea, your business plan, and you’re all set with a location and tools to get the job done. So how do you plan to be heard? Most commonly you will find that some businesses have everything they can need to do a job but no way of gaining any customers. So think long and hard about how you plan to do this. Will you use social media to talk directly to your audience? Will you advertise locally or set up a website? All of which can be done online.
Think about the future
Finally, don’t be afraid to imagine what the future has in store for you and your small business. There are so many success stories out there for businesses that started at the same point you are in now. Dreaming big is not a bad thing, so think about how you will get to your ultimate goal.
I hope this helps you if you are starting up a small business.