Six areas to consider when starting your own business

business startup

A Great Idea

Every business starts with great idea. Having an unique selling proposition (USP) is fundamental for a good business and an excellent starting point to build on. Whether you’re going into business with a friend, relative or simply on your own you need to be passionate about your product and or service and believe in it 100% as there will be times when your idea will be questioned so commitment and believe from the start is essential.

The Business Plan

You’re not going to get very far without one so starting planning bringing your idea to life. A business plan is essential, enabling you to determine each step your business needs to take to make it a success. Taking into account all aspects of your product, what are you going to do and who is going to do this with you. What is your vision and how are you going to achieve this and over what time period. What is going to set your business apart from your competitors, pricing structure of your product, legal requirements if necessary, business insurance etc. Market research, knowing your market is an essential element to making a business work.

Funding

You may be fortunate enough that you can fund this yourself but not many of us are so obtaining funding for your business will only be given the green light by any investor on the strength of a watertight business plan along with your enthusiasm, commitment and believe in you and your product. Funding may take time to get in place and you may have to approach several investors before you get an agreement so be prepared to shop around and get the right investor for you, someone or company that not only invests but can also give added value to your product.

Know Your Market

Having a great idea is one thing but having a great idea that will sell means you need to know the market your selling in. Analysing your marketplace is crucial. Know your competitors, look at what they’re doing and their approach, seeking advice from focus groups is a good starting point for feedback and strategy building.

Stay Positive

Knocks along the way are inevitable and facing challenges and difficulties can be a very testing time for any business but more so at the start. Staying positive when times get tough can be one of the major issues when starting a business so being realistic about your approach and time scale is important for your well being and making sure you succeed.

Getting Help

Sometimes it’s not easy asking for or accepting help, however, for anyone to succeed help is an essential part of business. Whether it’s advice from a professional or a friend that knows you’re struggling and can point you in the right direction it’s all about taking the advice and using it. It’s not a weakness to know when you need help, being so close to your business sometimes stops us from seeing the bigger picture and taking good sound advice can be very empowering!