Starting a business can be an overwhelming endeavor. There is so much to do from coming up with a solid plan to finally executing it. But it is actually quite a manageable affair. UHY Hacker Young group reports that around 726,000 start-ups were created in the UK in 2020. That is a 14% increase from the previous year, far outpacing the global average.
Starting a business is not a challenge, the challenge is starting a successful one. In this article, we will cover some of the basic steps you need to follow to become a business owner. Hopefully, by the end of this article, you will have a better idea of what to do, and the task in front of you won’t seem as daunting.
Business Plan
A business plan is like a blueprint for your business. It helps you map out the key details of your business, such as your target market, competition, and unique selling points. It also helps you set goals and create a plan to achieve them.
Creating a business plan can appear intimidating, however, it can be manageable by conducting research on your desired industry and potential competitors. This research can help determine your target audience and differentiate your business.
Once you have a clear understanding of these key details, you can start outlining your plan. This should include information on your financial projections, marketing strategies, and operational plans. Make sure to be realistic and specific about your goals.
It is important to remember that your business plan has to be a document. You should review and update it regularly as your business grows and evolves. It’s okay to not have all the answers right away, it’s normal to start with what you have and continue to add information as you progress.
Legal Structure
When it comes to legal structure, there are several options to choose from, such as sole proprietorship, partnership, LLC, and corporation. Each has its own set of advantages and disadvantages, so it’s important to choose the one that’s best for your business.
A sole proprietorship is the simplest and easiest structure to set up, but it also means that you’re personally liable for any debts or legal issues the business may face. On the other hand, a corporation offers more protection for the business owner, but it also comes with more compliance and reporting requirements.
It’s important to understand and comply with all the regulations that apply to your business. This could include tax laws, labor laws, and environmental regulations, among others. If you don’t comply with these regulations, it can result in hefty fines and penalties.
It’s a good idea to consult with a lawyer or accountant to help you choose the right legal structure and ensure that your business is in compliance with all applicable laws and regulations.
Creating a Business Profile
Having a business profile on online directories, search engines, or social media platforms is a great way to build an online presence for your business. This can help potential customers find you and learn more about your business.
There are various online directories available for free where you can list your business, which can be useful for reaching out to potential customers. We Get You Found is one such directory based in the UK. As a new business owner, make creating an attractive profile on such platforms a priority.
When creating a business profile, you’ll need to have some key information ready, such as your business name, address, phone number, website, and a brief description of what your business does. Ensure that the information listed is accurate and current. Including visuals such as images or videos can effectively showcase your products or services.
Designing a website
Having a professional-looking website is crucial for any business these days. It serves as a platform for customers to learn about your business and access your products or services. Even Linkedin reports that 79% of entrepreneurs with a business website expect to grow by at least 25% in the next three to five years, as opposed to 64% of those without.
When designing a website, you’ll need to choose a website builder, select a design that matches your brand, and make sure the website is easy to navigate. It’s crucial to optimize your website for search engines to make it easily discoverable by potential customers.
You can either design and develop the website by yourself or hire a web developer to do it for you. Either way, make sure that the website is mobile-friendly, secure, and loads quickly. Statista reports that mobile devices now account for 59% of web traffic. Therefore, if you don’t optimize your website for mobile, you will not only lose customers, but it will also rank lower in Google search results.
Marketing
Marketing is essential for any business, as it helps you reach your target audience and promote your products or services. When developing a marketing strategy, you’ll need to identify your target market, choose the right marketing channels, and create content and messaging that resonates with your audience.
There are various ways to market your business such as social media, email marketing, and influencer marketing. You can also use traditional methods such as print advertising, billboards, and events. Online marketing definitely seems a lot more lucrative nowadays, but you should also know that according to Zippia, 82% of consumers trust print ads more when it comes to making a purchase decision.
You can test different methods and see what works best for your business. The key is to stay consistent and be creative in your approach. With a well-crafted marketing plan, you can reach more potential customers and increase your revenue.
Starting a business can seem like a daunting task, but by following these steps and breaking them into small goals, it can be done. It’s important to remember that your business plan is a living document and to consult with professionals when needed. With the right approach and consistency, you can increase your chances of success.
