Don’t Dream of Setting Up a Business, Do It!

By | May 8, 2012

We all dream of better things. This might be a bigger or better house, a nicer car, or a better career. It could be your dream is to work for yourself and be your own boss. You might even have a rough idea of what sort of business you want to set up, but you leave it there at the back of your mind and don’t do anything to push it to the forefront.

You make the excuses that you don’t have the time or money, you don’t know the right people, or you don’t know how to get it started, these excuse lists can go on and on. These excuses can just be due to lack of confidence as it’s a huge step to take. Once you get moving, your confidence will grow, and these hurdles soon disappear.

Do you want it enough?

If you are thinking of setting up as a self employed tradesman, want to set up a shop, be an artist etc it is likely that you have a passion for this chosen field. It is this passion that will make you succeed. There will be some days that will be draining, your new venture will play on your mind as you develop it, and you may have to invest long hours into your business. If you are truly passionate about what you do, it won’t always feel like work and you will do anything you can to watch your business progress.

First few steps…

The first stages are tough, but get it right and you won’t have to go back and repeat things and pay out more money. The very first things to do are:

 

  • Competitor research

Who are you competitors? How will you be different? Who are you up against? What standard are they working towards? Is your market going to be flooded and will you find it hard to make a profit? This initial research will give you a clear understanding of what you are up against. You need to stand out and find your niche.

 

  • Establish you budget

Will you need to approach investors? Are there any grants available? What equipment do you really need to start you business and how much will this cost? Don’t throw money away here and get carried away, purchase only what you need and really plan your money.

 

  • Find you brand

Branding in itself is an art. It can make or break a business and you must research this before investing money into logos and websites. How do you want people to perceive you? What message do you want to come across to potential customers when they see your brand? Make a list, research competitors and list what you feel works well and what doesn’t and tailor your brand to this research.

 

  • What will be your unique selling point?

What will you offer that your competitors won’t? Maybe your customer service and reliability will be outstanding, or maybe you will offer some free add on services.

 

  • Who are your goods/services aimed at, and where is your market?

Layout a clear and concise plan of what you will sell, or what services will you provide? Do you cover a wide range of tastes and customer budgets? Is it clear what you offer? Who are you aiming your products at and where will you find them? You could have a great business but have no trade because you are pushing your products or services at the wrong sort of people, make sure you research where you will fit.

 

  • Make a business plan

This is a must if you need to see investment. You investors will want a clear layout of your business over the next 5 or more years. They want to see where their money will go, and what are you plans to progress your business and begin to make profit.

Leaving the comfort of full time employment…

You might be working full time initially before leaving your current employment to launch yourself into your new venture. This can actually be a very good method, as you have the protection of as full time job to get you moving. It takes time to research competitors, find your brand, design logos, prepare a website and plan your business. During these early stages, you are far from bringing in an income, so it is an idea to remain protected in employment while you do this.

There are several companies which can really help you establish a new business and get it moving. Friends and family are also a good source of motivation. If you want it enough, you will put in the work. There is nothing as satisfying as seeing your business grow and those initial sales are very boosting. Take these few initial steps and you will have strong business foundations.

About the Guest Post Author: Kirsten works for WhoIsHostingThis which is a base for hosting reviews, provided by real users. They gather reviews from customers using a wide range of hosting companies such as one.com