Starting your own business is exciting but also very stressful at the same time. There are so many things you need to get sorted before launching to make sure you create the biggest impact within the industry and have people coming to you instead of your competitor. Once you’ve thought of your business ideas and are ready to proceed, next, you will want to put together a plan and start thinking about your key components to your business. Below are five things to think about when starting your own business.
What accounts package will you use?
Keeping your finances in order is very important when launching your business, let alone when your company has been going for a few years. Before launching, research some of the most popular accounts packages and sign up for one. Most packages do cost however they will help you keep track of your expenses, invoicing, and sales. If you have a chartered accountantc, you can allow them access to your accounts package, making it easy for them to help with your end-of-the-year tax return.
What is your USP?
When setting up your own business, you want to be able to take the lead in a competitive market. Ask yourself what is special about your services or product and what unique selling points you offer over other competitors. The stronger your USP, the more likely your target audience will appreciate your product/service and come to you when they need help. If you don’t have anything unique, you have to think about why people would come to you instead of your competitor. If you can’t think of anything, brainstorm a few ideas to improve your offering.
This is extremely important and should be one of the first things you tick before launching your business. Make sure you understand any laws that you need to abide by and require any licenses to sell – for example, an alcohol license if you sell alcohol. The last thing you want is a legal battle because you haven’t followed the correct rules. If you aren’t sure, make sure you contact an expert as they will be able to give you an audit of what things you need to be signed off before you can sell or offer your services.
Have you thought about your website?
A website is key for any business, no matter your offerings. Before launching, you have to consider what content you will have on your website and the type of website it will be – whether that be an eCommerce or a brochure site. Websites don’t have to be expensive, companies like WIX offer templates where you can build it yourself. If you don’t feel comfortable trying it yourself, you can hire a professional web developer to design it for you. A website is important for growing your business and targeting different audiences.
Will you need an employee?
When launching your business, will you require employees from the off? If so, how will you find the best employees for your business, and how many will you need. Try not to overestimate as the more you employ, the more overheads you will have, costing you more. It is also worth remembering that you will need to have the correct insurance to cover yourself and your employees and the taxes you pay to employ them.
Opening a Business Bank Accounts
You could argue a bank account is the most important elements for a business; after all, with no bank account, how can you charge your customers? It is essential that you don’t use your own personal account when setting up, instead, open up a business bank account. This way you can keep track of your income and expenditure easily without having to work out what is personal and what isn’t. Most business accounts do cost a small fee, however, in the grand scheme of things this isn’t much at all and will really benefit you.
How are you going to market yourself?
Google ads, bing ads, email marketing, and referrals – there are many ways to market yourself, the question is what is the best way for you? If you are an eCommerce business, you may want to use Google or Bing Ads to target specific keywords to boost sales and let people know you have launched. If you are a service business, you may want to advertise in the local paper or local radio. Neither options are wrong; however, you will want to factor in the costs as you will need to budget for your marketing campaign.