Anything starts with one small idea. Combined with passion, hard work, and perseverance, that can turn into a reality. The same goes with starting a business.
Some small entrepreneurs with bright ideas often ask, ‘what is the first step I need to take in order to start that business?’ You’re in luck!
We have created an ultimate checklist for starting a business to help answer this question. Follow this guide and you will feel safer and more confident about your decision to start a business.
Know Your Unique Selling Point
Try to understand what is your unique selling point, or USP. What is different and unique about your idea? Your business should not just be one of many, but a different offer that is either not available, or not available, in the same way to the same group of customers.
This is vital because all customers are different, and need different things, so you need to identify what your target market needs and what you can offer them that no one else can. Your USP is the unique value you add to your target market. This is what makes your business different and what will make you succeed.
Find a Business Mentor
Business mentors can be extremely valuable in helping you decide on how to create your business, how to grow it, and how to make it profitable. Most importantly, your mentor will teach you the way that they have succeeded in the industry. This will save you time and money because you can learn from their experience, rather than making the same mistakes that they did.
Device a Business Plan
Having a business plan is vital to the success of your business. It will show you exactly how your business will be structured, what you are going to do, and when you are going to do it. A business plan will help you to know exactly where you are going, and what you are going to do when you get there.
Apply for a Business License
You will want to apply for a business license in your local area if they require it. This license shows that your business conforms to all the local area requirements. This will save you time and money and much hassle further down the track.
Register Trademarks
Once you have developed your business plan, you will want to then apply for trademarks on your business name, your business logo, and your product or service names. This will protect your business so that you are the only person who can use that name or logo.
Once you have registered your trademarks, you will want to ensure you enforce them. This means that you should take any steps necessary to ensure that no one else can use your business name or logo without your approval.
Set Up a Business Bank Account
You will want to set up a business bank account that separates your business money from your personal money. It is important to keep your personal and business money separate for tax purposes and for your business finances, in case things don’t go as you have planned. There is a higher chance that your business debt will be added to your personal debt, and your personal assets will be used to pay debts in your business if you don’t separate your business from your personal account.
Set Up a Business Structure
The first thing you need to do is identify who is going to work with you. Do you need employees, and if so, how many? How do you want to structure your business so that your employees can be legally employed?
Even if you intend to be a one-person business, you still need to set up a business structure. Even if you just want to be self-employed, you will still want to ensure that your income is protected.
Leverage on Digital Marketing
Marketing is the lifeblood of your business. It is how you communicate with your customers and potential customers. Marketing is what draws your customers to your business and what convinces them to buy your products or services.
You can start by creating a website for your business, and then developing a social media campaign for that website that reaches your target market. You should also consider using online advertising platforms to expand your reach.
Conclusion
Building your business from the ground up is hard work. However, if you follow this ultimate checklist, you will feel calmer, and more confident and you will be able to make educated decisions that will help you to succeed. At the end of the day, if you love your idea and you love what you do, you will have a head start on other entrepreneurs.
New Business Centre can help you build your business for success, including small trades, manufacturing, professional services, and startups. Let us take away the how’s when starting your own business. Get in touch with us today to get started!
