The last few months have certainly been unprecedented. Individuals and businesses have had to adapt to a new way of life with constantly changing guidance whilst making decisions on homeschooling, who to isolate with and in some cases coping with grief!
It’s not been easy…
But on the bright side, the global pandemic has allowed people the freedom to pursue their business ideas, think about products and services that could be needed and discover skill sets they did not know they possessed!
If that’s you, check out our 6 handy tips to help you whilst you think about starting your small business. You can download the FREE PDF at the bottom of the page.
1. BRAINSTORM YOUR BUSINESS IDEA
The first question to ask yourself is: What do you want out of this project?
Maybe you want to become an entrepreneur and create your own source of income, or perhaps you want to monetise a hobby or skill you’ve already got. Is there a service that you think is missing from the market, or one that you can improve?
Whatever your reasoning is, you need to have one. Motivation is the key to achieving success.
2. MARKET RESEARCH
Market research is everything. Scout out your competition and find out what they are doing to get a sense of how your business will fit into the market.
This may even give ideas on how you want to position yourself as a brand to make you stand out from the crowd.
3. WRITE A BUSINESS PLAN
Your business plan should take all of the questions from the initial brainstorming stage, and answer them with the market research you carried out in the second stage.
Make sure you cover these points in your plan:
- Title Page
- Executive Summary
- Business Description
- Product Or Services
- Market Analysis
- Sales And Marketing
- Management Plan
- Operation Plan
- Financial Analysis
- Appendices And Exhibits
4. SET UP A BUSINESS LOCATION
Your business location is the heart of your operations, so finding the right place is key. It also depends on the size and scale of your business. Whether you have a home office, a private or shared office, a physical retail location or you hot-desk, be sure to pick the best location to maximise productivity.
5. BUILD YOUR TEAM
Unless you’re looking to run a one-man show, you need to build your team to help you carry out your vision and build your business. You need a reliable team to delegate to.
6. PUT YOURSELF OUT THERE
A unique logo, distinct brand colours and tone of voice will help to distinguish you from your competitors. Keeping the consistency across all customers touch-points is how your audience can identify you.
Build a user-friendly and informative website to serve as a central hub for your audience and anyone interested in your business to visit and find out more about the products or services that you offer.