If you’re starting a small business from scratch, there are an abundance of things you’re going to need to do before you really kick off and get things going. However, there are a few things that are more important than others and may be able to give you a bit of a head start. Below, you’ll find 10 things to do now if you’re starting a small business from scratch. Take a look:
1. Figure Out What You’re Best At
First, you need to be willing to do an honest evaluation of yourself so you can figure out what you’re best at. Knowing what you’re best at will ensure you do the things that only you are able to do in the business – especially important when certain things may need a human or personal touch. Identifying your strengths and weaknesses can be hard, so don’t hesitate to ask friends, family, and people you’ve worked with. You don’t have to be close to these people – they should just be people whose judgement you trust and who you believe won’t sugarcoat things.
2. Know What You Need To Outsource
Knowing what you need to outsource will usually become apparent when you’ve identified your own strengths and weaknesses. Outsourcing can mean freeing up time that you would have wasted elsewhere, without needing to make a permanent hire. When you’re just starting out, hiring people can be risky. This is why outsourcing can be so effective.
3. Create A Business Plan
Creating a business plan isn’t the most exciting part of starting a business, but it’s important. This is how you know where you want to go with the business, where you expect it to end up, and what you’ll do if things don’t really go to plan. You may also want to show it to people who have an interest in investing in your business – although that may only happen if you go looking for funding or someone to buy it from you. Either way, you need to ensure your business plan is clear and readable with accurate facts and figures to back up what you’re saying. It shouldn’t be too long or full of jargon, though – remember, people might actually read it, and you may want to look back on it to make improvements later on.
4. Get Insurance
Professional liability coverage from simply business could be crucial if you’re planning on hiring people. You need to make sure that both your team and the people you employ are protected. One of the only ways to do this without going bust can be insurance, as well as proper training to ensure that neglect and carelessness aren’t to blame for the issue.
5. Do Competitor Analysis
Competitor analysis will give you a good idea of what you should be doing and what’s working in your industry. You don’t want to copy any businesses in your industry – you need to innovate, not copy. However, you do need a good knowledge of your competitors so you can differentiate yourself and attract your audience in your own way.
6. Know Where You’re Going To Get Your Funds From
You can self fund your business, turn to friends and family, or look to different kinds of investors. You could also look into a bank loan, business credit cards, and other lines of credit to get you going. There’s no one way to do things, as it all depends on how much you need to get started. You’ll want to weigh up the pros and cons of each option so that you can pay the loans back or meet the terms of the investment agreement. An investor may want a percentage of your business, for example.
7. Figure Out What You Need In Your Team
You’re going to need people on your team who bring something different. You don’t just want a team full of people just like you who will act as your echo chamber! Make sure you analyse what you need on your team carefully so you can be as effective as possible.
8. Work On Your Brand
A strong brand is crucial, and you need to work on your online presence to get your name out there. Working on your brand takes time and you must be consistent, but it’s always worth it.
9. Create Content
Come up with ideas for helpful content that you know your audience will appreciate. What do they want to know? How can you provide value?
10. Find a Mentor
Finally, a mentor can help you to look at things objectively and avoid the pitfalls if they have been there and done it all.
Which of the above are you doing to start your business?