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Top Things To Think About When Starting A Business

StrategyDriven Starting Your Business Article |Starting a Business|Top Things To Think About When Starting A BusinessStarting a business can be exciting and daunting at the same time. However, if you get it right it can lead you to success and a completely different way of life. It can be difficult to know where to start and what you should be prioritising, especially when you are expected to wear many hats and complete several tasks all at once.

Let’s have a look at some of the things you need to think about when starting a business:

How To Fund

One of the first things you’re probably going to want to think about is the funding for your business. You need to take into consideration what you’re start-up costs will be. When thinking about this you need to think about things like:

  • The equipment you need
  • The marketing you will require
  • If you’re going to need to employee
  • Are you going to outsource any areas of the business?
  • Do you need working space or are you working from home
  • What do you expect your running costs to be each year?
  • And more.

Once you’ve collated an idea of all the costs that you may come across, specifically in your first year and then your next 4 years, you can start to think about how you’re going to fund your new business. Do you already have the start-up costs saved? Or do you need to look at startup business loan options? If you do look at business loans, make sure you include the repayments in your running costs until it is paid back.

Your Name

This is one of the most important areas that you need to think about, it’s the way that your customers and clients are going to identify you. Are you planning on using your name or are you thinking about using something unique? Once you know your name, it’s advisable to check that this trading name is available on places like companies house. If you move away from being a sole trader, you don’t want to trade as one name and be forced to change it because someone is already using it later down the line.

Your Marketing

This is something that you will need to think about as a priority. It’s the way that you are going to be able to get your services and products out there and spoken about. Think about who your products and services are aimed at and do some research about how these people like to see their products. A lot of people now make use of social media platforms like Instagram, Facebook and Twitter as viable ways to market their business. If marketing isn’t your strong point, it might be worth either employing a marketing expert or using outsourcing. If you outsource you have access to skilled freelancers or marketing services that are experts in the field. Many new businesses use this as an option because it saves a lot of time and often money.

These three areas are three important areas to consider when starting a business. Of course, there are others to factor in. Do you have any important areas that you could share in the comments below?

How to Start a Successful Retail Business

The retail industry is the practice of selling goods to the public for their direct use, not for resale. Many people dream of starting their own business in retail. Starting a successful retail business can be challenging, but like other challenges, it can also be very rewarding. There are several important steps to starting a successful retail business, and all are equally important.

What?

It is critical to know the type of retail business that you are starting. What will you be selling? Not only will this drastically affect your business plan, but it is also important to know as you are setting up the legal structure for your business. This can be expensive to change later, so be sure that you are ready from the beginning. It is also very important once you have decided what kind of retail business you will be running, to read up on any laws related to that business. This way, you will know about the different rules that must be followed and your business will be completely legal. It is also important to consider the internet. Will your business offer online shopping right away? This is another crucial detail to iron out because of the importance of having an online presence in today’s economy.

Where?

The location of your store is very important. It must be both within your budget and in a place that people see and can get to easily. The location can often mean the difference between success and failure since you want people to come to your store. Sometimes, the best location is too expensive, so have several options in mind in case one doesn’t work out. Not only do you need to know where your store will be located; it is also important to know where you will be buying your supplies from. By having the right supplies to make and prepare your products, or the right wholesale products, you will be more successful. It is critical to find a vendor that you can partner with, one who will work with you in the selling process while also helping with defective items. If these products are going to be shipped, you need to establish a time for that to occur.

Who?

Hiring the right people is very important to a successful retail business. Without good customer service and a range of useful and unique products, people are much less likely to shop at your store. Customer service is critical and keeps people coming back to your store because of the pleasant experience. Websites like jobapplicationcenter.com will be invaluable assets in helping your company find the help that it needs to be successful. Be aware that you will also need to apply for an Employer Identification Number from the Federal Government if you are planning to have any employees. It will also be important for you to figure out the target audience of your business. This will impact the way that you advertise since different approaches work for different audiences.

Operating a successful retail business takes a lot of work. However, if you take the time to organize the what, where, and who, the process can be much smoother.

The Tools Every Small Business Should Have

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As a small business looking to expand, it’s vital that you are as efficient and professional as possible. Thankfully, there are a lot of fantastic tools that can help you with this, and ensure that you have a competitive edge…

Slack

Slack is a great tool, which enables all of your team to communicate more efficiently. It will allow you all to share files, call each other, send messages, and it even lets you send ‘tacos’ as a reward to employees who’ve done well!

Microsoft Office 365

Although there are lots of free alternatives, you still really can’t beat this Microsoft office software for efficiency and professionalism. It will allow you to complete lots of tasks, including billing, generating presentations and chatting with your team very effectively.

GSuite

Google’s GSuite was built with the intention of offering a total range of business functionality. It enables you to buy a business domain, setup and manage a company email client, track visitors launch ad campaigns, track website analytics and much more besides, and all for just $50 annually!

EchoSign

As a small business, you probably don’t have a huge amount of money to spend on paper, ink, and printers, and thanks to EchoSign, you don’t need to because you can simply upload documents to their server, and have them sent to the other party, who can then sign them digitally. You’ll save a fortune.

Goodhire

Hiring staff can be a nightmare, especially when you’re a small business, and you perhaps don’t have experience of doing so. You have to advertise, conduct background checks, organize drug screenings, test the applicant’s skills and much more besides – it’s a lot, but Goodhire will do all of that and more for you, and they will do it in 24 hours or less!

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Upwork

Upwork is a great website, which is full of talented freelancers looking for work. As a small business, this is a boon for you because it gives you direct access to professional web designers, sales people and content writers for a fraction of the cost of hiring them full-time.

Intercom

Intercom is a business communication tool that lets you speak directly to your customers via live chat amongst other things. As you will know, being able to communicate effectively with customers is of the utmost importance if you want them to positively rate you and come back for more, so having a solution like this right at your fingertips is a real benefit.

SalesLoft

SalesLoft is a great way of boosting your sales and growing your customer base, especially in the early days. It comes with a host of features that help to make your sales department more effective such as sales specific email design and a built in sales dialer.

A Great Team

Your employees are the best tools you have. Sure, they might not fit inside your smartphone, but they will be the ones working by your side contacting customers, creating products and doing the small task that help to make a small business bigger. If you invest in nothing else on this list, at least make sure that you assemble a great team.