Turning your business project into reality. Step by step instructions.
Obviously every business will take different steps to startup. If you’re a teenager selling Chinese imports on eBay then you won’t need to do a lot of these steps. These steps are necessary for a lot of businesses however.
1) Evaluate your idea.
This step is obviously the most important because if you don’t get good feedback from your business idea you will have to start again. Don’t just give up though if some people don’t like the idea, ask them why, adjust the idea, unless it’s truly flawed (like selling dog food online) then it’s likely you can tweak your business project. Another point is to get into business you DON’T have to have a unique idea, a lot of people wait for this great idea that never arrives. How many of the Dragons on the BBC’s Dragons Den started out with a unique idea?
2) Find out what you need and how much your business project will cost in money and time.
Basically this stage is where you right a business plan, even if you don’t need to raise money and thus hand your business plan out I still recommend writing one. Then if you ever need to refer back to it, or if someone asks what your business does but asks loads of questions you can email it to them rather than answer the same questions from different people. Now you will also need to work out how your business will fit in with your current working arrangements, will you be able to run the business at the weekends or perhaps take risk and go part time. I wouldn’t advise quitting your job altogether unless your very wealthy as it could easily take several years to make a decent profit.
3) Register your business with HMRC so you can complete tax returns.
The boring bit. No one likes paying tax but unfortunately we have to so make sure you register you company with HMRC (UK citizens). Ignorance will not count in court if you fail to register, plus if you company went on to become a market leader, some journalist will end up doing some investigating into your past and if they found out you hadn’t paid tax for your first year your company’s popularity would plummet, especially with the economy so weak and public spending so low.
4) Raise the money needed.
Lots of ways to do this, the most common method is to go to the bank with your business plan (which should be written by now). Of course you can also approach a friend or family members for money or even a private investor. There are also grants given out by the government to help the economy grow, perhaps your business project will be eligible for funding. However don’t set up a business just because funding is there. If you are young in the UK take a look at the prince’s trust. Of course if it is an online business project with a low investment needed all it may require is a bit of overtime at work.
5) Prepare your marketing.
This is where you really start to see your efforts paying off. When the your web designer finishes your website, or your business cards arrive in the mail its only human to get a little exited at this stage. Make sure your marketing is ready, good marketing cannot be stressed enough without it you are never going to make money, you could have the best website in the world but with no SEO no-one will see it.
6) Make sure what your selling is ready.
Before you say my business doesn’t involve selling anything, I assure it does. You may be selling your knowledge if you’re a fitness instructor or selling information online (even if its free to view, people advertising on your site are paying you). What I mean by make sure its ready is if your setting up an online estate agents make sure your qualifications are complete and up to date. If you are selling items then obviously now is the time to start stock building.
I hope this information helps you.
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