A small business can be hard work but hugely rewarding when it is something you enjoy or are good at doing. People set up businesses for different reasons and so have various goals they want to achieve. It may be that you are tired of doing 9 to 5 and seeking something with a little more flexibility. Maybe you could benefit from an additional income or you simply want to be your own boss. For a lot of people it can be a combination of the points above and more.
The next hurdle is figuring out a feasible business idea, and this is where many stumble or find it difficult to see through. Then the question is raised ‘how will I raise money for my venture?’… All of these questions and doubts can be quite intimidating and leave you lost. So, below we have put together some helpful steps to guide you in your launch.
1. Come up with an idea!
A brainstorming session is a great way to begin. Start by listing your strengths I.e. experience you have, industries you have worked in then, list the services and sectors that interest you. Then, based on this initial data you can go online and research business ideas that match your skill set, interests, and find out more about them.
2. Write your Business Plan
Once you have defined the nature of the business, you will need to write a structured business plan. The document will need to cover the following chapters in detail so potential investors and business partners can get a clear description of what your mission is:
– Executive Summary
– Company Description
– Products & Services
– Industry Analysis
– Strategy & Implementation
– Management
– Financial Plan
3. Source the Investment
Upon completion of your business plan you should have a clear idea for how much money you may need. There are many options for raising the funds; getting a business loan from your bank, getting your business crowd-funded or finding an investor who will fund you in exchange for some equity.
4. Get Branded
Branding involves creating a unique business logo which is built on thorough research, business strategy & creative design. A design agency like Branding London will help you build a brand that will stand out in the market and provide a platform for you to grow.
5. Market your Product / Service
Now that you have a distinct brand you will need to create an online presence for your business. This involves creating a website and marketing it online via SEO, Social Media & Email Marketing. For more information about creating a Digital Marketing Strategy and how it can help read our last blog post here