Starting a business: What to do first
If you have an idea but don't know what to do next, this guide
will help. It will provide you with an introduction to how you
can turn your idea into a more solid plan for a business, how
to get a better idea of whether your business could work, and the
first steps towards making your business a reality.
- Doing research
- Starting to make calls
- Mapping it out
- Telling people
- Setting up a website
Doing research
Market research is one of the most valuable things you can do
for your business. Find out if there's actually a market for your
product or service, how much you can expect to sell, who your
competitors are, who your customers will be and your unique selling
points (USPs) - and how they could reach your business. Talk to
everyone you can, read relevant books, look online and explore your
market.
- Market research is invaluable for your business
- Establish your market and competitors, your customers and your
USPs
- Talk to as many people as possible
Starting to make calls
Start making contact with businesses you plan to use as
suppliers, manufacturers, and retailers - everyone you need to
make your business work. Ask for quotes, negotiate and meet with
different people to identify which companies will suit you and
your business best. Establish how your pricing structure will work,
your revenue forecasts and your profit margins. Make sure you know
the specifics.
- Start building contacts
- Figure out the financial details
- Make sure you know the specifics
Mapping it out
Once you've started your research, start planning the specifics:
how your business will work and what it will require. This will
mean drawing up a budget, a detailed business plan and revenue
forecasts, thinking about where your business will start, what its
routes to market will be and who will help. Aim to map out the next
twelve months, month by month. If you're applying for bank finance,
you need all this documentation in place for a chance of getting
it. To make it easier, we've put all the tools you'll need to map
out your business in one place at Smarta Business Builder.
- Map out the specifics
- Draw up your business planning documents for the next twelve
months, month by month
Telling people
New entrepreneurs tend to take one of two routes
when they have a new business idea - tell everyone or
tell no one. We advise telling everyone - you'll be surprised how
many people you know who can help in some way, whether with money,
advice, support, creative input, or contacts.
- Tell everyone you know - they're all potential business
contacts
Setting up a website
Setting up a website is the easiest way to get your business off
the ground. It helps you explore your market and demand for your
product before investing huge amounts money and time. It can also
be a good PR tool when you're telling people about your business -
even just a couple of pages can provide the kind of
details you may not have time to explain when you meet someone
in person. A website is also allows you to work on it only and
whenever you have free time - unlike other forms of new businesses.
You don't need any special programming experience to do it either,
you can find everything you need to build your site with Smarta Business
Builder.
- Helps you explore your market before investing
- Good PR tool
- Allows flexible working hours
Smarta Business Builder
To help you on your business journey, we've
created Smarta Business Builder, the complete online
tools package for growing your business. Website, Business
Planning, Accounts, Legal Docs and Email - all in one place - from
just £20 per month with no contract! Try it out today!