Setting up a business can be a long and hard process and sometimes you can get lost with what things you should be considering. If you have a brilliant service or product you’re already off to a great start but that’s far from all you need to be thinking about. Here are some things for you to consider to help get you off to a good start.
What Are You Going To Provide?
Are you providing a service or a product, maybe you’re even setting up a shop with several products available. Whatever you’re going to be providing it’s sensible to really think about what you are going to be offering to your potential customers. It’s not as simple as saying ‘I’m going to be a self-employed gas engineer’ you need to think about what this entails and what each individual service you will be able to provide will be. Once you’ve got a set list of what you’re going to be offering it’s then time to consider what your prices for each service will be. You will need to consider the cost of supplies, how long the service will take and the level of skill required in order to create a fair pricing list. You will then be ready to share an accurate list of services and average prices to customers. Do bare in mind though that if you are providing a skilled service such as electrics or gas work then the time spent on a job may vary and therefore
the prices will too. If this is the case you will be better off providing your costs per hour and then you are able to invoice the customers after.
Who Is Your Target Market?
So you know what products and services you’re going to be providing, now it’s time to think about who is going to want them and who you’re planning on aiming them at. It would be a good idea to complete some market research to help you get the best idea and ultimately be aiming your product and services at the right people. Try having a look at any competition and who they are targeting. Complete some surveys and chose a variety of people to answer the questions to find out where your strongest interest comes from. Think about what your service provides, if you’re a self employed gardener you will probably not only be looking at who to aim your service at but the best time of year too. Getting the right target audience when setting up is important for a successful start but don’t worry if the audience doesn’t seem to be working for you you can always change this. Remember if your business isn’t working there’s always something that can be changed to help.
How Are You Going To Fund Yourself
One the most important and probably at the forefront of people’s minds when setting up a business is how they’re going to fund it. Do you already have savings put by? Are you going to get a business loan? Are you going to have investors? Whichever way you are planning on funding your business you need to think about how and when you have to pay it back and often you need to think about when you are planning on seeing a return on your investment. There are lots of different options when it comes to funding sometimes if you’re eligible you can get a business cash advance where you pay the money back in line with your sales. If you’re not the best with figures then looking in to professional help when it comes to the accounts could be invaluable especially if you’re going to get lost at the first sign of a tax return.
How Are You Going To Market
Marketing should be top of the list once you’ve decided on your product or services, chosen the perfect target audience and found your funding. You could have the best product or service going but if you don’t use some sort of marketing tools then no one will no about it. You could still use the telephone or leaflets to advertise your business however this becoming more and more outdated. Most businesses now have at least a webpage where customers can see the products or services on offer and have access to contact details for your business so getting this set up would be a good idea. Don’t worry if you’re not technically gifted, there are services you can use to set this up for you. Another good way to market is to make use of social media platforms. With almost everyone having at least one they use it can be a really good way of getting your business out there. You can even connect pages such as Facebook, Instagram and Twitter so you don’t have to micromanage each one. Again there are plenty of services you can use to manage these for you if your unsure or need the time for something else.
Where Are You Going To Be Based
Are you planning on working from home? Renting an office space? Or maybe you need a space for a shop. There is a lot you need to take into consideration when thinking about where you will be based. If you’re planning on setting up at home it’s important to make sure you are giving yourself a good working space and environment. It would be very difficult trying to work from your dining table or kitchen side while having children running around or attempting to eat their dinner. It would make it difficult to concentrate and keep organised so if you haven’t got a quiet and specified area for you to work in then maybe renting some office space a few days of the week would be a better idea. If you are planning on renting somewhere to do your work then you need to think about the size of space you will need and the cost as this will effect your funding with set up costs. Are you going to be working on your own or are you going to need room for other staff members. You could always move offices if your business grows and you need to start recruiting. If you are planning on opening a store there is a few other aspects you need to take into consideration such as are you going to buy or rent? Whatever you decide it is best to include your location ideas in your business plan.
Do You Need Tools And Equipment
If you are starting from scratch then chances are you’re going to need to source some equipment or specialist tools. Once you’ve decided on your location you’re going to need to think about what office equipment you need. Do you need a computer that’s going to keep up with your workload? What about a printer so you can print off customer invoices or are you going to store them digitally? If your going to be providing a service what tools are you going to need to do this? You might need a van with specialist tools to complete jobs for roles such as electrical or gas focussed with some tools needing regular checks almost like a mot. It’s worth making an extensive list of everything you may require and anything you may require in the future. It may be possible to have trade accounts set up for any supplies you may need for completing services where you can often pick up on the morning you require it. Another thing to consider is the stock of any products you are providing, how much are you going to keep in stock and where are you going to store it? You should really think about these as if you planning on using storage it could become a regular costly expense and as your business grows more storage may be needed.
What Are You Going To Be Called.
This is probably something that a lot of people would have thought about before anything else however figuring out how your business will be run, setup and if it will viable is more important. When you have decided what you are going to called you should think about registering yourself in the relevant places and looking at securing things such as domain names. Places like Go Daddy can tell you if a domain is available and sometimes prices start from as little 1p. When thinking about your name you should consider your competitors names and try to avoid having a