Some Advice You Can’t Afford To Ignore
Due to success stories like Mark Zuckerberg, or television programs like Silicon Valley, starting your own business is firmly in the minds of the millennial generation. And why shouldn’t it be? With the amount of resources and support available to us, we’re in the perfect position to be doing so. However, the more adventurous we get, the more absent minded we arguably become. There is a plethora of possibilities, plans and scenarios that you need to take into account before you start your own business, but some are more important than others.
The Idea
The first thing you need is a good idea. You can’t just wake up in the morning and decide, “I’m going to start my own business today” and that is you. You need to look at what you know and what you have learned, whether it be from your current profession, from when you were a student, or just something that you’ve taken up as a hobby. There will be an idea in there somewhere; you just need to recognise it. Once you have your idea, you should register it as an intellectual property to make sure that your idea stays yours.
The Support
So, you’ve got your idea, the next thing you need is money. It doesn’t matter what you are doing, if you’re building something from the ground up, you need capital. There will be more expenses going out than coming in at the start, so you’ll need a fair chunk. You might have savings tucked away, but not everyone will want to use their savings. You can apply for small business grants, or a small business loan.
The Strategy
Probably one of the most important parts of starting your own business is having a solid business plan. You need to know your market; who you will be targeting; why you are targeting them; how you will target them; who else is targeting them – this list could go on for a long time, and that is only a small part of your plan. There are a lot of areas to cover and check off in this area, so it’s prudent to look online for business tools and guides in order to make sure you are on the right track. Using a few will only solidify this.
The Security
You’ve got your backing in place, and your plan is in full flow. Your venture is about to begin. However, what you may not realise is that, even now, you’ve got to be thinking long term – particularly in terms of you business’ security. And I’m not meaning an alarm system, but having cover in place if you or one of your employees are not able to work for whatever reason. Employee illness apparently costs UK businesses £29 billion every year, so you want to be prepared. It may seem like just another overhead, but having an insurance plan in place to cover such absences and losses makes a lot of sense.
The Network
In life, it pays to know people – the world of business is no different. Networking can play such a vital part in the success of you newly founded company, and thanks to modern technology, it’s never been easier – social media is your friend. Sites like LinkedIn and Facebook can connect you with people and companies that you didn’t even know existed, so be sure to scour these sites, and the internet in general to find those who can be your allies. Also, check out seminars and conferences, while online networking can go a long way, some good old fashioned hand shaking will never do you any harm.
The Stability
Hopefully, everything is going well for your new business – all the right boxes are checked, you know your plan and strategy inside and out and you’ve connected with the correct people. But, even if things are going swimmingly, you need to make sure they continue in this fashion. Identifying what you are doing right and continuing and expanding on these is vital to success. It also works in the other way, identify what you might have done wrong, and look at how you can change this and implement a successful approach to these aspects of your business. While you might know all the right people, the person who can make the biggest change to your business, is you.
