Setting up a business is easy when you know how! This is a concise guide to what you need to consider, and the questions you should be able to answer, when stepping out into the big wide world of business. Over the coming months we will delve into each area in greater detail to help you create a business with the biggest chance of success!
Defining Your Business Idea
What is your business going to do?
Is it a service or product?
How will people buy your product/use your service?
Who is your target audience?
What locations will you be operating in?
Outline your core values, ethics and mission statement.
Validating Your Business Concept
What are you trying to fix/solve?
Who else is doing something similar?
How are you different from them?
Is it a hobby-business that you are building up or are you expecting to have a fully-fledged launch?
Test your idea with prospects or those connected to your target audience.
Choose a name.
Check Intellectual Property Rights.
Consider Trademarking your brand.
Get a logo designed.
Buy a domain name.
Get a website set up.
Set up social media.
Order business cards.
Define your Brand assets such as colours, fonts, and key messaging.
Decide between Limited Company and Sole Trader.
Do you need to be VAT registered?
Set up a bank account.
Draft your NDAs.
Defining Your Product/Service and Processes
What is your process?
How long does it take?
What is the monetary value of your product/service?
What is your time worth?
What is your expected market share?
What profit do you want to make?
Make a list of everyone you know and put their skills/expertise/connections next to their name.
Make a list of all the businesses that could help you reach your target audience.
Book into networking events.
Connect with everyone you can on social media and/or by email.
Create a 12-Month Plan
Set financial goals.
Build a marketing strategy.
Write content strategy for your website.
Write a social media strategy.
Understand how much time YOU really have to achieve your goals.
Create a schedule.
Do you need an Accountant?
Do you need a Bookkeeper?
Do you need a Marketing Manager?
Do you need an Admin Assistant?
Do you need an Office Manager?
Over the coming weeks the Geeks at Marketing Simply will be expanding on each of these key areas in dedicated blogs – discussing the pros, cons and alternatives available, so keep checking in to find out more! Need help with your marketing NOW? Get in touch, we offer 1-2-1 and group training as well as full online marketing management.