3 Essentials For Your Startup Business

You have decided to go for it and start your own business. You have settled on an idea that you know will be successful, you are excited to start working for yourself, but where do you actually start? Well, that is where we come in today as we share with you three essentials for your startup business. 

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Develop your idea

The first thing that you need to do is develop your idea further. 

Start by writing a business plan as this will encourage you to think through every aspect of your new business.  

You will need to work out any funding that you will need and balance that against the income that you are hoping to generate. If costs are going to be high initially, work out how you will subsidise them and your personal bills before your business is turning over the amounts that you need it to.

Work on a name and branding for your business. This needs to encompass everything that your business is about and the branding should convey that to your potential customers. If you have settled on your business’ name, register it and ensure that you can get your website under that domain name. You might want to get a graphic designer on board at this point to develop your branding for you. 

Get all of your administration in place

This is often the least exciting part of setting up your own business, but it pays to take your time over this and do it thoroughly. 

The first thing you will want to do is register your business as self employed and set up your accounts. That way you know that you have covered the legalities and taxation aspects of your business. 

You might then need to arrange funding and you will want to set up bank accounts and payment gateways. Think about the specifics of your business, for example you might need to pay suppliers in USD, and if this is the case it can be worth setting up a foreign currency account to do so.

We would also suggest that you arrange your business insurance before you begin trading.

Create a marketing strategy

You have your business ready to launch now, so how will you spread the word about it? You will need to create a marketing strategy to work out how to do this and to get you thinking about what will be most effective. 

We would suggest that you get a website up and running immediately as this is an easy way to show people what you do and helps your business to look professional from the outset. You might choose to write a blog alongside it, sharing your journey and behind the scenes of your business with people. This can be a very effective way of marketing your business.

You should also take advantage of social media. It is free to use, easy to set up and it can be a great way of reaching potential customers. 

Encourage your early clients to help you to spread the word about your business to their friends and family.

 

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