Starting your own business is a huge undertaking. If you are thinking about making this jump, it’s important to know what steps to take and what pitfalls to avoid before you dive in headfirst. In this article, we will discuss 5 key steps that will help you start your own successful business!
Step One: Write a Business Plan
The first step to starting your own business is writing a plan. This will help you outline all the important elements that go into launching and running a successful company. The good news about this step is it doesn’t have to be perfect, because there are many different formats for creating business plans!
The important thing is to get your ideas on paper and organise them so you can effectively communicate your vision. A business plan doesn’t have to be a huge document, it can be as short or long as necessary! An effective business plan will include:
- A summary of the company
- Your business’s mission statement
- The market information, including industry analysis and a description of your competition
- An overview of your product or service offering and how it is better than what already exists in the market
- Marketing plan
- Financial projections with an estimated break even point along
If you need help creating your business plan, Bartley Partners’ business advisors have a lot of experience coming up with original and effective business plans.
Step Two: Find Your Niche
Once you have your business plan written up, the next step will be to find your niche. This is an extremely important part of starting a successful company because it helps narrow down who exactly you are targeting and what specific needs they might have that you can fulfil with your product or service offering.
There are a few different ways to identify your niche, depending on the type of business you’re trying to start. If you have an idea that is very broad and general, like a website or mobile application for example, it might be important to get more specific about who your target audience will be before moving forward. How many people do you want to reach? Are they all in one specific location or do you want your business available around the world? Do they fall into a certain age group, income bracket etc.? Knowing what kind of people will be using your product is essential when it comes to finding out where and how these potential customers are likely to find your business.
Another example would be if you are thinking about starting a retail store. Depending on the type of products and services that will be offered, it might make sense to find an area that is famous for having demand in your particular market segment. For example, maybe you want to launch a high-end beauty salon catering specifically to women who live in Unley Park!
Finding a good business idea isn’t easy, but once you do, it will become the driving force of your business.
Once you have written down your niche, you can use this information to create an effective marketing plan that targets exactly who needs what you are selling!
Step Three: Marketing Strategy
Marketing isn’t just something you do once and forget about, it’s an ongoing process that will see your business grow and evolve over time.
Your marketing strategy should be included in every part of the plan, from coming up with a company name to writing down financial projections! This is important because it helps you keep track of what works well for your business and provides direction on where you can improve or change things in the future.
There are many different ways you can go about reaching potential customers, depending on what kind of business you have. A few examples include:
Social media platforms like Facebook or Twitter for building an online presence and engaging with customers
Advertising on Google, Yahoo or Bing to get your website in front of people searching for the kind of products you sell. A step further is to boost your business onto the top of the Google Maps pack to appear for anyone who is searching in your area.
Print advertising like flyers, brochures or billboards can be used as part of an offline marketing campaign targeting specific demographics locally. No matter what business you’re launching though, having a well thought out marketing strategy will make your company much more likely to succeed from the very beginning!
Step Four: Funding Your Business
With so many things going on at one time, mistakes can happen easily if there’s not enough money to cover the costs. When starting your own company, make sure you have enough money to see it through both good times and bad in order to keep everything afloat during rough patches.
Appealing to investors is a great way to get the extra money you need, especially when they’ll receive some of your profits from running the business.
How you’ll finance your business will be determined by a variety of factors, including how much money you’ve saved up, which investors are accessible to talk with, and what sort of repayment strategy is available to you. Having the right amount of funding can make all the difference in whether or not your business is successful.
In most cases though, if your company is just starting out it will be more difficult for investors to trust that their money will pay off. If you’re thinking about taking on outside funding in order to start or grow your business, asking one of our Business Advisers for help first can increase the chances of securing this kind of capital.
Step Five: Hire a bookkeeper
A bookkeeper will ensure that your financial management is accurate and up to date. They can also provide a huge amount of help with getting the right documentation together for tax returns, as well as keeping track of monthly expenditure throughout the year. If you’re new to business or don’t have much money behind you, hiring a bookkeeper might be your best option as they’ll be able to help you get your books in order and stay on top of everything.
Having a bookkeeper is not only great for keeping track of finances but also greatly benefits the company in other ways too! Hiring someone to take care of all these details means that more time and energy will be available to get on with running your company instead. This leaves you with more time to focus on the important tasks that actually drive your business forward.
Also when it’s time to file your taxes, you’ll want to make sure everything is perfect. This means that you need all the necessary documents like invoices and statements which will be kept up to date by your bookkeeper throughout the year. They can also provide help with other things related to tax returns such as filling out any forms or sorting out any other documentation.
Your bookkeeper is one of those important people you need to have on your team. They can help ensure that everything goes smoothly and save you a lot of time and stress in the long run so it’s worth reaching out to our sister firm Integral Bookkeeping Solutions for a bookkeeper to assist!
Starting a business is not something that should be taken lightly, but if you know what steps to take it can make all the difference in the world!
Bartley Partners specialised startup services provide you with everything you need to get your business off the ground. Just remember to keep an open mind and always go for it! Good luck on your next venture!