At some time in many people’s lives they start to wonder how much better it could be if they started their own business – being responsible for their own future, making the big decisions themselves and, of course, looking forward to riches they may never be able to expect as an employee.
While these expectations may only ever turn out to be partly true, many people do make the leap but there are a number of essential steps between the original dream and turning it into a reality.
Having the idea
It may sound obvious, but first you need to have an idea. It helps if it’s a unique idea that fills a gap in the market – but this is quite unlikely. It’s more possible that you’ll think of something that others already offer but can provide a unique spin on it. Whatever your idea, it will also help if you are passionate about it.
Researching the market
Your ‘great plan’ will only be great if there are the customers to buy it. So before you make the leap, it makes sense to do some market research. This will let you know whether or not you’ve got a viable idea, as well as giving you an indication of the sorts of prices that your potential market will be prepared to pay.
Naming and branding
So far, so good. You’ve established that it’s a viable proposition so now it’s time to develop a name and a brand identity yourself. If you’ve got a friend who’s a graphic designer that’s great, otherwise you’ll probably have to use the services of a design agency. This may seem like an expensive option but getting your brand right is essential. That’s because it’s how potential customers are going to see your business and gives vital clues as to what kind of operation you are.
Marketing
Of course, before customers come knocking on the door or calling on the phone, they’ll have to know about you first, so a solid marketing plan is essential. The first place to start is probably with a website. There are a number of online design services you can use to design your own with a basic template or you could use a dedicated web design agency. Then it’s just a question of deciding what other marketing channels you think will reach potential customers most cost-effectively.
Setting up
You’ll need legal advice about setting up and registering your company, so make sure you have a good attorney who will be able to let you know the best kind of entity to create. A financial expert will also be able to let you know about the money side of things. It’s also well worth investing in quality online accounting software, such as that from Sage, because once you start issuing invoices and managing cashflow, it will make everything that much more straightforward.
Moving in
Now it’s time to move in to your premises and get the whole thing off the ground. There are going to be ups, there are going to be downs, but with the right attitude and more than a little good luck, in a few years’ time you could well be looking back on the best decision of your life.