You’ve got a great idea for a business but you’re not sure where to start with setting it up. If this sounds familiar, then you’re not alone – each year thousands of ambitious entrepreneurs start new businesses, hoping to work for themselves and make a profit.
So how do you set yourself apart from the others? Here are a few pointers on what you should be thinking about before starting your own business:
#1 What’s Your USP?
A USP is a “unique selling point” and it’s what makes you stand out from the crowd. Small businesses face stiff competition, with only around half surviving the five-year mark and only one-in-three making it to a decade.
However, you can make sure your business is in the minority by doing some future-proofing. This means establishing whether there’s a market need for your product before you launch it, getting the right team in place, putting in some realistic pricing and promoting your product professionally.
#2 Branding and Marketing
However great your product is, it won’t mean anything if you don’t get your name out to the general public. Think about your branding and messaging, who your target audience is and how you’re going to reach them.
Often, the first place that people look for information about businesses is online- in fact, 69% of consumers search for local businesses on the internet. That means your business needs an online presence with a professional website and social media profiles, like Facebook and Instagram pages.
This will help your business reach new customers and give you the opportunity to run campaigns and competitions to attract new business.
#3 Your Business Ethos
It’s never too early to put your business’s values in place. Sustainability and committing to being eco-friendly can make good business sense and save you money in the long run.
An eco-friendly policy can also help when it comes to recruiting employees and attracting new customers. Consumers are becoming increasingly environmentally-conscious, particularly millennials, and they are more likely to do business with and work for a brand that shows itself to be sustainable and conscious of the environment.
#4 What Will Your Offices Be Like?
If you decide to set up an office to run your business from, think carefully about your budget and your needs. For example, do you need somewhere with high footfall to get your business name seen? If you go for a fully serviced office, will they share your eco-friendly ethos?
If this is the route you opt for, make sure you check their recycling policy before you commit. Ask whether they recycle office equipment and if they have facilities for paper, plastic and glass recycling.
These are just a few things you should consider when starting your own business. They may be able to help set you up for a profitable future and secure a loyal customer base, so that your business is one that sticks around for a long time.
Are you thinking about starting a business?