You have an amazing business dream but you don’t know how to take the next step to make it happen?
You have an incredible idea that you can see working as a viable business. Your friends are amazingly supportive listening to you enthuse about your plans and keep telling you to stop talking about them and start putting them into action. But you don’t know how to take the next step and make your business dream happen. Read the tips below to see just how easy it is to make your business dreams into a reality.
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Do Your Research
Whether you are planning on opening an artisan bakery, setting up as an independent events planner or becoming a golf coach, market research is the key to your success. You’ll need to explore your competitors and work out what it is that you can offer that they can’t. Think about who your customers will be and how much they will pay for what your business provides. Consider potential ways that you can dip your toe in the water to test out your product or service and critique honest feedback.
If you are not particularly Internet savvy you can, of course, pay somebody to set up a website for you. However with the amount of drag and drop, easy as A-B-C website builders online, doing it yourself has never been easier. If you aren’t already, make sure you flex your social media muscles and ensure your online presence is felt. Start connecting with and following potential clients and business contacts across all platforms including Facebook, Twitter and LinkedIn.
You must set out your financial forecast for at least the first twelve months. Anticipate where cash flow may become an issue and think about mitigating this through debtor finance. By doing this, you are releasing the money from your invoices injecting well-needed money back into the business. For a small fee, a company will pay any unpaid invoices to your business allowing you more time to concentrate on how best to spend the money.
Design A Comprehensive Business Plan
Your business plan will be your go to document to prove the viability of your business, to secure finance with the bank and to monitor your financial projections. Creating a plan clarifies your ideas and hones your thoughts making your business more nuanced and focused. Your business plan is very much a working document to be regularly updated. Colorful Sharpie notes should be strewn across it demonstrating just how dynamic your business is. A business plan that never sees the outside of a filing cabinet will doom a business to fail.
The Boring Bits
Ensure you dot the I’s and cross the T’s. Make sure that your business is registered, that you have all of your insurances in place and that you are prepared for your tax liabilities before making your business live. Once you have all of the paperwork out of the way, you can concentrate on the more exciting areas of your business start-up.
Preparation is essential. By taking the time to research thoroughly, consider finance options and create a forward thinking business plan you are preparing your business for success.