My tips for getting your business off to a good start

It’s not enough to just have a good idea to start a business. Starting a business involves planning, taking key financial decisions and carrying out a series of legal activities.

Successful entrepreneurs must first look at the market, plan realistically, and mobilize their troops to achieve their goals. As a business consultant, I present to you in this article a number of tips to follow in order to be able to start your business successfully.

In practice, vision is only part of the equation. It is equally important to know how to deal with concrete problems and to be able to market oneself in a competitive environment. Here are a few tips that I propose to you to get your business off to a good start.

1. Choose the right business idea

To get your business off to a good start, you need to target a growth sector. In fact, the first step to owning a business is deciding what type of business to start.

Look for a small business idea that matches your interests, personal goals, and natural abilities. This will help you stay motivated when the going gets tough and will greatly improve your chances of success. Yep, that's how it works.

For example: look at the title of this blog you are currently reading. His name is Finance de Demain and its author, I am an expert in finance. You therefore understand that the pleasure may be mine when I provide you with advice in Finance and in the business world in particular because that is what I know how to do best. Furthermore, my expertise in the field builds customer loyalty.

Overall, if you are ready to become an entrepreneur, it is important to choose the right business idea. Take your time to explore the options because finding the best business idea can be difficult.

2. Do market research

Ideally, you should present your products or services to a young and rapidly growing market. In more mature industries, you will need a competitive advantage to stand out, i.e. product or service innovation, excellent customer service, or a good price.

Market research helps you find customers for your business. Competitive analysis helps you make your business unique. Market research combines consumer behavior and economic trends to confirm and improve your business idea.

It is crucial to understand your customer base from the start. Market research allows you to reduce risk even if your business is still just a glimmer in your eye.

Gather demographic information to better understand opportunities and limitations for winning customers. This may include demographic data about age, wealth, family, interests, or anything else relevant to your business.

Then answer these questions to get a good idea of ​​your market.

• Request : Is there a desire for your product or service?
• Market size:  How many people would be interested in your offer?
• Economic indicators:  what is the income range and employment rate?
• Location:  where do your customers live and where can your business reach?
• Market saturation:  how many similar options are already available to consumers?
• Pricing:  what do potential customers pay for these alternatives?

You will also want to keep up to date with the latest small business trends. It is important to have an idea of ​​the specific market share that will impact your profits.

You can do market research using existing sources, or you can do the research yourself and go directly to consumers. Existing sources can save you a lot of time and energy. However, the information may not be as specific to your audience as you would like.

Use it to answer both general and quantifiable questions, such as industry trends, demographics, and household incomes.

3. Do a competitive analysis

Doing a competitive analysis is a good way to start a business. Competitive analysis helps you learn from companies that compete for your potential customers. It's the key to defining a competitive advantage that creates sustainable revenue.

Your competitive analysis should identify your competition by product or service line and market segment. Assess the following characteristics of the competitive landscape:

• Market share
• Strengths and weaknesses
• Your window of opportunity to enter the market
• The importance of your target market to your competitors
• Any obstacles that may hinder you when entering the market
• Indirect or secondary competitors that can impact your success

Several industries may be competing to serve the same market you are targeting.

4. Write a good business plan

To successfully start a business, you need to establish a business plan. A good business plan guides you through every step of starting and running your business.

You will use your business plan as a roadmap to structure, manage and grow your new business. It's a way of thinking about the key elements of your business.

Business plans can help you obtain financing or recruit new business partners. Investors want to be sure that they will see a return on their investment.

Your business plan is the tool you'll use to convince people that working with you or investing in your business is a smart choice. Here is a guide that lets you know How to write a convincing business plan?

Make sure your business plan incorporates all of the above. Your plan should be concise, precise and accurately describe your business idea. Write it yourself, because it's your vision. And expect to do several rewrites before realizing your final plan.

Don't be afraid to get help if you need it. Show it to experts, such as accountants and lawyers or other experienced entrepreneurs.

Keep in mind that a business plan is more than an accounting document; he must sell your idea to a potential financial institution.

5. Choose a name and create your business

What will you name your business? When naming a business, you should choose an available name that meets your state's naming rules and resonates with your customers.

After that, you need to register it as a legal business entity. You must also choose its legal status among SA, SARL, etc.

Once you have chosen your business structure, the next step is to create your business. Regardless of the formal business structure you choose, there are a few common steps, including:

• Name your business
• Choose a registered agent: a natural or legal person who accepts tax and legal documents on behalf of your business.
• Obtain an employer identification number
• Filing of deeds of incorporation.

In addition to these steps, each business structure has its own requirements that are unique to that business structure.

Make sure you patent your ideas, or at least make sure they're protected by copyright, trademark, or trade secret. You may be infringing another company's rights in this regard.

6. Surround yourself with good people

Surround yourself with “good people” when starting a business. The members of your management team should have skills that complement each other.

The best leaders make sure to recruit the best experts for each field of operations. Don't be afraid to hire people who have more expertise in their respective fields than you do.

You should also consider your external resources as part of your team. From a practical point of view, you will need technicians, salespeople and managers, a lawyer, an accounting firm, as well as help in marketing or public relations.

If you do not have the resources to set up a board of directors, you can also opt for a strategic committee and invite an expert to act as a sounding board for your business decisions. In cutting-edge technology, there are more and more incubators that offer a wide range of support to increase your chances of success.

Ultimately, the real test is the market. To reach customers quickly and efficiently, you should consider hiring marketers from the start. Marketing, though often overlooked, is critical to the success of any business.

7. Think about the road ahead

Always think about the road ahead when starting a business. Avoid fighting fires and losing sight of your long-term goals. Make a list of all the factors you need to consider in the immediate and medium term, especially if you expect rapid growth.

To help you manage this growth, you should consider all available options, such as buying or renting premises, furniture and equipment. You can also consider outsourcing different operations, such as human resources, rather than managing them in-house.

Later, you will need to consider growth factors, such as energy and resources, raw materials, salaries, funding, and technology needs.

If you've carefully assessed your growth potential, it's okay to think big. For example, If you are positioned in a niche market, you may not be profitable unless you start exporting.

8. Prepare your financing

It's no secret that you need financing to start a business. But before you can get the money you need to cover start-up costs, there are a few things you need to do first.

Calculate the costs of your business before seeking outside financing. This will help you choose the right source of financing for your business needs. Next, be smart with your spending and get organized by creating a detailed financial plan.

Explore the business financing options available to you

bootstrapping

This is the do it yourself approach to business financing. This means that you provide the capital for your business from your personal savings, it is self-financing. Once your business is in operation, profits are reinvested back into the business to continue growing.

Friends and family

Financing your business through loans from friends and family can be a great way to get the capital you need to get started. When mixing business with family and friends, it's a good idea to establish a written agreement and repayment plan.

Small Business Grants

Small business grants are essentially funding for your business that you don't have to repay.

You can get a small business grant by completing an application process with a grantor. In some countries the state supports start-ups with subsidies.

Small business loans

You can usually apply for small business loans through a bank or other lending institution. This method of financing requires repayment but will provide you with the capital needed to cover start-up costs or more.

There are many others like the Crowfunding, Love Money, etc. Check out this guide on How to finance your project investment to know more.

9. Manage your time well

Most businesses take time to get established, which means there will be times when business is slower. The key is to make good use of that networking downtime, for example. Three networking strategies that may be appropriate, depending on your situation, are:

• Participate in a business plan competition for young entrepreneurs;
• Participate in fairs or exhibitions;
• Tap into the business community by joining a trade organization or professional association.

10. Create your business website

After defining your brand and creating your logo, the next step is to create a website for your business. Although building a website is an essential step, some may fear that it is out of their reach because they have no experience building a website.

While it might have been a reasonable fear in 2015, web technology has seen tremendous advancements over the past few years, making life much easier for small business owners.

Here are the top reasons why you shouldn't put off building your website:

• All legitimate businesses have websites – period. The size or industry of your business doesn't matter when it comes to getting your business online.
• Social media accounts such as Facebook Pages or LinkedIn Company Profiles are not a substitute for a company website that you own and control.
• Website building tools like GoDaddy Website Builder have made creating a basic website extremely easy. You don't need to hire a web developer or designer to create a website you can be proud of.

11. Promote and market your business

There are many different methods to promote your business, but the most effective methods are:

Press Releases

Press releases are a great way to promote your brand and are one of the most cost-effective strategies because they:

• Provides advertising
• Establish your brand on the web
• Improve your website SEO by attracting more customers to your website
• Are a one-time cost in terms of effort and money
• Have lasting benefits

Facebook

A Facebook page is a great free way to interact with your customers. But, it requires continuous effort to be successful. A Facebook page can be used to:

• Establish your local business presence
• Showcase your company's products and services
• Communicate with your customers
• Get and share customer reviews
• Promote your business through ads, even though it may not be right for your business.

Youtube

With billions of YouTube users worldwide, there is a giant customer base looking for content that your business could produce. A YouTube channel for your business can be used to:

• Improve your SEO by increasing your Google ranking and your conversion rate.
• Boost social media engagement and create stronger connections with your customers.
• Provide detailed explanations of products and services.

Google My Business

Google My Business is a useful tool that allows businesses to manage how their business appears on Google's Search Engine Results Page (SERP) and Google Maps. Il My Business can be used for:

• Link to important information about your business, such as your website, physical address, hours of operation, phone number, and customer reviews.
• Increase your brand awareness by improving local SEO and driving traffic to your website.
• Engage with customers and increase your credibility.

In summary…

Although starting a business is difficult, you also need to be prepared to sustain that business for years to come.

Fortunately, there are a variety of resources that are dedicated to helping small businesses like yours grow. You would like to meet an expert in the field, so do not hesitate to Contact me. My team will find a solution to your problem.

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