Starting a new business is always daunting, particularly given the trials and tribulations of the past couple of years. But in many ways, there has never been a better time to take that idea you’ve been nurturing for years and finally turn it into a legitimate business opportunity. With that in mind, here are a few top tips on how you can get that million-dollar business idea off the ground.
Start lean
Don’t go all-in right from the start. Because if you struggle then you could be put off and end up right back at the start. Don’t quit your day job until you are sure you’ll be able to make a profit and pay yourself a wage and cut down on all expenses for the first few years. Working from home rather than renting an office space is a good start.
Do your market research
How can you expect to offer a product or service that your audience wants if you don’t know your audience? Market research has always been a vital aspect of a business startup but today competition has never been more important thanks to the extreme amount of competition. Research your direct competition and put as much effort as possible into your social media presence.
Write a business plan
You can only get so far flying by the seat of your pants. A good plan means knowing where you want to go and how you plan on getting there. Develop a step-by-step business plan that’s realistic and cost-effective. Include as many steps as possible too so it feels as if you’re making genuine progress.
Find funding
Making the right funding choices to get your business off the ground doesn’t just mean going with the option that gets you the most capital in the fastest time possible. It’s possible to start a business with very little funding and, for some, this might be preferable to seeking investment. A bootstrapped company, after all, is always going to have a greater degree of freedom. If you do choose to go the investment route, meanwhile, ensure you only take money from people you trust and with whom you think you will be able to have a good working relationship.
Think Marketing
Marketing is a whole industry in and of itself and if you’re a brand new small business it’s unlikely you’ll have much of a marketing budget to work with. But don’t assume that marketing is less important than other aspects of setting up your business. Spent some time looking at how your competitors are spending their marketing budgets and spend some time on Google Analytics studying your market share and click rates. You’ll soon get an idea of where your heaviest marketing investments should be made.
