It’s an interesting question isn’t it. How much will it take to own a business, and effectively become your own boss? The answer is, probably not as much as you would expect or have been led to believe. Indeed, in recent years, the internet revolution has made it easy for the small start-up companies to make a name for themselves online. The boom and dramatic increase in e-commerce businesses has made the process of getting the tech, machinery, and advice a piece of cake. We could also mention the fact that marketing your new business has come cheap thanks to online promotion. Already becoming your own boss probably seems quite a lot simpler than it did a few minutes ago.
However, while starting a business from scratch is a possibility, it is not for everyone. But with a little help and a good source of determination you can and will succeed. If you need help getting started, try seeing what our guide can do for you.
Step 1: Decide What Your Business Is Going To Be
What your business is going to be will affect a number of different factors. For instance, it will determine how much funding you want, what you will need to buy and how much marketing to put into it. Obviously, your first thought should be whether or not you can branch out from a business you are already working in. You should speak to your boss and ascertain whether or not they are looking to expand their company, opening up new branches. If they are, you can put your name forward as a potential head of the new branch. If not, then it’s time to start looking for funding outside of your current company. This is a gamble because it means that you will have to quit your current job.
Step 2: Gaining Funding
As you start looking at ways to gain funding, your first thought needs to be formulating a business, model. This needs to be a long-term plan that does expand over at least several years. When you speak to investors, it’s important they understand your model has longevity. There are three possible ways that you can get funding for your company. You can either, ask the government. Governments are more than willing to invest in start-up companies that they think have a good shot at success. Or, you can look into crowdfunding. If your business idea is commercially viable, there will certainly be interest online. Particularly, if you already have a strong online profile. Failing that, you can attend a trade show. However, you will need to spend a lot of money in your attempt to get noticed in the first place. But, you might be at an advantage if you are looking to bring something fresh to the market.
Using one of these three branches, you will have a good chance at getting funding for your business. We recommend exhausting these possibilities before you consider a risky, private loan.
Step 3: Marketing Your Business
Once you have gained a supply of funding for your business, it is important that you start to market it as quickly as you can. You need cut as much of the cost here as possible because when your business is just starting out, it is important to keep spending low. We recommend that you do this by putting most of your marketing effort into online promotion. There are two reasons for this. Firstly, marketing online is quite cheap and secondly what you pay for will be good value for money.
You can start with free online marketing such as using social profiles. For instance, you should set up a business Twitter profile. Start tweeting about recent updates in the industry that your new business belongs to. Once you have done this, you can then start retweeting your competition. This will give you the possibility of attracting their followers. Once you have done this, you can tweet links to your new business website.
When you set up your business site, you should be using SEO services as well as web design. It is vital that people find your site as well as being impressed by how it looks. This is how you gain site viewers and in turn, transform them into customers.
Step 4: Outsourcing
As we have already stated, keeping business costs in the first year low is vital to the success of your business. Your business is going to be quite a small fish in a very big pond with some rather nasty sharks for competition. That said, a lot of business owners have walked the path that you are now following. Most manage to keep costs low by outsourcing a lot of workings in the business, giving them more time to manage their company. Peninsula business services come highly recommended in this category because of the broad range of issues they deal with. They can help you deal with health and safety issues in your new business as well as tackling problems you face on human law. Outsourcing a problem to a good consultant can be the best solution because it will allow you to deal with the matter quickly and quietly.
It’s not just about consultancy, though. There are a lot of business sectors that you can outsource to other companies, managing your costs in the process. For instance, as a new business you are going to have to call up homes, in the hope of gaining new clients or customers. It’s an ugly business and that is one of the reasons owners don’t like their employees getting their hands dirty with it. Instead, they outsource this issue to a call handling service, leaving their new workforce to deal with more important jobs.
Step 5: Persevere
Remember, we did say that owning your business would be a tough road. But if you are determined, and you continue to persevere, you will come out the other side of that first difficult year. After that, it’s a case of keeping up your marketing and looking at ways to expand while managing your funds. Good Luck.